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 firm’s stock in a transaction dated Monday, December 15th. The stock was sold at an average price of $220.28, for a total transaction of $3,965,040.00. Following the completion of the sale, the chief executive officer directly owned 448,576 shares of the company’s stock, valued at approximately $98,812,321.28. The trade was a 3.86% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link.

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

• On Friday, November 28th, Steve Ladd Huffman sold 18,000 shares of Reddit stock. The shares were sold at an average price of $215.19, for a total value of $3,873,420.00.
• 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 value 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 value of $797,068.77.
• On Tuesday, November 4th, Steve Ladd Huffman sold 13,911 shares of Reddit stock. The shares were sold at an average price of $189.33, for a total value of $2,633,769.63.
• On Wednesday, October 15th, Steve Ladd Huffman sold 18,000 shares of Reddit stock. The stock was sold at an average price of $200.53, for a total value of $3,609,540.00.
• On Tuesday, September 30th, Steve Ladd Huffman sold 18,000 shares of Reddit stock. The stock was sold at an average price of $229.10, for a total value of $4,123,800.00.

Reddit Trading Up 1.9%

NYSE RDDT opened at $231.68 on Friday. The company’s 50-day moving average price is $207.84 and its 200-day moving average price is $194.26. The stock has a market cap of $43.90 billion, a PE ratio of 133.15, a PEG ratio of 2.51 and a beta of 2.17. Reddit Inc. has a 12 month low of $79.75 and a 12 month high of $282.95.

Reddit (NYSE:RDDT) last announced its quarterly earnings data on Thursday, October 30th. The company reported $0.80 earnings per share for the quarter, beating analysts’ consensus estimates of $0.50 by $0.30. The company had revenue of $584.91 million during the quarter, compared to analyst estimates of $546.65 million. Reddit had a net margin of 18.33% and a return on equity of 14.94%. The firm’s revenue for the quarter was up 67.9% on a year-over-year basis. During the same quarter last year, the business posted $0.16 EPS. As a group, sell-side analysts forecast that Reddit Inc. will post 1.12 earnings per share for the current year.

Analyst Upgrades and Downgrades

Several brokerages recently issued reports on RDDT. JPMorgan Chase & Co. increased their price objective on Reddit from $190.00 to $227.00 and gave the stock a “neutral” rating in a research note on Friday, October 31st. Truist Financial set a $270.00 target price on Reddit in a report on Friday, October 31st. Bank of America increased their price target on Reddit from $180.00 to $210.00 and gave the stock a “neutral” rating in a research report on Friday, October 31st. Zacks Research upgraded Reddit from a “hold” rating to a “strong-buy” rating in a research note on Wednesday, October 29th. Finally, Citigroup upped their price objective on shares of Reddit from $250.00 to $265.00 and gave the stock a “buy” rating in a research note on Monday, November 3rd. Three analysts have rated the stock with a Strong Buy rating, fifteen have assigned a Buy rating, nine have given a Hold rating and two have issued a Sell rating to the company’s stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $230.28.

Institutional Investors Weigh In On Reddit

Institutional investors have recently added to or reduced their stakes in the stock. Raiffeisen Bank International AG bought a new stake in shares of Reddit in the 3rd quarter valued at about $25,000. GW&K Investment Management LLC purchased a new stake in Reddit during the third quarter valued at approximately $30,000. Cornerstone Planning Group LLC boosted its stake in Reddit by 13,500.0% in the third quarter. Cornerstone Planning Group LLC now owns 136 shares of the company’s stock valued at $31,000 after acquiring an additional 135 shares in the last quarter. Financial Perspectives Inc acquired a new stake in Reddit in the second quarter valued at approximately $34,000. Finally, Geneos Wealth Management Inc. grew its holdings in Reddit by 344.6% in the first 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 last quarter.

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.