Reddit, Inc. (NYSE:RDDT) CEO Steve Ladd Huffman Sells 14,000 Shares

Reddit, Inc. (NYSE:RDDT) CEO Steve Ladd Huffman sold 14,000 shares of the stock in a transaction that occurred on Friday, November 29th. The shares were sold at an average price of $141.79, for a total transaction of $1,985,060.00. Following the sale, the chief executive officer now directly owns 634,971 shares of the company’s stock, valued at $90,032,538.09. This represents a 2.16 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website.

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

• On Friday, November 15th, Steve Ladd Huffman sold 14,000 shares of Reddit stock. The shares were sold at an average price of $125.98, for a total value of $1,763,720.00.
• On Friday, November 1st, Steve Ladd Huffman sold 14,000 shares of Reddit stock. The stock was sold at an average price of $113.13, for a total value of $1,583,820.00.
• On Tuesday, October 15th, Steve Ladd Huffman sold 14,000 shares of Reddit stock. The shares were 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 shares were sold at an average price of $66.20, for a total value 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.

Reddit Stock Up 5.8 %

NYSE:RDDT traded up $8.28 on Tuesday, reaching $149.92. 5,958,729 shares of the company’s stock were exchanged, compared to its average volume of 5,024,131. Reddit, Inc. has a 52-week low of $37.35 and a 52-week high of $158.49. The business has a fifty day moving average of $102.91 and a 200-day moving average of $75.68.

Reddit (NYSE:RDDT) last announced its quarterly earnings data on Tuesday, October 29th. The company reported $0.16 EPS for the quarter, beating 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 the consensus estimate of $313.61 million. Reddit’s quarterly revenue was up 67.9% on a year-over-year basis. Analysts predict that Reddit, Inc. will post -3.63 EPS for the current year.

Institutional Inflows and Outflows

A number of institutional investors have recently bought and sold shares of RDDT. Whittier Trust Co. acquired a new stake in shares of Reddit during the third quarter worth $42,000. SOA Wealth Advisors LLC. acquired a new position in Reddit during the second quarter worth about $78,000. Daiwa Securities Group Inc. acquired a new stake in shares of Reddit during the third quarter valued at $85,000. UMB Bank n.a. purchased a new position in shares of Reddit during the 2nd quarter worth $88,000. Finally, Sanctuary Advisors LLC purchased a new position in shares of Reddit during the 3rd quarter worth about $144,000.

Wall Street Analyst Weigh In

A number of equities analysts have recently commented on RDDT shares. Piper Sandler reissued an “overweight” rating and issued a $150.00 price target (up previously from $115.00) on shares of Reddit in a report on Tuesday, November 19th. The Goldman Sachs Group boosted their target price on Reddit from $60.00 to $68.00 and gave the company a “neutral” rating in a research note on Monday, October 14th. Raymond James boosted their price objective on shares of Reddit from $70.00 to $80.00 and gave the stock a “strong-buy” rating in a research note on Thursday, October 10th. Sanford C. Bernstein increased their price target on shares of Reddit from $65.00 to $85.00 and gave the company an “underperform” rating in a report on Wednesday, October 30th. Finally, Needham & Company LLC increased their price target on Reddit from $85.00 to $120.00 and gave the company a “buy” rating in a report on Wednesday, October 30th. One research analyst has rated the stock with a sell rating, six have assigned a hold rating, eleven have issued a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $103.17.

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.