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

Reddit Inc. (NYSE:RDDT) CEO Steve Ladd Huffman sold 18,000 shares of the stock in a transaction dated Thursday, January 15th. The stock was sold at an average price of $232.78, for a total transaction of $4,190,040.00. Following the sale, the chief executive officer owned 448,576 shares of the company’s stock, valued at $104,419,521.28. This trade represents a 3.86% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this link.

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

• On Wednesday, December 31st, Steve Ladd Huffman sold 18,000 shares of Reddit stock. The shares were sold at an average price of $230.76, for a total value of $4,153,680.00.
• On Monday, December 15th, Steve Ladd Huffman sold 18,000 shares of Reddit stock. The shares were sold at an average price of $220.28, for a total value of $3,965,040.00.
• On Friday, November 28th, Steve Ladd Huffman sold 18,000 shares of Reddit stock. The stock was 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 shares were 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 stock was sold at an average price of $189.33, for a total value of $2,633,769.63.

Reddit Price Performance

Shares of NYSE RDDT opened at $225.48 on Wednesday. The stock has a fifty day moving average price of $224.30 and a 200 day moving average price of $212.08. Reddit Inc. has a 1-year low of $79.75 and a 1-year high of $282.95. The company has a market cap of $42.73 billion, a PE ratio of 129.59, a P/E/G ratio of 1.55 and a beta of 2.17.

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

Institutional Investors Weigh In On Reddit

Several institutional investors and hedge funds have recently made changes to their positions in RDDT. Raiffeisen Bank International AG purchased a new position in Reddit during the 3rd quarter valued at about $25,000. GW&K Investment Management LLC purchased a new position in shares of Reddit during the 3rd quarter worth approximately $30,000. Cornerstone Planning Group LLC increased its stake in shares of Reddit by 13,500.0% during the 3rd quarter. Cornerstone Planning Group LLC now owns 136 shares of the company’s stock worth $31,000 after purchasing an additional 135 shares in the last quarter. Financial Perspectives Inc acquired a new position in shares of Reddit during the 2nd quarter worth approximately $34,000. Finally, Noble Wealth Management PBC purchased a new stake in Reddit in the 4th quarter valued at approximately $34,000.

Analysts Set New Price Targets

A number of equities research analysts recently commented on the stock. China Renaissance began coverage on shares of Reddit in a research report on Tuesday, December 9th. They issued a “buy” rating and a $300.00 price objective for the company. Wall Street Zen downgraded Reddit from a “buy” rating to a “hold” rating in a research note on Saturday, January 10th. Robert W. Baird lifted their price target on Reddit from $177.00 to $240.00 and gave the company a “neutral” rating in a research note on Thursday, September 25th. B. Riley reaffirmed a “buy” rating and set a $245.00 price objective (up previously from $235.00) on shares of Reddit in a report on Friday, October 31st. Finally, Sanford C. Bernstein raised their target price on Reddit from $190.00 to $210.00 and gave the company a “market perform” rating in a report on Friday, October 31st. Three equities research analysts have rated the stock with a Strong Buy rating, sixteen have issued a Buy rating, twelve have assigned a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat.com, Reddit presently has a consensus rating of “Moderate Buy” and an average price target of $240.17.

About Reddit

Reddit is an online social news aggregation, discussion and content-sharing platform organized around user-created communities called “subreddits,” each focused on a particular topic or interest. Registered users submit links, text posts, images and video, and community members vote and comment to surface popular content. The site is accessed via its web platform and mobile apps for iOS and Android, and it supports live events such as Ask Me Anything (AMA) sessions and community-driven discussions.

Founded in 2005 by Steve Huffman and Alexis Ohanian, Reddit is headquartered in San Francisco and serves a global audience with particularly large user bases in the United States and other English-speaking markets.