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

Reddit Inc. (NYSE:RDDT) CEO Steve Huffman sold 17,308 shares of the company’s stock in a transaction that occurred on Tuesday, September 15th. The stock was sold at an average price of $160.11, for a total value of $2,771,183.88. Following the completion of the sale, the chief executive officer owned 336,432 shares in the company, valued at approximately $53,866,127.52. This represents a 4.89% decrease in their position. The transaction was disclosed in a filing with the SEC, 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 Monday, August 31st, Steve Huffman sold 18,000 shares of Reddit stock. The stock was 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 shares were 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.
• On Tuesday, June 30th, Steve Huffman sold 18,000 shares of Reddit stock. The shares were sold at an average price of $173.13, for a total transaction of $3,116,340.00.

Reddit Trading Down 3.0%

RDDT traded down $4.78 on Thursday, reaching $152.82. The stock had a trading volume of 5,740,377 shares, compared to its average volume of 5,451,083. The business’s 50-day moving average price is $164.84 and its two-hundred day moving average price is $159.46. The company has a market cap of $29.40 billion, a P/E ratio of 35.54, a price-to-earnings-growth ratio of 0.74 and a beta of 2.02. Reddit Inc. has a 12-month low of $119.27 and a 12-month high of $282.95.

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

Analysts Set New Price Targets

A number of analysts have recently commented on the company. Wedbush cut their price objective on Reddit from $250.00 to $221.00 and set an “outperform” rating for the company in a research report on Friday, July 31st. Robert W. Baird set a $185.00 target price on Reddit in a research report on Friday, July 31st. Cantor Fitzgerald dropped their price target on shares of Reddit from $200.00 to $170.00 and set a “neutral” rating on the stock in a research note on Friday, July 31st. JPMorgan Chase & Co. reduced their price objective on shares of Reddit from $200.00 to $185.00 and set a “neutral” rating for the company in a research report on Friday, July 31st. Finally, Telsey Advisory Group set a $240.00 price objective on shares of Reddit in a report on Friday, July 31st. Two research analysts have rated the stock with a Strong Buy rating, eighteen have assigned a Buy rating and eleven have given a Hold rating to the company’s stock. Based on data from MarketBeat.com, Reddit currently has an average rating of “Moderate Buy” and a consensus target price of $221.10.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Capital World Investors acquired a new stake in shares of Reddit in the fourth quarter valued at about $1,293,258,000. Geode Capital Management LLC boosted its position in Reddit by 4.7% during the fourth quarter. Geode Capital Management LLC now owns 2,382,712 shares of the company’s stock worth $546,789,000 after acquiring an additional 106,821 shares during the last quarter. Norges Bank acquired a new position in Reddit during the fourth quarter worth about $372,047,000. Wellington Management Group LLP grew its stake in Reddit by 21.8% during the 2nd quarter. Wellington Management Group LLP now owns 1,564,535 shares of the company’s stock valued at $271,572,000 after acquiring an additional 280,030 shares in the last quarter. Finally, Lord Abbett & CO. LLC raised its holdings in Reddit by 30.3% in the 4th quarter. Lord Abbett & CO. LLC now owns 1,263,529 shares of the company’s stock valued at $290,447,000 after acquiring an additional 293,743 shares during the last quarter.

Reddit Company Profile

Reddit, Inc operates a global online platform where users participate in communities organized around shared interests, topics and discussions. Users can submit posts, links, images and videos, while community members can comment, vote and interact through publicly accessible forums known as subreddits.

The company generates revenue primarily through digital advertising and also offers premium memberships and other paid products. Reddit additionally provides data licensing and developer-related services that support the use of its platform content and technology.

Founded in 2005 by Steve Huffman, Alexis Ohanian and Aaron Swartz, Reddit serves users worldwide across a broad range of communities.