Reddit (NYSE:RDDT) CEO Steve Ladd Huffman Sells 18,000 Shares

Reddit Inc. (NYSE:RDDT) CEO Steve Ladd Huffman sold 18,000 shares of the firm’s stock in a transaction on Monday, December 15th. The shares were sold at an average price of $220.28, for a total value of $3,965,040.00. Following the sale, the chief executive officer directly owned 448,576 shares of the company’s stock, valued at $98,812,321.28. This represents a 3.86% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink.

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

• On Friday, November 28th, Steve Ladd Huffman sold 18,000 shares of Reddit stock. The stock was sold at an average price of $215.19, for a total value of $3,873,420.00.
• On Friday, November 14th, Steve Ladd Huffman sold 18,000 shares of Reddit stock. The stock was sold at an average price of $194.81, for a total value of $3,506,580.00.
• On Thursday, October 30th, Steve Ladd Huffman sold 4,089 shares of Reddit stock. The shares were sold at an average price of $194.93, for a total value of $797,068.77.
• On Tuesday, November 4th, Steve Ladd Huffman sold 13,911 shares of Reddit stock. The shares were sold at an average price of $189.33, for a total value of $2,633,769.63.
• On Wednesday, October 15th, Steve Ladd Huffman sold 18,000 shares of Reddit stock. The stock was sold at an average price of $200.53, for a total transaction of $3,609,540.00.
• On Tuesday, September 30th, Steve Ladd Huffman sold 18,000 shares of Reddit stock. The shares were sold at an average price of $229.10, for a total transaction of $4,123,800.00.

Reddit Trading Up 1.6%

Shares of RDDT stock opened at $227.47 on Thursday. Reddit Inc. has a 1 year low of $79.75 and a 1 year high of $282.95. The firm’s 50 day moving average is $207.44 and its 200-day moving average is $194.00. The firm has a market capitalization of $43.11 billion, a price-to-earnings ratio of 130.73, a PEG ratio of 2.47 and a beta of 2.17.

Reddit (NYSE:RDDT) last issued its quarterly earnings results on Thursday, October 30th. The company reported $0.80 earnings per share for the quarter, beating analysts’ consensus estimates of $0.50 by $0.30. Reddit had a net margin of 18.33% and a return on equity of 14.94%. The business had revenue of $584.91 million during the quarter, compared to analyst estimates of $546.65 million. During the same quarter last year, the business posted $0.16 earnings per share. Reddit’s revenue for the quarter was up 67.9% compared to the same quarter last year. On average, equities research analysts forecast that Reddit Inc. will post 1.12 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Reddit

Several large investors have recently bought and sold shares of the company. Vanguard Group Inc. grew its holdings in shares of Reddit by 12.9% in the 3rd quarter. Vanguard Group Inc. now owns 12,238,508 shares of the company’s stock valued at $2,814,734,000 after buying an additional 1,401,293 shares during the period. Alliancebernstein L.P. grew its stake in Reddit by 103.0% in the first quarter. Alliancebernstein L.P. now owns 5,659,990 shares of the company’s stock valued at $593,733,000 after acquiring an additional 2,871,232 shares during the period. T. Rowe Price Investment Management Inc. increased its holdings in shares of Reddit by 10.6% in the first quarter. T. Rowe Price Investment Management Inc. now owns 4,073,939 shares of the company’s stock worth $427,357,000 after acquiring an additional 389,761 shares in the last quarter. State Street Corp raised its position in shares of Reddit by 22.3% during the third quarter. State Street Corp now owns 2,481,931 shares of the company’s stock worth $570,819,000 after purchasing an additional 451,792 shares during the period. Finally, JPMorgan Chase & Co. raised its position in shares of Reddit by 7.5% during the second quarter. JPMorgan Chase & Co. now owns 2,051,175 shares of the company’s stock worth $308,846,000 after purchasing an additional 143,680 shares during the period.

Wall Street Analyst Weigh In

Several equities analysts have recently issued reports on RDDT shares. Bank of America upped their price target on Reddit from $180.00 to $210.00 and gave the company a “neutral” rating in a research note on Friday, October 31st. Truist Financial set a $270.00 target price on shares of Reddit in a research note on Friday, October 31st. Zacks Research raised shares of Reddit from a “hold” rating to a “strong-buy” rating in a research note on Wednesday, October 29th. Oppenheimer increased their price objective on shares of Reddit from $215.00 to $300.00 and gave the company an “outperform” rating in a report on Tuesday, September 16th. Finally, Raymond James Financial reiterated a “strong-buy” rating and set a $250.00 target price (up previously from $225.00) on shares of Reddit in a research report on Monday, October 20th. Three analysts have rated the stock with a Strong Buy rating, fifteen have given a Buy rating, nine have assigned a Hold rating and two have assigned a Sell rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $230.28.

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.