Steve Ladd Huffman Sells 17,308 Shares of Reddit (NYSE:RDDT) Stock

Reddit Inc. (NYSE:RDDT) CEO Steve Huffman sold 17,308 shares of the stock in a transaction that occurred on Tuesday, September 15th. The shares were sold at an average price of $160.11, for a total transaction of $2,771,183.88. Following the transaction, the chief executive officer owned 336,432 shares in the company, valued at approximately $53,866,127.52. This represents a 4.89% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at 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 Monday, August 31st, Steve Huffman sold 18,000 shares of Reddit stock. The stock was sold at an average price of $148.02, for a total transaction of $2,664,360.00.
• On Friday, August 14th, Steve Huffman sold 18,000 shares of Reddit stock. The shares were sold at an average price of $178.16, for a total value of $3,206,880.00.
• On Tuesday, August 4th, Steve Huffman sold 18,000 shares of Reddit stock. The stock was sold at an average price of $159.78, for a total value of $2,876,040.00.
• On Tuesday, June 30th, Steve 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.

Reddit Stock Down 3.0%

Shares of Reddit stock traded down $4.78 on Thursday, reaching $152.82. The stock had a trading volume of 5,740,377 shares, compared to its average volume of 5,451,083. The company has a 50 day moving average price of $164.84 and a 200 day moving average price of $159.46. Reddit Inc. has a 1 year low of $119.27 and a 1 year high of $282.95. The stock has a market capitalization of $29.40 billion, a P/E ratio of 35.54, a P/E/G ratio of 0.74 and a beta of 2.02.

Reddit (NYSE:RDDT) last issued its quarterly earnings data on Thursday, July 30th. The company reported $1.25 EPS for the quarter, beating the consensus estimate of $0.95 by $0.30. Reddit had a return on equity of 29.02% and a net margin of 31.35%.The firm had revenue of $804.91 million during the quarter, compared to analyst estimates of $731.00 million. During the same quarter in the prior year, the business posted $0.45 EPS. The business’s revenue for the quarter was up 61.0% compared to the same quarter last year. On average, analysts forecast that Reddit Inc. will post 5.27 earnings per share for the current fiscal year.

Analyst Ratings Changes

RDDT has been the subject of several research analyst reports. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Reddit in a research report on Wednesday, August 5th. Deutsche Bank Aktiengesellschaft set a $200.00 price target on shares of Reddit in a research note on Friday, July 31st. Telsey Advisory Group set a $240.00 price objective on shares of Reddit in a research note on Friday, July 31st. Cantor Fitzgerald dropped their price objective on shares of Reddit from $200.00 to $170.00 and set a “neutral” rating on the stock in a report on Friday, July 31st. Finally, Oppenheimer cut their target price on Reddit from $225.00 to $200.00 and set an “outperform” rating on the stock in a research report on Friday, July 31st. Two equities research analysts have rated the stock with a Strong Buy rating, eighteen have assigned a Buy rating and eleven have given a Hold rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $221.10.

Institutional Inflows and Outflows

Several institutional investors have recently made changes to their positions in RDDT. The Manufacturers Life Insurance Company lifted its position in Reddit by 8.7% during the second quarter. The Manufacturers Life Insurance Company now owns 8,167 shares of the company’s stock valued at $1,418,000 after purchasing an additional 654 shares during the period. Sequoia Financial Advisors LLC grew its position in Reddit by 23.0% during the 2nd quarter. Sequoia Financial Advisors LLC now owns 2,547 shares of the company’s stock worth $442,000 after purchasing an additional 476 shares during the period. Bienville Capital Management LLC raised its stake in shares of Reddit by 494.4% during the 2nd quarter. Bienville Capital Management LLC now owns 96,020 shares of the company’s stock valued at $16,667,000 after buying an additional 79,867 shares during the last quarter. Concorde Asset Management LLC purchased a new position in shares of Reddit during the 2nd quarter valued at about $788,000. Finally, NewEdge Advisors LLC lifted its holdings in shares of Reddit by 34.6% in the 2nd quarter. NewEdge Advisors LLC now owns 4,922 shares of the company’s stock valued at $854,000 after buying an additional 1,265 shares during the period.

Reddit Company Profile

Reddit, Inc operates a global online platform where users participate in communities organized around shared interests, topics and discussions. Users can submit posts, links, images and videos, while community members can comment, vote and interact through publicly accessible forums known as subreddits.

The company generates revenue primarily through digital advertising and also offers premium memberships and other paid products. Reddit additionally provides data licensing and developer-related services that support the use of its platform content and technology.

Founded in 2005 by Steve Huffman, Alexis Ohanian and Aaron Swartz, Reddit serves users worldwide across a broad range of communities.