Reddit, Inc. (NYSE:RDDT) CEO Steve Ladd Huffman Sells 14,000 Shares

Reddit, Inc. (NYSE:RDDT) CEO Steve Ladd Huffman sold 14,000 shares of the firm’s stock in a transaction dated Tuesday, May 6th. The shares were sold at an average price of $110.67, for a total value of $1,549,380.00. Following the completion of the sale, the chief executive officer now directly owns 577,013 shares in the company, valued at approximately $63,858,028.71. The trade was a 2.37 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink.

Steve Ladd Huffman also recently made the following trade(s):

• On Tuesday, April 15th, Steve Ladd Huffman sold 124,408 shares of Reddit stock. The stock was sold at an average price of $96.65, for a total transaction of $12,024,033.20.
• On Monday, March 31st, Steve Ladd Huffman sold 14,000 shares of Reddit stock. The stock was sold at an average price of $103.28, for a total transaction of $1,445,920.00.
• On Friday, March 14th, Steve Ladd Huffman sold 124,408 shares of Reddit stock. The shares were sold at an average price of $127.36, for a total transaction of $15,844,602.88.
• On Friday, February 28th, Steve Ladd Huffman sold 14,000 shares of Reddit stock. The shares were sold at an average price of $160.30, for a total value of $2,244,200.00.
• On Tuesday, February 18th, Steve Ladd Huffman sold 14,000 shares of Reddit stock. The stock was sold at an average price of $187.78, for a total value of $2,628,920.00.

Reddit Stock Up 0.5 %

RDDT opened at $108.35 on Friday. The stock has a market cap of $19.60 billion, a PE ratio of -14.02, a PEG ratio of 4.72 and a beta of 2.90. The business has a 50 day moving average of $111.54 and a 200-day moving average of $144.77. Reddit, Inc. has a 52 week low of $49.13 and a 52 week high of $230.41.

Reddit (NYSE:RDDT) last announced its earnings results on Thursday, May 1st. The company reported $0.13 EPS for the quarter, beating analysts’ consensus estimates of $0.02 by $0.11. Reddit had a negative net margin of 37.25% and a negative return on equity of 24.71%. The firm had revenue of $392.36 million for the quarter, compared to analysts’ expectations of $370.55 million. During the same quarter in the previous year, the business posted ($8.19) EPS. The company’s quarterly revenue was up 61.5% on a year-over-year basis. Equities analysts anticipate that Reddit, Inc. will post 1.12 EPS for the current year.

Analysts Set New Price Targets

RDDT has been the subject of a number of recent research reports. The Goldman Sachs Group boosted their price objective on shares of Reddit from $124.00 to $140.00 and gave the stock a “neutral” rating in a report on Friday, May 2nd. Roth Capital restated a “neutral” rating on shares of Reddit in a research report on Friday, May 2nd. JPMorgan Chase & Co. decreased their price objective on Reddit from $185.00 to $110.00 and set a “neutral” rating on the stock in a report on Tuesday, April 8th. Sanford C. Bernstein upgraded Reddit from an “underperform” rating to a “market perform” rating and set a $130.00 target price for the company in a report on Friday, May 2nd. Finally, Morgan Stanley decreased their price target on Reddit from $210.00 to $140.00 and set an “overweight” rating on the stock in a research note on Thursday, April 17th. One equities research analyst has rated the stock with a sell rating, seven have issued a hold rating, fourteen have issued a buy rating and two have issued a strong buy rating to the company’s stock. Based on data from MarketBeat, Reddit currently has an average rating of “Moderate Buy” and an average price target of $140.35.

Hedge Funds Weigh In On Reddit

Large investors have recently made changes to their positions in the business. FMR LLC raised its stake in Reddit by 7.5% during the fourth quarter. FMR LLC now owns 13,070,780 shares of the company’s stock valued at $2,136,288,000 after buying an additional 913,189 shares during the last quarter. Vanguard Group Inc. raised its position in shares of Reddit by 11.1% in the 1st quarter. Vanguard Group Inc. now owns 10,198,552 shares of the company’s stock worth $1,069,828,000 after purchasing an additional 1,017,162 shares during the last quarter. Jennison Associates LLC purchased a new position in shares of Reddit in the 4th quarter worth about $494,861,000. Alliancebernstein L.P. boosted its stake in Reddit by 1,011.1% in the 4th quarter. Alliancebernstein L.P. now owns 2,788,758 shares of the company’s stock worth $455,795,000 after purchasing an additional 2,537,768 shares in the last quarter. Finally, Lord Abbett & CO. LLC grew its position in Reddit by 12.8% during the 4th quarter. Lord Abbett & CO. LLC now owns 1,861,998 shares of the company’s stock valued at $304,325,000 after purchasing an additional 211,636 shares during the last quarter.

About Reddit

Reddit, Inc operates a website that organizes digital communities. It organizes communities based on specific interests that enable users to engage in conversations by sharing experiences, submitting links, uploading images and videos, and replying to one another. The company was founded in 2005 and is headquartered in San Francisco, California.