Reddit (NYSE:RDDT) CEO Steve Ladd Huffman Sells 18,000 Shares

Reddit Inc. (NYSE:RDDT) CEO Steve Ladd Huffman sold 18,000 shares of the firm’s stock in a transaction dated Friday, February 27th. The stock was sold at an average price of $145.12, for a total transaction of $2,612,160.00. Following the completion of the sale, the chief executive officer owned 411,195 shares of the company’s stock, valued at $59,672,618.40. This trade represents a 4.19% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink.

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

• On Friday, February 13th, Steve Ladd Huffman sold 18,000 shares of Reddit stock. The shares were sold at an average price of $138.81, for a total transaction of $2,498,580.00.
• On Friday, January 30th, Steve Ladd Huffman sold 18,000 shares of Reddit stock. The stock was sold at an average price of $183.18, for a total transaction of $3,297,240.00.
• On Thursday, January 15th, Steve Ladd Huffman sold 18,000 shares of Reddit stock. The stock was sold at an average price of $232.78, for a total transaction of $4,190,040.00.
• On Wednesday, December 31st, Steve Ladd Huffman sold 18,000 shares of Reddit stock. The shares were sold at an average price of $230.76, for a total value of $4,153,680.00.
• On Monday, December 15th, Steve Ladd Huffman sold 18,000 shares of Reddit stock. The shares were sold at an average price of $220.28, for a total value of $3,965,040.00.

Reddit Stock Performance

Shares of NYSE RDDT opened at $145.77 on Wednesday. Reddit Inc. has a fifty-two week low of $79.75 and a fifty-two week high of $282.95. The company has a market cap of $27.85 billion, a price-to-earnings ratio of 55.64, a PEG ratio of 1.07 and a beta of 2.40. The business’s 50 day moving average price is $192.47 and its 200-day moving average price is $209.60.

Reddit (NYSE:RDDT) last posted its quarterly earnings data on Thursday, February 5th. The company reported $1.24 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.96 by $0.28. Reddit had a return on equity of 20.89% and a net margin of 24.05%.The company had revenue of $725.61 million during the quarter, compared to analysts’ expectations of $665.80 million. During the same quarter in the previous year, the business earned $0.36 EPS. Reddit’s revenue was up 69.7% compared to the same quarter last year. Sell-side analysts predict that Reddit Inc. will post 1.12 earnings per share for the current year.

Hedge Funds Weigh In On Reddit

A number of hedge funds and other institutional investors have recently modified their holdings of the business. Huntington National Bank lifted its holdings in Reddit by 25.6% during the third quarter. Huntington National Bank now owns 270 shares of the company’s stock worth $62,000 after buying an additional 55 shares during the period. Institute for Wealth Management LLC. increased its holdings in shares of Reddit by 6.1% in the 4th quarter. Institute for Wealth Management LLC. now owns 1,071 shares of the company’s stock valued at $246,000 after acquiring an additional 62 shares during the period. Roxbury Financial LLC raised its position in shares of Reddit by 7.4% in the 4th quarter. Roxbury Financial LLC now owns 929 shares of the company’s stock worth $214,000 after acquiring an additional 64 shares in the last quarter. Resona Asset Management Co. Ltd. raised its position in shares of Reddit by 0.3% in the 2nd quarter. Resona Asset Management Co. Ltd. now owns 20,201 shares of the company’s stock worth $3,023,000 after acquiring an additional 65 shares in the last quarter. Finally, AdvisorNet Financial Inc lifted its stake in shares of Reddit by 2.8% during the 3rd quarter. AdvisorNet Financial Inc now owns 2,464 shares of the company’s stock worth $567,000 after purchasing an additional 66 shares during the last quarter.

Analyst Ratings Changes

RDDT has been the topic of several recent analyst reports. Truist Financial raised their price target on shares of Reddit from $270.00 to $275.00 and gave the stock a “buy” rating in a research note on Friday, February 6th. Needham & Company LLC reissued a “buy” rating and issued a $300.00 price objective on shares of Reddit in a research report on Friday, February 6th. Jefferies Financial Group upped their target price on shares of Reddit from $300.00 to $325.00 and gave the stock a “buy” rating in a research note on Thursday, December 11th. Wells Fargo & Company set a $196.00 price target on shares of Reddit in a research note on Monday, February 9th. Finally, Weiss Ratings reiterated a “hold (c-)” rating on shares of Reddit in a report on Monday, December 29th. One analyst has rated the stock with a Strong Buy rating, seventeen have issued a Buy rating, eleven have issued a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $238.78.

About Reddit

Reddit is an online social news aggregation, discussion and content-sharing platform organized around user-created communities called “subreddits,” each focused on a particular topic or interest. Registered users submit links, text posts, images and video, and community members vote and comment to surface popular content. The site is accessed via its web platform and mobile apps for iOS and Android, and it supports live events such as Ask Me Anything (AMA) sessions and community-driven discussions.

Founded in 2005 by Steve Huffman and Alexis Ohanian, Reddit is headquartered in San Francisco and serves a global audience with particularly large user bases in the United States and other English-speaking markets.