Insider Selling: Reddit, Inc. (NYSE:RDDT) CEO Sells 14,000 Shares of Stock

Reddit, Inc. (NYSE:RDDT) CEO Steve Ladd Huffman sold 14,000 shares of Reddit stock in a transaction on Wednesday, January 15th. The shares were sold at an average price of $172.79, for a total value of $2,419,060.00. Following the completion of the transaction, the chief executive officer now owns 614,394 shares of the company’s stock, valued at approximately $106,161,139.26. This trade represents a 2.23 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink.

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

• On Tuesday, December 31st, Steve Ladd Huffman sold 14,000 shares of Reddit stock. The shares were sold at an average price of $165.33, for a total value of $2,314,620.00.
• On Monday, December 16th, Steve Ladd Huffman sold 14,000 shares of Reddit stock. The stock was sold at an average price of $176.20, for a total value of $2,466,800.00.
• On Friday, November 29th, Steve Ladd Huffman sold 14,000 shares of Reddit stock. The stock was sold at an average price of $141.79, for a total transaction of $1,985,060.00.
• 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 transaction 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 transaction of $1,583,820.00.

Reddit Price Performance

Reddit stock opened at $175.57 on Friday. Reddit, Inc. has a one year low of $37.35 and a one year high of $187.69. The business has a fifty day moving average of $157.24 and a two-hundred day moving average of $99.68.

Reddit (NYSE:RDDT) last released its quarterly earnings data on Tuesday, October 29th. The company reported $0.16 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 firm had revenue of $348.40 million for the quarter, compared to the consensus estimate of $313.61 million. The business’s quarterly revenue was up 67.9% on a year-over-year basis. On average, analysts expect that Reddit, Inc. will post -3.46 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Reddit

Several institutional investors and hedge funds have recently made changes to their positions in the business. Janney Montgomery Scott LLC raised its position in Reddit by 31.3% during the fourth quarter. Janney Montgomery Scott LLC now owns 8,786 shares of the company’s stock worth $1,436,000 after acquiring an additional 2,096 shares during the last quarter. West Branch Capital LLC purchased a new position in shares of Reddit during the 4th quarter worth approximately $245,000. Harbor Investment Advisory LLC acquired a new position in shares of Reddit during the 4th quarter worth approximately $147,000. UMB Bank n.a. lifted its stake in Reddit by 10.8% in the 4th quarter. UMB Bank n.a. now owns 1,533 shares of the company’s stock valued at $251,000 after buying an additional 150 shares in the last quarter. Finally, LVW Advisors LLC purchased a new position in Reddit during the fourth quarter worth $327,000.

Analyst Ratings Changes

A number of brokerages have issued reports on RDDT. Raymond James lifted their price target on Reddit from $70.00 to $80.00 and gave the stock a “strong-buy” rating in a report on Thursday, October 10th. Roth Mkm upped their price target on Reddit from $89.00 to $116.00 and gave the company a “buy” rating in a report on Wednesday, October 30th. Guggenheim began coverage on shares of Reddit in a research note on Friday, December 20th. They issued a “buy” rating and a $210.00 price target on the stock. Piper Sandler upped their target price on shares of Reddit from $150.00 to $197.00 and gave the company an “overweight” rating in a report on Tuesday. Finally, Sanford C. Bernstein lifted their price target on shares of Reddit from $65.00 to $85.00 and gave the stock an “underperform” rating in a research note on Wednesday, October 30th. One investment analyst has rated the stock with a sell rating, five have given a hold rating, fourteen have issued a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $148.25.

Reddit Company Profile

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.