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 stock in a transaction dated Wednesday, April 15th. The shares were sold at an average price of $158.40, for a total value of $2,851,200.00. Following the completion of the transaction, the chief executive officer directly owned 411,195 shares of the company’s stock, valued at $65,133,288. This represents a 4.19% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

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

• On Tuesday, March 31st, Steve Ladd Huffman sold 18,000 shares of Reddit stock. The shares were sold at an average price of $132.77, for a total value of $2,389,860.00.
• On Friday, March 13th, Steve Ladd Huffman sold 18,000 shares of Reddit stock. The shares were sold at an average price of $132.86, for a total value of $2,391,480.00.
• On Friday, February 27th, Steve Ladd Huffman sold 18,000 shares of Reddit stock. The shares were sold at an average price of $145.12, for a total value of $2,612,160.00.
• On Friday, February 13th, Steve Ladd Huffman sold 18,000 shares of Reddit stock. The shares were sold at an average price of $138.81, for a total value of $2,498,580.00.
• On Friday, January 30th, Steve Ladd Huffman sold 18,000 shares of Reddit stock. The shares were sold at an average price of $183.18, for a total value of $3,297,240.00.

Reddit Stock Performance

Shares of RDDT opened at $163.41 on Friday. The company has a market capitalization of $31.22 billion, a P/E ratio of 62.37, a P/E/G ratio of 1.18 and a beta of 2.40. Reddit Inc. has a one year low of $90.78 and a one year high of $282.95. The stock has a 50-day moving average price of $141.63 and a 200 day moving average price of $187.25.

Reddit (NYSE:RDDT) last issued its quarterly earnings results on Thursday, February 5th. The company reported $1.24 EPS for the quarter, beating analysts’ consensus estimates of $0.96 by $0.28. The firm had revenue of $725.61 million during the quarter, compared to the consensus estimate of $665.80 million. Reddit had a return on equity of 20.89% and a net margin of 24.05%.Reddit’s revenue for the quarter was up 69.7% on a year-over-year basis. During the same quarter in the prior year, the business posted $0.36 earnings per share. As a group, equities research analysts forecast that Reddit Inc. will post 1.12 earnings per share for the current fiscal year.

Analysts Set New Price Targets

Several analysts have issued reports on RDDT shares. JPMorgan Chase & Co. cut their price objective on Reddit from $227.00 to $200.00 and set a “neutral” rating on the stock in a research note on Friday, February 6th. Oppenheimer cut their price objective on Reddit from $300.00 to $250.00 and set an “outperform” rating on the stock in a research note on Friday, February 6th. UBS Group set a $265.00 price objective on Reddit in a research note on Tuesday, January 13th. B. Riley Financial upped their price objective on Reddit from $245.00 to $250.00 and gave the company a “buy” rating in a research note on Friday, February 6th. Finally, Needham & Company LLC restated a “buy” rating and set a $300.00 price objective on shares of Reddit in a research note on Friday, February 6th. One analyst has rated the stock with a Strong Buy rating, seventeen have given a Buy rating and eleven have issued a Hold rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $237.46.

Institutional Trading of Reddit

A number of institutional investors and hedge funds have recently made changes to their positions in RDDT. NewEdge Advisors LLC raised its position in shares of Reddit by 143.3% during the 1st quarter. NewEdge Advisors LLC now owns 7,982 shares of the company’s stock worth $837,000 after purchasing an additional 4,701 shares during the period. Empowered Funds LLC acquired a new stake in shares of Reddit during the 1st quarter worth approximately $213,000. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its position in shares of Reddit by 106.3% during the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 216,960 shares of the company’s stock worth $22,759,000 after purchasing an additional 111,780 shares during the period. Focus Partners Wealth raised its position in shares of Reddit by 40.8% during the 1st quarter. Focus Partners Wealth now owns 10,224 shares of the company’s stock worth $1,073,000 after purchasing an additional 2,965 shares during the period. Finally, Geneos Wealth Management Inc. raised its position in shares of Reddit by 344.6% during 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.

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.