Reddit Inc. (NYSE:RDDT) CEO Steve Ladd Huffman Sells 14,000 Shares of Stock

Reddit Inc. (NYSE:RDDT) CEO Steve Ladd Huffman sold 14,000 shares of Reddit stock in a transaction dated Tuesday, July 15th. The stock was sold at an average price of $145.63, for a total value of $2,038,820.00. Following the sale, the chief executive officer owned 539,631 shares in the company, valued at $78,586,462.53. This trade represents a 2.53% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink.

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

• On Monday, June 30th, Steve Ladd Huffman sold 14,000 shares of Reddit stock. The shares were sold at an average price of $151.35, for a total transaction of $2,118,900.00.
• On Monday, June 16th, Steve Ladd Huffman sold 124,409 shares of Reddit stock. The stock was sold at an average price of $124.45, for a total transaction of $15,482,700.05.
• 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 transaction 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 transaction of $1,549,380.00.

Reddit Stock Down 1.4%

NYSE:RDDT opened at $146.22 on Tuesday. The company has a market cap of $26.98 billion, a PE ratio of 247.84, a P/E/G ratio of 3.81 and a beta of 2.33. The business’s 50 day moving average is $127.99 and its two-hundred day moving average is $139.48. Reddit Inc. has a 52 week low of $49.13 and a 52 week high of $230.41.

Reddit (NYSE:RDDT) last announced its quarterly earnings results on Thursday, May 1st. The company reported $0.13 earnings per share (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 the consensus estimate of $370.55 million. During the same quarter in the previous year, the company posted ($8.19) earnings per share. The company’s revenue for the quarter was up 61.5% compared to the same quarter last year. As a group, sell-side analysts expect that Reddit Inc. will post 1.12 EPS for the current fiscal year.

Hedge Funds Weigh In On Reddit

Hedge funds have recently modified their holdings of the stock. CWM LLC boosted its holdings in shares of Reddit by 100.0% in the first quarter. CWM LLC now owns 256 shares of the company’s stock worth $27,000 after buying an additional 128 shares during the period. Stone House Investment Management LLC purchased a new stake in shares of Reddit in the 1st quarter valued at approximately $31,000. Tucker Asset Management LLC acquired a new position in Reddit in the 4th quarter worth approximately $39,000. Geneos Wealth Management Inc. boosted its stake in Reddit by 344.6% in the 1st quarter. Geneos Wealth Management Inc. now owns 369 shares of the company’s stock worth $39,000 after purchasing an additional 286 shares during the period. Finally, Farther Finance Advisors LLC grew its position in Reddit by 148.5% during the 4th quarter. Farther Finance Advisors LLC now owns 246 shares of the company’s stock worth $40,000 after purchasing an additional 147 shares in the last quarter.

Analysts Set New Price Targets

A number of research analysts have recently issued reports on RDDT shares. Wall Street Zen upgraded shares of Reddit from a “hold” rating to a “buy” rating in a research note on Saturday, June 14th. Seaport Res Ptn raised Reddit from a “hold” rating to a “strong-buy” rating in a report on Monday, May 5th. Morgan Stanley reiterated an “overweight” rating and issued a $170.00 price objective (up previously from $154.00) on shares of Reddit in a research report on Monday. Loop Capital decreased their target price on shares of Reddit from $210.00 to $200.00 and set a “buy” rating on the stock in a research report on Thursday, June 12th. Finally, B. Riley reaffirmed a “buy” rating and set a $220.00 price target (down from $222.00) on shares of Reddit in a research note on Friday, May 2nd. One equities research analyst has rated the stock with a sell rating, nine have given a hold rating, thirteen have issued a buy rating and two have assigned a strong buy rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $142.46.

Reddit Company Profile

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.