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

Reddit Inc. (NYSE:RDDT) CEO Steve Ladd Huffman sold 18,000 shares of the business’s stock in a transaction that occurred on Friday, November 28th. The shares were sold at an average price of $215.19, for a total value of $3,873,420.00. Following the completion of the transaction, the chief executive officer directly owned 448,576 shares of the company’s stock, valued at $96,529,069.44. The trade was a 3.86% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website.

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

• 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 transaction 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 transaction of $797,068.77.
• On Tuesday, November 4th, Steve Ladd Huffman sold 13,911 shares of Reddit stock. The stock was sold at an average price of $189.33, for a total transaction of $2,633,769.63.
• On Wednesday, October 15th, Steve Ladd Huffman sold 18,000 shares of Reddit stock. The shares were 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.
• On Monday, September 15th, Steve Ladd Huffman sold 18,000 shares of Reddit stock. The stock was sold at an average price of $261.22, for a total transaction of $4,701,960.00.

Reddit Stock Down 0.8%

RDDT stock opened at $221.02 on Thursday. Reddit Inc. has a 52-week low of $79.75 and a 52-week high of $282.95. The firm has a market cap of $41.88 billion, a P/E ratio of 127.02, a PEG ratio of 2.46 and a beta of 2.17. The company’s 50-day simple moving average is $204.94 and its 200-day simple moving average is $185.24.

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

Analysts Set New Price Targets

RDDT has been the topic of a number of recent analyst reports. Bank of America increased their target price on Reddit from $180.00 to $210.00 and gave the company a “neutral” rating in a research report on Friday, October 31st. Weiss Ratings reaffirmed a “hold (c-)” rating on shares of Reddit in a report on Monday. Piper Sandler reissued an “overweight” rating on shares of Reddit in a research note on Monday. Wall Street Zen upgraded shares of Reddit from a “hold” rating to a “buy” rating in a research report on Sunday, September 7th. Finally, Jefferies Financial Group raised their price target on shares of Reddit from $230.00 to $300.00 and gave the company a “buy” rating in a research note on Wednesday, September 10th. Three research analysts have rated the stock with a Strong Buy rating, fourteen have issued a Buy rating, nine have given a Hold rating and two have given a Sell rating to the company’s stock. According to MarketBeat.com, Reddit currently has a consensus rating of “Moderate Buy” and an average target price of $226.33.

Hedge Funds Weigh In On Reddit

A number of institutional investors and hedge funds have recently bought and sold shares of RDDT. Raiffeisen Bank International AG purchased a new position in Reddit in the 3rd quarter worth approximately $25,000. CWM LLC grew its position in shares of Reddit by 100.0% in the first quarter. CWM LLC now owns 256 shares of the company’s stock valued at $27,000 after purchasing an additional 128 shares in the last quarter. GW&K Investment Management LLC acquired a new stake in shares of Reddit in the third quarter valued at approximately $30,000. Stone House Investment Management LLC purchased a new position in Reddit during the first quarter worth approximately $31,000. Finally, Cornerstone Planning Group LLC lifted its position in Reddit by 13,500.0% during the third quarter. Cornerstone Planning Group LLC now owns 136 shares of the company’s stock worth $31,000 after buying an additional 135 shares in the last quarter.

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.