Insider Selling: Reddit (NYSE:RDDT) CEO Sells 18,000 Shares of Stock

Reddit Inc. (NYSE:RDDT) CEO Steve Ladd Huffman sold 18,000 shares of the stock in a transaction that occurred on Monday, December 15th. The stock was sold at an average price of $220.28, for a total value of $3,965,040.00. Following the completion of the transaction, the chief executive officer owned 448,576 shares of the company’s stock, valued at $98,812,321.28. The trade was a 3.86% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website.

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

• On Friday, November 28th, Steve Ladd Huffman sold 18,000 shares of Reddit stock. The shares were sold at an average price of $215.19, for a total value of $3,873,420.00.
• On Friday, November 14th, Steve Ladd Huffman sold 18,000 shares of Reddit stock. The shares were sold at an average price of $194.81, for a total value of $3,506,580.00.
• On Thursday, October 30th, Steve Ladd Huffman sold 4,089 shares of Reddit stock. The stock was sold at an average price of $194.93, for a total value of $797,068.77.
• On Tuesday, November 4th, Steve Ladd Huffman sold 13,911 shares of Reddit stock. The shares were sold at an average price of $189.33, for a total value of $2,633,769.63.
• On Wednesday, October 15th, Steve Ladd Huffman sold 18,000 shares of Reddit stock. The stock was sold at an average price of $200.53, for a total transaction of $3,609,540.00.
• On Tuesday, September 30th, Steve Ladd Huffman sold 18,000 shares of Reddit stock. The shares were sold at an average price of $229.10, for a total transaction of $4,123,800.00.

Reddit Trading Up 1.6%

RDDT traded up $3.47 during trading hours on Wednesday, hitting $227.47. 5,678,755 shares of the company’s stock were exchanged, compared to its average volume of 4,097,707. Reddit Inc. has a 12-month low of $79.75 and a 12-month high of $282.95. The firm has a 50 day moving average of $207.44 and a 200 day moving average of $194.00. The firm has a market cap of $43.11 billion, a P/E ratio of 130.73, a price-to-earnings-growth ratio of 2.47 and a beta of 2.17.

Reddit (NYSE:RDDT) last issued its quarterly earnings results on Thursday, October 30th. The company reported $0.80 EPS for the quarter, beating the consensus estimate of $0.50 by $0.30. The company had revenue of $584.91 million during the quarter, compared to analysts’ expectations of $546.65 million. Reddit had a net margin of 18.33% and a return on equity of 14.94%. During the same quarter last year, the company posted $0.16 EPS. The firm’s revenue was up 67.9% compared to the same quarter last year. As a group, research analysts expect that Reddit Inc. will post 1.12 EPS for the current fiscal year.

Analyst Ratings Changes

RDDT has been the subject of several analyst reports. B. Riley reissued a “buy” rating and set a $245.00 target price (up from $235.00) on shares of Reddit in a research note on Friday, October 31st. Wells Fargo & Company raised their target price on shares of Reddit from $155.00 to $174.00 and gave the company a “cautious” rating in a report on Tuesday, October 7th. JPMorgan Chase & Co. boosted their price target on shares of Reddit from $190.00 to $227.00 and gave the stock a “neutral” rating in a report on Friday, October 31st. Zacks Research raised shares of Reddit from a “hold” rating to a “strong-buy” rating in a research report on Wednesday, October 29th. Finally, Sanford C. Bernstein lifted their price objective on shares of Reddit from $190.00 to $210.00 and gave the stock a “market perform” rating in a research report on Friday, October 31st. Three analysts have rated the stock with a Strong Buy rating, fifteen have assigned a Buy rating, nine have issued a Hold rating and two have issued a Sell rating to the company. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $230.28.

Hedge Funds Weigh In On Reddit

Institutional investors have recently added to or reduced their stakes in the stock. Raiffeisen Bank International AG acquired a new position in Reddit in the 3rd quarter valued at $25,000. GW&K Investment Management LLC acquired a new stake in shares of Reddit in the 3rd quarter worth $30,000. Cornerstone Planning Group LLC boosted its holdings in shares of Reddit by 13,500.0% in the third quarter. Cornerstone Planning Group LLC now owns 136 shares of the company’s stock valued at $31,000 after acquiring an additional 135 shares in the last quarter. GAMMA Investing LLC increased its stake in shares of Reddit by 8,650.0% during the third quarter. GAMMA Investing LLC now owns 175 shares of the company’s stock worth $40,000 after acquiring an additional 173 shares during the period. Finally, Cloud Capital Management LLC purchased a new position in Reddit during the third quarter worth about $47,000.

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.