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 firm’s stock in a transaction on Monday, March 31st. The shares were sold at an average price of $103.28, for a total transaction of $1,445,920.00. Following the completion of the transaction, the chief executive officer now directly owns 577,013 shares of the company’s stock, valued at approximately $59,593,902.64. This trade represents a 2.37 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through the SEC website.

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

• On Friday, March 14th, Steve Ladd Huffman sold 124,408 shares of Reddit stock. The shares were sold at an average price of $127.36, for a total transaction of $15,844,602.88.
• On Friday, February 28th, Steve Ladd Huffman sold 14,000 shares of Reddit stock. The stock was 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 stock was sold at an average price of $187.78, for a total value of $2,628,920.00.
• On Friday, January 31st, Steve Ladd Huffman sold 14,000 shares of Reddit stock. The stock was sold at an average price of $201.96, for a total value 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 value of $2,419,060.00.

Reddit Stock Performance

Shares of NYSE RDDT opened at $109.33 on Thursday. The firm has a fifty day moving average of $161.47 and a 200 day moving average of $138.29. Reddit, Inc. has a one year low of $37.35 and a one year high of $230.41. The firm has a market cap of $19.78 billion and a PE ratio of -14.14.

Reddit (NYSE:RDDT) last released its earnings results on Wednesday, February 12th. The company reported $0.36 earnings per share for the quarter, beating the consensus estimate of $0.24 by $0.12. Reddit had a negative return on equity of 24.71% and a negative net margin of 37.25%. On average, equities analysts predict that Reddit, Inc. will post 1.12 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

RDDT has been the topic of several recent analyst reports. Roth Mkm downgraded shares of Reddit from a “buy” rating to a “neutral” rating and increased their target price for the company from $116.00 to $195.00 in a research note on Wednesday, January 22nd. Citigroup reissued an “outperform” rating on shares of Reddit in a research report on Friday, March 28th. Wells Fargo & Company cut their target price on Reddit from $215.00 to $158.00 and set an “overweight” rating on the stock in a research note on Monday. JMP Securities set a $155.00 price target on Reddit in a research note on Friday, March 28th. Finally, Needham & Company LLC restated a “buy” rating and set a $220.00 price objective on shares of Reddit in a report on Friday, March 21st. Two equities research analysts have rated the stock with a sell rating, seven have issued a hold rating, twelve have given a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $163.00.

Institutional Investors Weigh In On Reddit

A number of hedge funds have recently modified their holdings of RDDT. California State Teachers Retirement System boosted its stake in Reddit by 126.6% during the fourth quarter. California State Teachers Retirement System now owns 48,380 shares of the company’s stock worth $7,907,000 after buying an additional 27,032 shares during the period. Wealth Enhancement Advisory Services LLC acquired a new stake in Reddit in the 4th quarter valued at about $2,208,000. Kilter Group LLC acquired a new stake in Reddit in the fourth quarter valued at approximately $928,000. Castle Rock Wealth Management LLC purchased a new stake in shares of Reddit during the 4th quarter worth $789,000. Finally, Brooklyn FI LLC purchased a new stake in Reddit during the 4th quarter worth about $6,339,000.

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.