Insider Selling: Reddit (NYSE:RDDT) CEO Sells $3,206,880.00 in Stock

Reddit Inc. (NYSE:RDDT) CEO Steve Ladd Huffman sold 18,000 shares of the firm’s stock in a transaction on Friday, August 14th. The shares were sold at an average price of $178.16, for a total value of $3,206,880.00. Following the completion of the sale, the chief executive officer directly owned 373,814 shares in the company, valued at approximately $66,598,702.24. This represents a 4.59% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. 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, August 4th, Steve Ladd Huffman sold 18,000 shares of Reddit stock. The shares were sold at an average price of $159.78, for a total transaction of $2,876,040.00.
• On Tuesday, June 30th, Steve Ladd Huffman sold 18,000 shares of Reddit stock. The shares were sold at an average price of $173.13, for a total transaction of $3,116,340.00.
• On Monday, June 15th, Steve Ladd Huffman sold 18,000 shares of Reddit stock. The stock was sold at an average price of $178.26, for a total value of $3,208,680.00.
• On Friday, May 29th, Steve Ladd Huffman sold 18,000 shares of Reddit stock. The stock was sold at an average price of $174.13, for a total value of $3,134,340.00.

Reddit Stock Down 3.9%

NYSE RDDT traded down $6.38 on Tuesday, hitting $158.12. The company’s stock had a trading volume of 7,429,969 shares, compared to its average volume of 5,572,609. The company’s 50-day moving average is $174.77 and its 200 day moving average is $158.97. The firm has a market cap of $30.42 billion, a PE ratio of 36.77, a PEG ratio of 0.60 and a beta of 2.04. Reddit Inc. has a 1-year low of $119.27 and a 1-year high of $282.95.

Reddit (NYSE:RDDT) last posted its quarterly earnings data on Thursday, July 30th. The company reported $1.25 EPS for the quarter, topping analysts’ consensus estimates of $0.95 by $0.30. The company had revenue of $804.91 million for the quarter, compared to analyst estimates of $731.00 million. Reddit had a return on equity of 29.02% and a net margin of 31.35%.The firm’s quarterly revenue was up 61.0% on a year-over-year basis. During the same period in the previous year, the firm earned $0.45 earnings per share. On average, equities analysts expect that Reddit Inc. will post 5.22 EPS for the current year.

Wall Street Analyst Weigh In

RDDT has been the topic of several research analyst reports. Needham & Company LLC reissued a “buy” rating and set a $300.00 target price on shares of Reddit in a research note on Wednesday, June 24th. The Goldman Sachs Group reaffirmed a “neutral” rating and issued a $200.00 target price on shares of Reddit in a research report on Friday, May 1st. KeyCorp initiated coverage on Reddit in a report on Wednesday, July 29th. They issued an “overweight” rating and a $225.00 price target on the stock. Citigroup restated a “market outperform” rating on shares of Reddit in a report on Friday, July 31st. Finally, B. Riley Financial lifted their price target on shares of Reddit from $250.00 to $270.00 and gave the company a “buy” rating in a research report on Friday, July 31st. Three research analysts have rated the stock with a Strong Buy rating, eighteen have issued a Buy rating and ten have given a Hold rating to the company’s stock. Based on data from MarketBeat, Reddit presently has a consensus rating of “Moderate Buy” and an average price target of $221.71.

Institutional Investors Weigh In On Reddit

Institutional investors and hedge funds have recently bought and sold shares of the stock. Truist Financial Corp increased its stake in Reddit by 67.7% in the 4th quarter. Truist Financial Corp now owns 15,659 shares of the company’s stock valued at $3,600,000 after buying an additional 6,321 shares during the last quarter. Swiss Life Asset Management Ltd lifted its holdings in Reddit by 63.2% during the fourth quarter. Swiss Life Asset Management Ltd now owns 32,003 shares of the company’s stock worth $7,357,000 after acquiring an additional 12,398 shares during the period. Calamos Advisors LLC purchased a new position in Reddit in the fourth quarter worth $2,299,000. Handelsbanken Fonder AB grew its stake in Reddit by 22.9% in the 4th quarter. Handelsbanken Fonder AB now owns 37,000 shares of the company’s stock valued at $8,505,000 after purchasing an additional 6,900 shares during the period. Finally, Berkshire Capital Holdings Inc. increased its position in shares of Reddit by 326,400.0% during the 4th quarter. Berkshire Capital Holdings Inc. now owns 32,650 shares of the company’s stock valued at $7,505,000 after purchasing an additional 32,640 shares during the last quarter.

Reddit Company Profile

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.