Reddit Inc. (NYSE:RDDT) CEO Steve Ladd Huffman Sells 124,409 Shares of Stock

Reddit Inc. (NYSE:RDDT) CEO Steve Ladd Huffman sold 124,409 shares of the firm’s stock in a transaction dated Monday, June 16th. The shares were sold at an average price of $124.45, for a total transaction of $15,482,700.05. Following the completion of the sale, the chief executive officer now owns 546,133 shares of the company’s stock, valued at $67,966,251.85. This trade represents a 18.55% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink.

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

• On Friday, May 30th, Steve Ladd Huffman sold 14,000 shares of Reddit stock. The shares were sold at an average price of $110.05, for a total value of $1,540,700.00.
• On Thursday, May 15th, Steve Ladd Huffman sold 124,408 shares of Reddit stock. The stock was sold at an average price of $114.98, for a total value of $14,304,431.84.
• On Tuesday, May 6th, Steve Ladd Huffman sold 14,000 shares of Reddit stock. The shares were sold at an average price of $110.67, for a total value of $1,549,380.00.
• 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 shares were sold at an average price of $103.28, for a total transaction of $1,445,920.00.

Reddit Stock Up 5.6%

RDDT stock opened at $141.28 on Thursday. Reddit Inc. has a 52 week low of $49.13 and a 52 week high of $230.41. The business has a 50-day simple moving average of $110.69 and a 200 day simple moving average of $142.65. The company has a market cap of $26.07 billion, a PE ratio of 239.46, a price-to-earnings-growth ratio of 3.44 and a beta of 1.99.

Reddit (NYSE:RDDT) last issued its earnings results on Thursday, May 1st. The company reported $0.13 EPS for the quarter, beating the consensus estimate of $0.02 by $0.11. Reddit had a net margin of 8.07% and a return on equity of 5.69%. The company had revenue of $392.36 million during the quarter, compared to analysts’ expectations of $370.55 million. During the same period in the previous year, the company earned ($8.19) EPS. The business’s revenue for the quarter was up 61.5% compared to the same quarter last year. On average, analysts anticipate that Reddit Inc. will post 1.12 EPS for the current fiscal year.

Analysts Set New Price Targets

Several analysts recently commented on the stock. Guggenheim reduced their target price on shares of Reddit from $170.00 to $165.00 and set a “buy” rating for the company in a report on Friday, May 2nd. Morgan Stanley cut their price objective on shares of Reddit from $210.00 to $140.00 and set an “overweight” rating for the company in a research report on Thursday, April 17th. B. Riley reaffirmed a “buy” rating and issued a $220.00 target price (down previously from $222.00) on shares of Reddit in a research report on Friday, May 2nd. Loop Capital lowered their target price on Reddit from $210.00 to $200.00 and set a “buy” rating on the stock in a research note on Thursday, June 12th. Finally, JMP Securities reissued a “market outperform” rating and set a $180.00 price target on shares of Reddit in a report on Friday, May 2nd. One analyst has rated the stock with a sell rating, nine have given a hold rating, thirteen have given a buy rating and two have given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, Reddit currently has a consensus rating of “Moderate Buy” and an average target price of $139.35.

Institutional Inflows and Outflows

A number of hedge funds have recently added to or reduced their stakes in RDDT. FMR LLC lifted its stake in Reddit by 7.5% during the fourth quarter. FMR LLC now owns 13,070,780 shares of the company’s stock worth $2,136,288,000 after purchasing an additional 913,189 shares during the last quarter. Vanguard Group Inc. raised its holdings in shares of Reddit by 11.1% during the 1st quarter. Vanguard Group Inc. now owns 10,198,552 shares of the company’s stock worth $1,069,828,000 after buying an additional 1,017,162 shares in the last quarter. Alliancebernstein L.P. lifted its position in shares of Reddit by 103.0% during the 1st quarter. Alliancebernstein L.P. now owns 5,659,990 shares of the company’s stock worth $593,733,000 after buying an additional 2,871,232 shares during the last quarter. T. Rowe Price Investment Management Inc. lifted its position in shares of Reddit by 10.6% during the 1st quarter. T. Rowe Price Investment Management Inc. now owns 4,073,939 shares of the company’s stock worth $427,357,000 after buying an additional 389,761 shares during the last quarter. Finally, JPMorgan Chase & Co. boosted its stake in Reddit by 98.2% in the first quarter. JPMorgan Chase & Co. now owns 1,907,495 shares of the company’s stock valued at $200,096,000 after buying an additional 944,847 shares in 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.