Steve Ladd Huffman Sells 124,408 Shares of Reddit, Inc. (NYSE:RDDT) Stock

Reddit, Inc. (NYSE:RDDT) CEO Steve Ladd Huffman sold 124,408 shares of Reddit stock in a transaction on Friday, March 14th. The shares were sold at an average price of $127.36, for a total transaction of $15,844,602.88. Following the completion of the sale, the chief executive officer now directly owns 583,515 shares of the company’s stock, valued at approximately $74,316,470.40. The trade was a 17.57 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link.

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

• On Friday, February 28th, Steve Ladd Huffman sold 14,000 shares of Reddit stock. The shares were sold at an average price of $160.30, for a total transaction of $2,244,200.00.
• On Tuesday, February 18th, Steve Ladd Huffman sold 14,000 shares of Reddit stock. The shares were sold at an average price of $187.78, for a total transaction of $2,628,920.00.
• On Friday, January 31st, Steve Ladd Huffman sold 14,000 shares of Reddit stock. The shares were sold at an average price of $201.96, for a total transaction of $2,827,440.00.
• On Wednesday, January 15th, Steve Ladd Huffman sold 14,000 shares of Reddit stock. The shares were sold at an average price of $172.79, for a total transaction of $2,419,060.00.
• On Tuesday, December 31st, Steve Ladd Huffman sold 14,000 shares of Reddit stock. The stock was sold at an average price of $165.33, for a total transaction of $2,314,620.00.

Reddit Stock Down 12.4 %

NYSE RDDT opened at $110.02 on Wednesday. The stock has a market cap of $19.90 billion and a P/E ratio of -14.23. The company’s 50-day simple moving average is $174.74 and its 200 day simple moving average is $134.59. Reddit, Inc. has a twelve month low of $37.35 and a twelve month high of $230.41.

Reddit (NYSE:RDDT) last issued its quarterly earnings data on Wednesday, February 12th. The company reported $0.36 earnings per share for the quarter, topping the consensus estimate of $0.24 by $0.12. Reddit had a negative net margin of 37.25% and a negative return on equity of 24.71%. Research analysts anticipate that Reddit, Inc. will post 1.12 earnings per share for the current year.

Analyst Upgrades and Downgrades

A number of research firms have weighed in on RDDT. Roth Mkm lowered shares of Reddit from a “buy” rating to a “neutral” rating and boosted their target price for the stock from $116.00 to $195.00 in a research report on Wednesday, January 22nd. The Goldman Sachs Group boosted their target price on shares of Reddit from $105.00 to $176.00 and gave the stock a “neutral” rating in a research report on Tuesday, January 14th. Redburn Partners set a $75.00 target price on shares of Reddit in a research report on Monday. JPMorgan Chase & Co. boosted their target price on shares of Reddit from $142.00 to $185.00 and gave the stock a “neutral” rating in a research report on Thursday, February 13th. Finally, Needham & Company LLC boosted their target price on shares of Reddit from $190.00 to $220.00 and gave the stock a “buy” rating in a research report on Thursday, February 13th. Two equities research analysts have rated the stock with a sell rating, nine have issued a hold rating, eleven have assigned a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, Reddit presently has an average rating of “Hold” and a consensus target price of $164.50.

Institutional Trading of Reddit

Several large investors have recently added to or reduced their stakes in the company. Ridgewood Investments LLC grew its stake in Reddit by 100.0% during the fourth quarter. Ridgewood Investments LLC now owns 200 shares of the company’s stock worth $33,000 after buying an additional 100 shares during the last quarter. Proficio Capital Partners LLC grew its stake in Reddit by 2.1% during the fourth quarter. Proficio Capital Partners LLC now owns 5,908 shares of the company’s stock worth $966,000 after buying an additional 120 shares during the last quarter. Farther Finance Advisors LLC grew its stake in Reddit by 148.5% during the fourth quarter. Farther Finance Advisors LLC now owns 246 shares of the company’s stock worth $40,000 after buying an additional 147 shares during the last quarter. UMB Bank n.a. grew its stake in Reddit by 10.8% during the fourth quarter. UMB Bank n.a. now owns 1,533 shares of the company’s stock worth $251,000 after buying an additional 150 shares during the last quarter. Finally, Foundations Investment Advisors LLC grew its stake in Reddit by 3.0% during the fourth quarter. Foundations Investment Advisors LLC now owns 5,325 shares of the company’s stock worth $870,000 after buying an additional 155 shares during the last quarter.

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.