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

Reddit Inc. (NYSE:RDDT) CEO Steve Ladd Huffman sold 18,000 shares of the stock in a transaction on Tuesday, June 30th. The stock was sold at an average price of $173.13, for a total value of $3,116,340.00. Following the completion of the transaction, the chief executive officer owned 373,814 shares of the company’s stock, valued at $64,718,417.82. The trade was a 4.59% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

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

• On Monday, June 15th, Steve Ladd Huffman sold 18,000 shares of Reddit stock. The stock was sold at an average price of $178.26, for a total transaction of $3,208,680.00.
• On Friday, May 29th, Steve Ladd Huffman sold 18,000 shares of Reddit stock. The stock was sold at an average price of $174.13, for a total transaction 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 transaction 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 transaction 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 transaction of $2,851,200.00.

Reddit Stock Down 1.6%

NYSE RDDT traded down $3.19 during mid-day trading on Thursday, hitting $194.57. The stock had a trading volume of 4,459,573 shares, compared to its average volume of 5,221,260. The company has a 50 day simple moving average of $163.57 and a 200 day simple moving average of $171.96. The company has a market cap of $37.46 billion, a price-to-earnings ratio of 55.59 and a beta of 1.91. Reddit Inc. has a 52-week low of $119.27 and a 52-week high of $282.95.

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

Hedge Funds Weigh In On Reddit

Institutional investors have recently added to or reduced their stakes in the business. Versant Capital Management Inc boosted its position in shares of Reddit by 31.1% in the second quarter. Versant Capital Management Inc now owns 291 shares of the company’s stock worth $51,000 after acquiring an additional 69 shares during the last quarter. CX Institutional increased its position in Reddit by 333.3% during the second quarter. CX Institutional now owns 403 shares of the company’s stock worth $70,000 after purchasing an additional 310 shares during the last quarter. Militia Capital Management LLC purchased a new position in Reddit during the first quarter worth approximately $2,378,000. Evansbrook LLC boosted its holdings in shares of Reddit by 2.2% in the 1st quarter. Evansbrook LLC now owns 2,736 shares of the company’s stock valued at $368,000 after purchasing an additional 59 shares during the last quarter. Finally, Anson Funds Management LP purchased a new stake in shares of Reddit during the 1st quarter valued at $3,030,000.

Analyst Upgrades and Downgrades

Several equities analysts have weighed in on RDDT shares. Wells Fargo & Company raised their target price on shares of Reddit from $149.00 to $176.00 and gave the company an “equal weight” rating in a report on Friday, May 1st. Weiss Ratings reiterated a “hold (c)” rating on shares of Reddit in a research report on Friday, May 8th. Bank of America dropped their price objective on shares of Reddit from $205.00 to $175.00 and set a “neutral” rating for the company in a research note on Thursday, April 2nd. Jefferies Financial Group reduced their target price on Reddit from $285.00 to $250.00 and set a “buy” rating on the stock in a research note on Tuesday, March 10th. Finally, DA Davidson reissued a “buy” rating and set a $200.00 price target on shares of Reddit in a research report on Friday, May 1st. Eighteen analysts have rated the stock with a Buy rating and twelve have issued a Hold rating to the company. Based on data from MarketBeat.com, Reddit currently has a consensus rating of “Moderate Buy” and a consensus target price 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.