Reddit Inc. (NYSE:RDDT – Get Free Report) CEO Steve Huffman sold 17,308 shares of the company’s stock in a transaction on Tuesday, October 13th. The shares were sold at an average price of $158.57, for a total value of $2,744,529.56. Following the completion of the transaction, the chief executive officer directly owned 336,432 shares in the company, valued at approximately $53,348,022.24. This represents a 4.89% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.
Steve Ladd Huffman also recently made the following trade(s):
- On Tuesday, September 29th, Steve Huffman sold 17,308 shares of Reddit stock. The stock was sold at an average price of $144.87, for a total value of $2,507,409.96.
- On Tuesday, September 15th, Steve Huffman sold 17,308 shares of Reddit stock. The stock was sold at an average price of $160.11, for a total value of $2,771,183.88.
- On Monday, August 31st, Steve Huffman sold 18,000 shares of Reddit stock. The shares were sold at an average price of $148.02, for a total transaction of $2,664,360.00.
- On Friday, August 14th, Steve Huffman sold 18,000 shares of Reddit stock. The shares were sold at an average price of $178.16, for a total transaction of $3,206,880.00.
- On Tuesday, August 4th, Steve Huffman sold 18,000 shares of Reddit stock. The stock was sold at an average price of $159.78, for a total transaction of $2,876,040.00.
Reddit Stock Performance
NYSE:RDDT opened at $159.30 on Friday. Reddit Inc. has a 52 week low of $119.27 and a 52 week high of $263.50. The firm’s 50-day simple moving average is $154.34 and its 200 day simple moving average is $161.43. The firm has a market cap of $30.65 billion, a price-to-earnings ratio of 37.05, a P/E/G ratio of 0.69 and a beta of 2.05.
Reddit (NYSE:RDDT – Get Free Report) last issued its quarterly earnings data on Thursday, July 30th. The company reported $1.25 earnings per share for the quarter, topping the consensus estimate of $0.95 by $0.30. The business had revenue of $804.91 million during the quarter, compared to analysts’ expectations of $731.00 million. Reddit had a net margin of 31.35% and a return on equity of 29.02%. The business’s revenue was up 61.0% on a year-over-year basis. During the same quarter in the previous year, the company earned $0.45 EPS. Sell-side analysts anticipate that Reddit Inc. will post 5.27 EPS for the current year.
Institutional Investors Weigh In On Reddit
Several institutional investors and hedge funds have recently bought and sold shares of RDDT. Sunbelt Securities Inc. raised its position in shares of Reddit by 87.5% in the 1st quarter. Sunbelt Securities Inc. now owns 195 shares of the company’s stock valued at $26,000 after buying an additional 91 shares in the last quarter. EverSource Wealth Advisors LLC boosted its position in shares of Reddit by 48.1% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 197 shares of the company’s stock worth $34,000 after acquiring an additional 64 shares in the last quarter. Beacon Investment Advisory Services Inc. acquired a new stake in shares of Reddit during the 2nd quarter worth approximately $35,000. Ascentis Independent Advisors bought a new position in Reddit in the first quarter valued at approximately $30,000. Finally, Hager Investment Management Services LLC increased its stake in Reddit by 522.2% in the second quarter. Hager Investment Management Services LLC now owns 280 shares of the company’s stock valued at $49,000 after acquiring an additional 235 shares during the last quarter.
Wall Street Analysts Forecast Growth
RDDT has been the topic of several recent research reports. Guggenheim reaffirmed a “buy” rating on shares of Reddit in a report on Wednesday, September 16th. Piper Sandler reiterated an “overweight” rating and issued a $195.00 price target (down from $215.00) on shares of Reddit in a research note on Friday, July 31st. DA Davidson cut their price target on Reddit from $200.00 to $185.00 and set a “buy” rating for the company in a research note on Friday, September 18th. JPMorgan Chase & Co. reduced their price target on Reddit from $200.00 to $185.00 and set a “neutral” rating on the stock in a research report on Friday, July 31st. Finally, Roth Capital restated a “neutral” rating and set a $145.00 price objective on shares of Reddit in a research note on Monday, August 3rd. Two investment analysts have rated the stock with a Strong Buy rating, seventeen have issued a Buy rating and ten have assigned a Hold rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $219.29.
View Our Latest Report on Reddit
About Reddit
Reddit, Inc operates a global online platform where users participate in communities organized around shared interests, topics and experiences. Registered users can submit posts, images, videos and links, while other users can comment, vote on content and engage in discussions. The platform comprises thousands of independently moderated communities, commonly known as subreddits.
Reddit generates revenue primarily through digital advertising and other commercial offerings for businesses.
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