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

Reddit Inc. (NYSE:RDDT) CEO Steve Ladd Huffman sold 18,000 shares of Reddit stock in a transaction that occurred on Wednesday, December 31st. The stock was sold at an average price of $230.76, for a total transaction of $4,153,680.00. Following the completion of the sale, the chief executive officer directly owned 448,576 shares of the company’s stock, valued at approximately $103,513,397.76. This trade represents a 3.86% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink.

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

• On Monday, December 15th, Steve Ladd Huffman sold 18,000 shares of Reddit stock. The stock was sold at an average price of $220.28, for a total transaction 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 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 shares were 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.

Reddit Price Performance

NYSE RDDT traded up $2.06 during trading hours on Monday, hitting $243.95. 3,357,277 shares of the company’s stock traded hands, compared to its average volume of 3,479,432. Reddit Inc. has a 52-week low of $79.75 and a 52-week high of $282.95. The company has a market capitalization of $46.23 billion, a PE ratio of 140.20, a PEG ratio of 1.62 and a beta of 2.17. The firm’s 50-day moving average is $214.84 and its 200-day moving average is $204.62.

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

Institutional Investors Weigh In On Reddit

Several hedge funds have recently made changes to their positions in RDDT. Raiffeisen Bank International AG acquired a new stake in Reddit in the 3rd quarter valued at about $25,000. GW&K Investment Management LLC bought a new position in Reddit during the 3rd quarter worth $30,000. Cornerstone Planning Group LLC increased its position in shares of 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 during the period. Noble Wealth Management PBC acquired a new position in Reddit in the fourth quarter valued at approximately $34,000. Finally, GAMMA Investing LLC grew its stake in shares of Reddit by 8,650.0% in the 3rd quarter. GAMMA Investing LLC now owns 175 shares of the company’s stock valued at $40,000 after buying an additional 173 shares during the period.

Analyst Ratings Changes

RDDT has been the topic of a number of recent analyst reports. Zacks Research cut shares of Reddit from a “strong-buy” rating to a “hold” rating in a research note on Friday, December 26th. China Renaissance began coverage on shares of Reddit in a research note on Tuesday, December 9th. They issued a “buy” rating and a $300.00 target price on the stock. JPMorgan Chase & Co. raised their target price on Reddit from $190.00 to $227.00 and gave the company a “neutral” rating in a research note on Friday, October 31st. Royal Bank Of Canada reiterated a “sector perform” rating on shares of Reddit in a report on Wednesday, October 1st. Finally, Jefferies Financial Group upped their price target on shares of Reddit from $300.00 to $325.00 and gave the stock a “buy” rating in a research report on Thursday, December 11th. Two equities research analysts have rated the stock with a Strong Buy rating, fifteen have assigned a Buy rating, ten have given a Hold rating and two have assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, Reddit currently has an average rating of “Moderate Buy” and a consensus target price of $230.28.

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.