Reddit (NYSE:RDDT) CEO Steve Ladd Huffman Sells 17,308 Shares of Stock

Reddit Inc. (NYSE:RDDT) CEO Steve Huffman sold 17,308 shares of the stock in a transaction that occurred on Tuesday, October 13th. The stock was sold at an average price of $158.57, for a total transaction of $2,744,529.56. Following the completion of the transaction, the chief executive officer owned 336,432 shares in the company, valued at $53,348,022.24. This trade represents a 4.89% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible 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, September 29th, Steve Huffman sold 17,308 shares of Reddit stock. The shares were sold at an average price of $144.87, for a total value of $2,507,409.96.
• On Tuesday, September 15th, Steve Huffman sold 17,308 shares of Reddit stock. The shares were sold at an average price of $160.11, for a total value of $2,771,183.88.
• On Monday, August 31st, Steve Huffman sold 18,000 shares of Reddit stock. The shares were sold at an average price of $148.02, for a total transaction of $2,664,360.00.
• On Friday, August 14th, Steve Huffman sold 18,000 shares of Reddit stock. The stock was sold at an average price of $178.16, for a total transaction of $3,206,880.00.
• On Tuesday, August 4th, Steve Huffman sold 18,000 shares of Reddit stock. The stock was sold at an average price of $159.78, for a total transaction of $2,876,040.00.

Reddit Stock Performance

NYSE:RDDT traded up $10.70 during trading hours on Thursday, reaching $159.30. The company’s stock had a trading volume of 4,026,219 shares, compared to its average volume of 5,379,345. The company has a market capitalization of $30.65 billion, a P/E ratio of 37.05, a price-to-earnings-growth ratio of 0.72 and a beta of 2.05. Reddit Inc. has a 12 month low of $119.27 and a 12 month high of $263.50. The stock has a 50 day moving average price of $154.18 and a two-hundred day moving average price of $161.16.

Reddit (NYSE:RDDT) last announced its earnings results on Thursday, July 30th. The company reported $1.25 earnings per share for the quarter, beating the consensus estimate of $0.95 by $0.30. Reddit had a net margin of 31.35% and a return on equity of 29.02%. The company had revenue of $804.91 million during the quarter, compared to the consensus estimate of $731.00 million. During the same period last year, the firm earned $0.45 earnings per share. Reddit’s revenue was up 61.0% compared to the same quarter last year. As a group, analysts predict that Reddit Inc. will post 5.27 EPS for the current fiscal year.

Analyst Ratings Changes

Several research firms have recently issued reports on RDDT. UBS Group reissued a “buy” rating on shares of Reddit in a research note on Friday, July 31st. KeyCorp began coverage on shares of Reddit in a research note on Wednesday, July 29th. They set an “overweight” rating and a $225.00 price objective for the company. Wells Fargo & Company dropped their target price on Reddit from $187.00 to $142.00 and set an “equal weight” rating for the company in a report on Friday, July 31st. Raymond James Financial restated a “strong-buy” rating and set a $205.00 price target on shares of Reddit in a report on Monday, August 17th. Finally, Truist Financial boosted their price objective on shares of Reddit from $265.00 to $275.00 and gave the company a “buy” rating in a report on Friday, July 31st. Two research analysts have rated the stock with a Strong Buy rating, seventeen have given a Buy rating and ten have given a Hold rating to the company. Based on data from MarketBeat.com, Reddit currently has an average rating of “Moderate Buy” and an average target price of $219.29.

Institutional Trading of Reddit

Hedge funds and other institutional investors have recently made changes to their positions in the company. Walser Wealth Management Company A Ltd Liability Co acquired a new stake in shares of Reddit during the third quarter worth $245,000. V Square Quantitative Management LLC grew its holdings in shares of Reddit by 871.9% during the third quarter. V Square Quantitative Management LLC now owns 2,624 shares of the company’s stock worth $374,000 after buying an additional 2,354 shares in the last quarter. State of Alaska Department of Revenue purchased a new position in Reddit during the third quarter worth about $1,971,000. Triangle Securities Wealth Management purchased a new stake in Reddit during the third quarter valued at about $354,000. Finally, Tempus Wealth Planning LLC purchased a new position in shares of Reddit in the 3rd quarter valued at $245,000.

About Reddit

Reddit, Inc operates a global online platform where users participate in communities organized around shared interests, topics and experiences. Registered users can submit posts, images, videos and links, while other users can comment, vote on content and engage in discussions. The platform comprises thousands of independently moderated communities, commonly known as subreddits.

Reddit generates revenue primarily through digital advertising and other commercial offerings for businesses.