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 Reddit stock in a transaction that occurred on Monday, December 15th. The shares were sold at an average price of $220.28, for a total value of $3,965,040.00. Following the completion of the sale, the chief executive officer owned 448,576 shares in the company, valued at approximately $98,812,321.28. This trade represents a 3.86% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website.

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 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 stock was 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 stock was sold at an average price of $229.10, for a total transaction of $4,123,800.00.

Reddit Price Performance

Reddit stock traded up $3.47 during mid-day trading on Wednesday, reaching $227.47. The company had a trading volume of 5,678,755 shares, compared to its average volume of 4,097,707. The stock’s 50-day simple moving average is $207.44 and its 200-day simple moving average is $194.00. Reddit Inc. has a 1 year low of $79.75 and a 1 year high of $282.95. The company has a market capitalization of $43.11 billion, a P/E ratio of 130.73, a P/E/G ratio of 2.47 and a beta of 2.17.

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

Analyst Upgrades and Downgrades

RDDT has been the subject of a number of research analyst reports. Morgan Stanley restated an “overweight” rating and issued a $250.00 price target on shares of Reddit in a research report on Friday, October 31st. Robert W. Baird lifted their price objective on Reddit from $177.00 to $240.00 and gave the stock a “neutral” rating in a research report on Thursday, September 25th. Bank of America upped their target price on Reddit from $180.00 to $210.00 and gave the company a “neutral” rating in a research note on Friday, October 31st. Wells Fargo & Company raised their price target on Reddit from $155.00 to $174.00 and gave the stock a “cautious” rating in a research report on Tuesday, October 7th. Finally, The Goldman Sachs Group reissued a “neutral” rating and issued a $236.00 price target on shares of Reddit in a report on Tuesday, October 14th. Three equities research analysts have rated the stock with a Strong Buy rating, fifteen have issued a Buy rating, nine have assigned a Hold rating and two have issued a Sell rating to the stock. Based on data from MarketBeat.com, Reddit has a consensus rating of “Moderate Buy” and a consensus price target of $230.28.

Institutional Trading of Reddit

A number of hedge funds have recently added to or reduced their stakes in the business. Alliancebernstein L.P. grew its holdings in Reddit by 103.0% in the first quarter. Alliancebernstein L.P. now owns 5,659,990 shares of the company’s stock valued at $593,733,000 after purchasing an additional 2,871,232 shares during the period. Norges Bank acquired a new position in shares of Reddit in the 2nd quarter valued at $294,254,000. Vanguard Group Inc. grew its stake in shares of Reddit by 12.9% during the 3rd quarter. Vanguard Group Inc. now owns 12,238,508 shares of the company’s stock valued at $2,814,734,000 after buying an additional 1,401,293 shares during the period. Amundi increased its holdings in shares of Reddit by 2,060.5% during the 2nd quarter. Amundi now owns 1,307,231 shares of the company’s stock worth $208,294,000 after buying an additional 1,246,725 shares during the last quarter. Finally, Invesco Ltd. increased its holdings in shares of Reddit by 419.0% during the 3rd quarter. Invesco Ltd. now owns 1,487,941 shares of the company’s stock worth $342,212,000 after buying an additional 1,201,237 shares during 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.