Reddit, Inc. (NYSE:RDDT) CEO Sells $1,583,820.00 in Stock

Reddit, Inc. (NYSE:RDDT) CEO Steve Ladd Huffman sold 14,000 shares of the business’s stock in a transaction dated Friday, November 1st. The stock was sold at an average price of $113.13, for a total transaction of $1,583,820.00. Following the transaction, the chief executive officer now owns 651,775 shares in the company, valued at approximately $73,735,305.75. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink.

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

• On Tuesday, October 15th, Steve Ladd Huffman sold 14,000 shares of Reddit stock. The stock was sold at an average price of $75.43, for a total transaction of $1,056,020.00.
• On Monday, September 30th, Steve Ladd Huffman sold 14,000 shares of Reddit stock. The stock was sold at an average price of $66.20, for a total transaction of $926,800.00.
• On Monday, September 16th, Steve Ladd Huffman sold 14,000 shares of Reddit stock. The stock was sold at an average price of $59.19, for a total transaction of $828,660.00.
• On Friday, August 30th, Steve Ladd Huffman sold 6,714 shares of Reddit stock. The shares were sold at an average price of $59.84, for a total transaction of $401,765.76.
• On Tuesday, August 20th, Steve Ladd Huffman sold 14,000 shares of Reddit stock. The shares were sold at an average price of $53.98, for a total transaction of $755,720.00.

Reddit Price Performance

Shares of RDDT stock traded up $14.14 during trading hours on Tuesday, reaching $123.17. 10,811,491 shares of the company were exchanged, compared to its average volume of 4,855,021. Reddit, Inc. has a fifty-two week low of $37.35 and a fifty-two week high of $123.60. The stock’s fifty day moving average is $72.42 and its two-hundred day moving average is $63.48.

Reddit (NYSE:RDDT) last announced its earnings results on Tuesday, October 29th. The company reported $0.16 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.07) by $0.23. Reddit had a negative net margin of 47.83% and a negative return on equity of 40.54%. The company had revenue of $348.40 million for the quarter, compared to analyst estimates of $313.61 million. Reddit’s revenue was up 67.9% compared to the same quarter last year. Sell-side analysts forecast that Reddit, Inc. will post -4.05 EPS for the current fiscal year.

Hedge Funds Weigh In On Reddit

Several large investors have recently bought and sold shares of the business. Victory Capital Management Inc. lifted its holdings in Reddit by 903.8% in the third quarter. Victory Capital Management Inc. now owns 504,116 shares of the company’s stock valued at $33,231,000 after buying an additional 453,894 shares during the period. Sumitomo Mitsui Trust Group Inc. lifted its holdings in Reddit by 64.9% in the third quarter. Sumitomo Mitsui Trust Group Inc. now owns 512,871 shares of the company’s stock valued at $33,808,000 after buying an additional 201,776 shares during the period. Entropy Technologies LP acquired a new position in Reddit in the third quarter valued at approximately $231,000. Chartwell Investment Partners LLC lifted its holdings in Reddit by 80.8% in the third quarter. Chartwell Investment Partners LLC now owns 22,544 shares of the company’s stock valued at $1,486,000 after buying an additional 10,072 shares during the period. Finally, Long Walk Management LP lifted its holdings in Reddit by 28.3% in the third quarter. Long Walk Management LP now owns 715,000 shares of the company’s stock valued at $47,133,000 after buying an additional 157,500 shares during the period.

Analyst Upgrades and Downgrades

A number of analysts recently weighed in on RDDT shares. Citigroup upped their target price on shares of Reddit from $70.00 to $120.00 and gave the company a “buy” rating in a research note on Wednesday, October 30th. Sanford C. Bernstein upped their target price on shares of Reddit from $65.00 to $85.00 and gave the company an “underperform” rating in a research note on Wednesday, October 30th. The Goldman Sachs Group upped their target price on shares of Reddit from $60.00 to $68.00 and gave the company a “neutral” rating in a research note on Monday, October 14th. Bank of America upped their target price on shares of Reddit from $84.00 to $99.00 and gave the company a “neutral” rating in a research note on Wednesday, October 30th. Finally, Morgan Stanley upped their price objective on shares of Reddit from $63.00 to $70.00 and gave the stock an “equal weight” rating in a research note on Tuesday, July 23rd. One investment analyst has rated the stock with a sell rating, six have given a hold rating, eleven have issued a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, Reddit presently has a consensus rating of “Moderate Buy” and an average price target of $89.72.

About Reddit

Reddit, Inc operates a website that organizes digital communities. It organizes communities based on specific interests that enable users to engage in conversations by sharing experiences, submitting links, uploading images and videos, and replying to one another. The company was founded in 2005 and is headquartered in San Francisco, California.