Reddit (NYSE:RDDT) CEO Sells $3,134,340.00 in Stock

Reddit Inc. (NYSE:RDDT) CEO Steve Ladd Huffman sold 18,000 shares of the firm’s stock in a transaction dated Friday, May 29th. The stock was sold at an average price of $174.13, for a total value of $3,134,340.00. Following the completion of the sale, the chief executive officer directly owned 373,814 shares in the company, valued at approximately $65,092,231.82. The trade was a 4.59% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed 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 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 stock was 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 stock was 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.
• On Friday, March 13th, Steve Ladd Huffman sold 18,000 shares of Reddit stock. The stock was sold at an average price of $132.86, for a total value of $2,391,480.00.

Reddit Price Performance

Reddit stock opened at $183.50 on Friday. The stock’s 50-day moving average is $152.45 and its 200-day moving average is $177.39. The company has a market cap of $35.33 billion, a price-to-earnings ratio of 52.43 and a beta of 1.91. Reddit Inc. has a 12 month low of $110.85 and a 12 month high of $282.95.

Reddit (NYSE:RDDT) last released its quarterly earnings data 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%.The company’s quarterly revenue was up 69.1% compared to the same quarter last year. During the same period last year, the business posted $0.13 EPS. Research analysts anticipate that Reddit Inc. will post 4.83 EPS for the current year.

Institutional Investors Weigh In On Reddit

Hedge funds have recently modified their holdings of the stock. Vanguard Group Inc. raised its holdings in shares of Reddit by 12.9% during the 3rd quarter. Vanguard Group Inc. now owns 12,238,508 shares of the company’s stock valued at $2,814,734,000 after buying an additional 1,401,293 shares during the period. Optimize Financial Inc purchased a new stake in Reddit during the 3rd quarter worth approximately $1,420,000. Truist Financial Corp increased its holdings in Reddit by 67.7% during the 4th quarter. Truist Financial Corp now owns 15,659 shares of the company’s stock worth $3,600,000 after purchasing an additional 6,321 shares during the last quarter. Swiss Life Asset Management Ltd increased its holdings in Reddit by 63.2% during the 4th quarter. Swiss Life Asset Management Ltd now owns 32,003 shares of the company’s stock worth $7,357,000 after purchasing an additional 12,398 shares during the last quarter. Finally, WT Asset Management Ltd purchased a new stake in Reddit during the 3rd quarter worth approximately $92,973,000.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently commented on the company. Oppenheimer restated an “outperform” rating and issued a $225.00 price objective on shares of Reddit in a report on Friday, May 1st. Guggenheim raised their price objective on Reddit from $245.00 to $255.00 and gave the stock a “buy” rating in a report on Friday, February 6th. Loop Capital restated a “buy” rating and issued a $260.00 price objective on shares of Reddit in a report on Thursday. Bank of America cut their price objective on Reddit from $205.00 to $175.00 and set a “neutral” rating on the stock in a report on Thursday, April 2nd. Finally, Truist Financial set a $265.00 price objective on Reddit in a report on Friday, May 1st. One analyst has rated the stock with a Strong Buy rating, eighteen have given a Buy rating and eleven have given a Hold rating to the company’s stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $230.75.

Reddit Company Profile

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.