Reddit (NYSE:RDDT) CEO Sells $3,208,680.00 in Stock

Reddit Inc. (NYSE:RDDT) CEO Steve Ladd Huffman sold 18,000 shares of the stock in a transaction dated Monday, June 15th. The stock was sold at an average price of $178.26, for a total transaction of $3,208,680.00. Following the sale, the chief executive officer owned 373,814 shares of the company’s stock, valued at $66,636,083.64. This trade represents a 4.59% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

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

• On Friday, May 29th, Steve Ladd Huffman sold 18,000 shares of Reddit stock. The shares were sold at an average price of $174.13, for a total value of $3,134,340.00.
• On Friday, May 15th, Steve Ladd Huffman sold 18,000 shares of Reddit stock. The stock was sold at an average price of $157.15, for a total value of $2,828,700.00.
• On Tuesday, May 5th, Steve Ladd Huffman sold 18,000 shares of Reddit stock. The shares were sold at an average price of $171.80, for a total value of $3,092,400.00.
• On Wednesday, April 15th, Steve Ladd Huffman sold 18,000 shares of Reddit stock. The shares were sold at an average price of $158.40, for a total value of $2,851,200.00.
• On Tuesday, March 31st, Steve Ladd Huffman sold 18,000 shares of Reddit stock. The stock was sold at an average price of $132.77, for a total value of $2,389,860.00.

Reddit Stock Down 5.4%

Shares of NYSE RDDT traded down $9.41 during mid-day trading on Wednesday, hitting $165.98. 4,298,132 shares of the company were exchanged, compared to its average volume of 5,281,309. The stock has a 50 day simple moving average of $159.09 and a 200-day simple moving average of $176.27. Reddit Inc. has a 1-year low of $119.27 and a 1-year high of $282.95. The firm has a market cap of $31.95 billion, a price-to-earnings ratio of 47.42 and a beta of 1.91.

Reddit (NYSE:RDDT) last announced its quarterly earnings data on Thursday, April 30th. The company reported $1.01 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.62 by $0.39. Reddit had a net margin of 28.60% and a return on equity of 25.48%. The company had revenue of $663.41 million for the quarter, compared to analysts’ expectations of $607.74 million. During the same period in the previous year, the company posted $0.13 EPS. Reddit’s revenue was up 69.1% compared to the same quarter last year. Analysts anticipate that Reddit Inc. will post 4.83 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in RDDT. NewEdge Advisors LLC increased its position in shares of Reddit by 143.3% in the first quarter. NewEdge Advisors LLC now owns 7,982 shares of the company’s stock valued at $837,000 after buying an additional 4,701 shares in the last quarter. Empowered Funds LLC purchased a new position in Reddit during the 1st quarter valued at about $213,000. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased its holdings in Reddit by 106.3% during the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 216,960 shares of the company’s stock valued at $22,759,000 after acquiring an additional 111,780 shares in the last quarter. Focus Partners Wealth increased its holdings in Reddit by 40.8% during the 1st quarter. Focus Partners Wealth now owns 10,224 shares of the company’s stock valued at $1,073,000 after acquiring an additional 2,965 shares in the last quarter. Finally, Geneos Wealth Management Inc. increased its holdings in Reddit by 344.6% during the 1st quarter. Geneos Wealth Management Inc. now owns 369 shares of the company’s stock valued at $39,000 after acquiring an additional 286 shares in the last quarter.

Wall Street Analyst Weigh In

Several research analysts have issued reports on RDDT shares. Truist Financial set a $265.00 price objective on Reddit in a research report on Friday, May 1st. Jefferies Financial Group cut their price target on shares of Reddit from $285.00 to $250.00 and set a “buy” rating for the company in a report on Tuesday, March 10th. Needham & Company LLC reiterated a “buy” rating and issued a $300.00 price target on shares of Reddit in a report on Friday, May 1st. DA Davidson reiterated a “buy” rating and issued a $200.00 price target on shares of Reddit in a report on Friday, May 1st. Finally, Cantor Fitzgerald increased their target price on shares of Reddit from $170.00 to $180.00 and gave the company a “neutral” rating in a report on Friday, May 1st. Eighteen equities research analysts have rated the stock with a Buy rating and twelve have assigned a Hold rating to the company. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $230.75.

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.