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

Reddit Inc. (NYSE:RDDT) CEO Steve Ladd Huffman sold 18,000 shares of the company’s stock in a transaction on Friday, May 15th. The stock was sold at an average price of $157.15, for a total value of $2,828,700.00. Following the transaction, the chief executive officer owned 411,195 shares of the company’s stock, valued at approximately $64,619,294.25. The trade was a 4.19% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through 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, May 5th, Steve Ladd Huffman sold 18,000 shares of Reddit stock. The stock was sold at an average price of $171.80, for a total value of $3,092,400.00.
• On Wednesday, April 15th, Steve Ladd Huffman sold 18,000 shares of Reddit stock. The stock was sold at an average price of $158.40, for a total value 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 value 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 value 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 value of $2,612,160.00.

Reddit Stock Performance

NYSE:RDDT opened at $154.76 on Wednesday. Reddit Inc. has a 1 year low of $94.89 and a 1 year high of $282.95. The stock has a market cap of $29.79 billion, a price-to-earnings ratio of 44.22 and a beta of 1.85. The business has a fifty day moving average of $147.08 and a 200-day moving average of $180.52.

Reddit (NYSE:RDDT) last released its quarterly earnings results on Thursday, April 30th. The company reported $1.01 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.62 by $0.39. Reddit had a return on equity of 25.48% and a net margin of 28.60%.The company had revenue of $663.41 million during the quarter, compared to analysts’ expectations of $607.74 million. During the same quarter in the prior year, the business posted $0.13 earnings per share. The company’s revenue for the quarter was up 69.1% compared to the same quarter last year. On average, equities research analysts predict that Reddit Inc. will post 4.83 EPS for the current year.

Institutional Investors Weigh In On Reddit

Several hedge funds have recently modified their holdings of RDDT. NewEdge Advisors LLC lifted its holdings in shares of Reddit by 143.3% during the first quarter. NewEdge Advisors LLC now owns 7,982 shares of the company’s stock valued at $837,000 after purchasing an additional 4,701 shares during the last quarter. Empowered Funds LLC purchased a new stake in shares of Reddit during the first quarter valued at $213,000. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC lifted its holdings in shares of Reddit by 106.3% during the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 216,960 shares of the company’s stock valued at $22,759,000 after purchasing an additional 111,780 shares during the last quarter. Focus Partners Wealth lifted its holdings in shares of Reddit by 40.8% during the first quarter. Focus Partners Wealth now owns 10,224 shares of the company’s stock valued at $1,073,000 after purchasing an additional 2,965 shares during the last quarter. Finally, Geneos Wealth Management Inc. lifted its holdings in shares of Reddit by 344.6% during the first quarter. Geneos Wealth Management Inc. now owns 369 shares of the company’s stock valued at $39,000 after purchasing an additional 286 shares during the last quarter.

Wall Street Analysts Forecast Growth

Several research firms have recently issued reports on RDDT. Rothschild & Co Redburn set a $110.00 price target on Reddit in a research note on Monday, April 27th. B. Riley Financial upped their price objective on Reddit from $245.00 to $250.00 and gave the company a “buy” rating in a report on Friday, February 6th. Cantor Fitzgerald upped their price objective on Reddit from $170.00 to $180.00 and gave the company a “neutral” rating in a report on Friday, May 1st. Wells Fargo & Company upped their price objective on Reddit from $149.00 to $176.00 and gave the company an “equal weight” rating in a report on Friday, May 1st. Finally, Piper Sandler restated an “overweight” rating and issued a $215.00 price objective (up from $205.00) on shares of Reddit in a report on Friday, May 1st. 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. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $228.61.

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.