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

Reddit, Inc. (NYSE:RDDT) CEO Steve Ladd Huffman sold 14,000 shares of the stock in a transaction dated Friday, January 31st. The shares were sold at an average price of $201.96, for a total value of $2,827,440.00. Following the transaction, the chief executive officer now directly owns 614,394 shares in the company, valued at approximately $124,083,012.24. This represents a 2.23 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website.

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

• On Wednesday, January 15th, Steve Ladd Huffman sold 14,000 shares of Reddit stock. The stock was sold at an average price of $172.79, for a total value of $2,419,060.00.
• 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 shares were sold at an average price of $141.79, for a total value of $1,985,060.00.
• On Friday, November 15th, Steve Ladd Huffman sold 14,000 shares of Reddit stock. The stock was sold at an average price of $125.98, for a total transaction of $1,763,720.00.

Reddit Price Performance

Shares of Reddit stock opened at $215.42 on Wednesday. The firm has a 50 day simple moving average of $169.97 and a 200 day simple moving average of $110.05. Reddit, Inc. has a fifty-two week low of $37.35 and a fifty-two week high of $218.25.

Wall Street Analysts Forecast Growth

Several analysts have recently weighed in on the stock. Piper Sandler lifted their target price on shares of Reddit from $150.00 to $197.00 and gave the company an “overweight” rating in a research report on Tuesday, January 14th. Raymond James upped their price objective on Reddit from $150.00 to $200.00 and gave the company a “strong-buy” rating in a research note on Tuesday, January 21st. Robert W. Baird raised their target price on Reddit from $100.00 to $160.00 and gave the stock a “neutral” rating in a research report on Wednesday, December 11th. The Goldman Sachs Group upped their price target on Reddit from $105.00 to $176.00 and gave the company a “neutral” rating in a research report on Tuesday, January 14th. Finally, Guggenheim initiated coverage on Reddit in a report on Friday, December 20th. They set a “buy” rating and a $210.00 price objective for the company. One equities research analyst has rated the stock with a sell rating, seven have given a hold rating, twelve have issued a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat, Reddit has a consensus rating of “Moderate Buy” and a consensus target price of $159.70.

Institutional Investors Weigh In On Reddit

Several hedge funds and other institutional investors have recently made changes to their positions in the company. Ridgewood Investments LLC lifted its stake in shares of Reddit by 100.0% during the fourth quarter. Ridgewood Investments LLC now owns 200 shares of the company’s stock valued at $33,000 after acquiring an additional 100 shares during the period. Farmers & Merchants Investments Inc. bought a new stake in Reddit during the 4th quarter worth about $33,000. Bogart Wealth LLC acquired a new position in Reddit during the 4th quarter valued at about $33,000. Spire Wealth Management bought a new position in shares of Reddit in the 4th quarter valued at about $35,000. Finally, Allworth Financial LP grew its position in shares of Reddit by 970.0% during the 4th quarter. Allworth Financial LP now owns 214 shares of the company’s stock worth $35,000 after buying an additional 194 shares during the period.

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.