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

Reddit Inc. (NYSE:RDDT) CEO Steve Ladd Huffman sold 18,000 shares of the stock in a transaction that occurred on Tuesday, May 5th. The stock was sold at an average price of $171.80, for a total transaction of $3,092,400.00. Following the completion of the sale, the chief executive officer directly owned 411,195 shares of the company’s stock, valued at $70,643,301. This represents a 4.19% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

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

• On Wednesday, April 15th, Steve Ladd Huffman sold 18,000 shares of Reddit stock. The shares were sold at an average price of $158.40, for a total transaction of $2,851,200.00.
• 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 shares were 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 shares were sold at an average price of $138.81, for a total transaction of $2,498,580.00.

Reddit Stock Performance

Shares of Reddit stock opened at $163.70 on Friday. The company has a market capitalization of $31.27 billion, a P/E ratio of 46.77, a P/E/G ratio of 1.02 and a beta of 1.85. The company has a fifty day moving average of $145.45 and a 200 day moving average of $183.43. Reddit Inc. has a fifty-two week low of $94.89 and a fifty-two week high of $282.95.

Reddit (NYSE:RDDT) last posted its quarterly earnings results on Thursday, April 30th. The company reported $1.01 EPS for the quarter, beating analysts’ consensus estimates of $0.62 by $0.39. Reddit had a return on equity of 25.48% and a net margin of 28.60%.The business had revenue of $663.41 million for the quarter, compared to analysts’ expectations of $607.74 million. During the same period last year, the firm earned $0.13 earnings per share. The business’s quarterly revenue was up 69.1% on a year-over-year basis. Analysts forecast that Reddit Inc. will post 4.78 EPS for the current year.

Wall Street Analyst Weigh In

A number of equities research analysts have issued reports on RDDT shares. Citigroup reaffirmed an “outperform” rating on shares of Reddit in a report on Friday, May 1st. Morgan Stanley set a $240.00 target price on shares of Reddit in a report on Friday, February 6th. Zacks Research upgraded shares of Reddit from a “hold” rating to a “strong-buy” rating in a research report on Tuesday. Raymond James Financial set a $180.00 target price on shares of Reddit and gave the company a “market perform” rating in a research note on Friday, May 1st. Finally, Roth Mkm boosted their price target on shares of Reddit from $210.00 to $215.00 and gave the stock a “neutral” rating in a research note on Friday, January 30th. One investment analyst has rated the stock with a Strong Buy rating, eighteen have assigned a Buy rating and eleven have issued a Hold rating to the company’s stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $228.61.

Institutional Investors Weigh In On Reddit

A number of hedge funds have recently bought and sold shares of the business. Cassaday & Co Wealth Management LLC purchased a new position in shares of Reddit in the 1st quarter worth $46,000. Johnson Financial Group Inc. purchased a new stake in shares of Reddit during the 1st quarter valued at about $195,000. Meeder Advisory Services Inc. raised its position in shares of Reddit by 7.4% during the 1st quarter. Meeder Advisory Services Inc. now owns 1,544 shares of the company’s stock valued at $208,000 after buying an additional 107 shares in the last quarter. Dimensional Fund Advisors LP lifted its holdings in shares of Reddit by 5.6% in the 1st quarter. Dimensional Fund Advisors LP now owns 411,802 shares of the company’s stock valued at $55,409,000 after acquiring an additional 21,906 shares during the last quarter. Finally, Momentum Wealth Planning LLC lifted its holdings in shares of Reddit by 203.1% in the 1st quarter. Momentum Wealth Planning LLC now owns 15,338 shares of the company’s stock valued at $2,065,000 after acquiring an additional 10,278 shares during 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.