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 firm’s stock in a transaction on Friday, May 29th. The shares were sold at an average price of $174.13, for a total value of $3,134,340.00. Following the sale, the chief executive officer directly owned 373,814 shares of the company’s stock, valued at approximately $65,092,231.82. This represents a 4.59% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible 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 Friday, May 15th, Steve Ladd Huffman sold 18,000 shares of Reddit stock. The shares were sold at an average price of $157.15, for a total value of $2,828,700.00.
• On Tuesday, May 5th, Steve Ladd Huffman sold 18,000 shares of Reddit stock. The shares were 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 shares were 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 shares were 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 shares were sold at an average price of $132.86, for a total value of $2,391,480.00.

Reddit Price Performance

Shares of Reddit stock opened at $168.85 on Wednesday. Reddit Inc. has a 1 year low of $109.92 and a 1 year high of $282.95. The firm has a market cap of $32.51 billion, a PE ratio of 48.24 and a beta of 1.91. The stock has a fifty day moving average price of $150.34 and a 200-day moving average price of $177.84.

Reddit (NYSE:RDDT) last announced its earnings results on Thursday, April 30th. The company reported $1.01 earnings per share (EPS) for the quarter, beating 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 firm had revenue of $663.41 million during the quarter, compared to analyst estimates of $607.74 million. During the same period last year, the firm posted $0.13 EPS. The business’s revenue was up 69.1% compared to the same quarter last year. As a group, equities analysts anticipate that Reddit Inc. will post 4.83 EPS for the current fiscal year.

Institutional Inflows and Outflows

Large investors have recently added to or reduced their stakes in the stock. Raiffeisen Bank International AG bought a new position in Reddit in the 3rd quarter worth about $25,000. Sunbelt Securities Inc. boosted its stake in Reddit by 87.5% in the 1st quarter. Sunbelt Securities Inc. now owns 195 shares of the company’s stock worth $26,000 after purchasing an additional 91 shares during the period. GW&K Investment Management LLC bought a new position in Reddit in the 3rd quarter worth about $30,000. Ascentis Independent Advisors bought a new position in Reddit in the 1st quarter worth about $30,000. Finally, Cornerstone Planning Group LLC boosted its stake in Reddit by 13,500.0% in the 3rd quarter. Cornerstone Planning Group LLC now owns 136 shares of the company’s stock worth $31,000 after purchasing an additional 135 shares during the period.

Analysts Set New Price Targets

RDDT has been the subject of several recent research reports. Citizens Jmp decreased their price objective on Reddit from $250.00 to $240.00 and set a “market outperform” rating for the company in a report on Friday, May 1st. Evercore reissued an “outperform” rating and issued a $290.00 price objective on shares of Reddit in a report on Friday, February 6th. Bank of America decreased their price objective on Reddit from $205.00 to $175.00 and set a “neutral” rating for the company in a report on Thursday, April 2nd. Rothschild & Co Redburn set a $110.00 price objective on Reddit in a report on Monday, April 27th. Finally, Oppenheimer reissued an “outperform” rating and issued a $225.00 price objective 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 assigned a Hold rating to the company’s stock. Based on data from MarketBeat.com, Reddit currently 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.