Insider Selling: Reddit (NYSE:RDDT) CEO Sells 18,000 Shares

Reddit Inc. (NYSE:RDDT) CEO Steve Ladd Huffman sold 18,000 shares of the firm’s stock in a transaction that occurred on Friday, August 14th. The stock was sold at an average price of $178.16, for a total transaction of $3,206,880.00. Following the sale, the chief executive officer owned 373,814 shares of the company’s stock, valued at approximately $66,598,702.24. The trade was a 4.59% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

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

• On Tuesday, August 4th, Steve Ladd Huffman sold 18,000 shares of Reddit stock. The shares were sold at an average price of $159.78, for a total value of $2,876,040.00.
• On Tuesday, June 30th, Steve Ladd Huffman sold 18,000 shares of Reddit stock. The stock was sold at an average price of $173.13, for a total value of $3,116,340.00.
• On Monday, June 15th, Steve Ladd Huffman sold 18,000 shares of Reddit stock. The shares were sold at an average price of $178.26, for a total value of $3,208,680.00.
• On Friday, May 29th, Steve Ladd Huffman sold 18,000 shares of Reddit stock. The stock was sold at an average price of $174.13, for a total value of $3,134,340.00.

Reddit Stock Performance

NYSE RDDT traded down $6.38 during trading on Tuesday, hitting $158.12. 7,429,969 shares of the company’s stock traded hands, compared to its average volume of 5,572,609. The stock has a market capitalization of $30.42 billion, a price-to-earnings ratio of 36.77, a PEG ratio of 0.60 and a beta of 2.04. Reddit Inc. has a 12-month low of $119.27 and a 12-month high of $282.95. The business has a 50 day moving average of $174.77 and a 200-day moving average of $158.97.

Reddit (NYSE:RDDT) last posted its quarterly earnings results on Thursday, July 30th. The company reported $1.25 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.95 by $0.30. The company had revenue of $804.91 million for the quarter, compared to analyst estimates of $731.00 million. Reddit had a net margin of 31.35% and a return on equity of 29.02%. The company’s quarterly revenue was up 61.0% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $0.45 earnings per share. On average, analysts expect that Reddit Inc. will post 5.22 EPS for the current year.

Wall Street Analyst Weigh In

Several equities analysts recently commented on the stock. UBS Group reaffirmed a “buy” rating on shares of Reddit in a research note on Friday, July 31st. Sanford C. Bernstein restated a “market perform” rating and set a $180.00 price target on shares of Reddit in a research report on Friday, July 31st. Evercore reiterated an “outperform” rating and issued a $265.00 price objective on shares of Reddit in a research report on Friday, July 31st. Guggenheim reissued a “buy” rating on shares of Reddit in a research note on Friday, July 31st. Finally, Jefferies Financial Group set a $250.00 target price on Reddit in a research note on Friday, July 10th. Three analysts have rated the stock with a Strong Buy rating, eighteen have given a Buy rating and ten have given a Hold rating to the stock. Based on data from MarketBeat, Reddit has an average rating of “Moderate Buy” and a consensus price target of $221.71.

Hedge Funds Weigh In On Reddit

Institutional investors have recently modified their holdings of the company. Evansbrook LLC lifted its position in Reddit by 2.2% in the 1st quarter. Evansbrook LLC now owns 2,736 shares of the company’s stock worth $368,000 after buying an additional 59 shares during the last quarter. Institute for Wealth Management LLC. lifted its holdings in shares of Reddit by 6.1% in the 4th quarter. Institute for Wealth Management LLC. now owns 1,071 shares of the company’s stock worth $246,000 after acquiring an additional 62 shares during the last quarter. Signaturefd LLC boosted its stake in shares of Reddit by 7.6% in the 2nd quarter. Signaturefd LLC now owns 878 shares of the company’s stock valued at $152,000 after purchasing an additional 62 shares in the last quarter. EverSource Wealth Advisors LLC grew its holdings in shares of Reddit by 48.1% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 197 shares of the company’s stock valued at $34,000 after purchasing an additional 64 shares during the last quarter. Finally, Florida Financial Advisors LLC raised its position in Reddit by 6.7% in the 4th quarter. Florida Financial Advisors LLC now owns 1,087 shares of the company’s stock worth $250,000 after purchasing an additional 68 shares during the period.

About Reddit

Reddit is an online social news aggregation, discussion and content-sharing platform organized around user-created communities called “subreddits,” each focused on a particular topic or interest. Registered users submit links, text posts, images and video, and community members vote and comment to surface popular content. The site is accessed via its web platform and mobile apps for iOS and Android, and it supports live events such as Ask Me Anything (AMA) sessions and community-driven discussions.

Founded in 2005 by Steve Huffman and Alexis Ohanian, Reddit is headquartered in San Francisco and serves a global audience with particularly large user bases in the United States and other English-speaking markets.