Reddit (NYSE:RDDT) CEO Sells $2,851,200.00 in Stock

Reddit Inc. (NYSE:RDDT) CEO Steve Ladd Huffman sold 18,000 shares of the stock in a transaction dated Wednesday, April 15th. The stock was sold at an average price of $158.40, for a total transaction of $2,851,200.00. Following the completion of the sale, the chief executive officer directly owned 411,195 shares in the company, valued at $65,133,288. This trade represents a 4.19% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed 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 stock was sold at an average price of $132.77, for a total transaction of $2,389,860.00.
• On Friday, March 13th, Steve Ladd Huffman sold 18,000 shares of Reddit stock. The stock was sold at an average price of $132.86, for a total transaction of $2,391,480.00.
• On Friday, February 27th, Steve Ladd Huffman sold 18,000 shares of Reddit stock. The stock was sold at an average price of $145.12, for a total transaction of $2,612,160.00.
• On Friday, February 13th, Steve Ladd Huffman sold 18,000 shares of Reddit stock. The stock was sold at an average price of $138.81, for a total transaction of $2,498,580.00.
• On Friday, January 30th, Steve Ladd Huffman sold 18,000 shares of Reddit stock. The stock was sold at an average price of $183.18, for a total transaction of $3,297,240.00.

Reddit Stock Up 0.6%

Reddit stock traded up $0.96 during midday trading on Friday, reaching $163.41. The stock had a trading volume of 4,042,096 shares, compared to its average volume of 5,295,362. Reddit Inc. has a 52-week low of $90.78 and a 52-week high of $282.95. The firm has a market cap of $31.22 billion, a price-to-earnings ratio of 62.37, a price-to-earnings-growth ratio of 1.15 and a beta of 2.40. The company has a fifty day moving average of $141.15 and a 200 day moving average of $188.09.

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

Analyst Upgrades and Downgrades

A number of equities analysts have recently commented on the stock. Morgan Stanley set a $240.00 target price on shares of Reddit in a research report on Friday, February 6th. Oppenheimer reduced their target price on shares of Reddit from $300.00 to $250.00 and set an “outperform” rating on the stock in a research report on Friday, February 6th. Cantor Fitzgerald reduced their target price on shares of Reddit from $240.00 to $170.00 and set a “neutral” rating on the stock in a research report on Friday, February 6th. Roth Mkm raised their target price on shares of Reddit from $210.00 to $215.00 and gave the stock a “neutral” rating in a research report on Friday, January 30th. Finally, Needham & Company LLC restated a “buy” rating and set a $300.00 price target on shares of Reddit in a research note on Friday, February 6th. One equities research analyst has rated the stock with a Strong Buy rating, seventeen have issued a Buy rating and eleven have given a Hold rating to the stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $237.46.

Hedge Funds Weigh In On Reddit

A number of large investors have recently bought and sold shares of the business. Huntington National Bank boosted its stake in Reddit by 25.6% in the third quarter. Huntington National Bank now owns 270 shares of the company’s stock valued at $62,000 after acquiring an additional 55 shares in the last quarter. Institute for Wealth Management LLC. boosted its stake in Reddit by 6.1% in the fourth quarter. Institute for Wealth Management LLC. now owns 1,071 shares of the company’s stock valued at $246,000 after acquiring an additional 62 shares in the last quarter. Roxbury Financial LLC boosted its stake in Reddit by 7.4% in the fourth quarter. Roxbury Financial LLC now owns 929 shares of the company’s stock valued at $214,000 after acquiring an additional 64 shares in the last quarter. AdvisorNet Financial Inc boosted its stake in Reddit by 2.8% in the third quarter. AdvisorNet Financial Inc now owns 2,464 shares of the company’s stock valued at $567,000 after acquiring an additional 66 shares in the last quarter. Finally, Florida Financial Advisors LLC boosted its stake in Reddit by 6.7% in the fourth quarter. Florida Financial Advisors LLC now owns 1,087 shares of the company’s stock valued at $250,000 after acquiring an additional 68 shares in the last quarter.

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.