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

Reddit Inc. (NYSE:RDDT) CEO Steve Ladd Huffman sold 18,000 shares of Reddit stock in a transaction dated Wednesday, April 15th. The shares were sold at an average price of $158.40, for a total transaction of $2,851,200.00. Following the completion of the sale, the chief executive officer directly owned 411,195 shares in the company, valued at approximately $65,133,288. The trade was a 4.19% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, 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 Tuesday, March 31st, Steve Ladd Huffman sold 18,000 shares of Reddit stock. The shares were sold at an average price of $132.77, for a total transaction of $2,389,860.00.
• On Friday, March 13th, Steve Ladd Huffman sold 18,000 shares of Reddit stock. The shares were sold at an average price of $132.86, for a total transaction of $2,391,480.00.
• On Friday, February 27th, Steve Ladd Huffman sold 18,000 shares of Reddit stock. The shares were sold at an average price of $145.12, for a total transaction of $2,612,160.00.
• 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 shares were sold at an average price of $183.18, for a total transaction of $3,297,240.00.

Reddit Stock Up 0.6%

Shares of NYSE:RDDT opened at $163.41 on Friday. The company has a market cap of $31.22 billion, a price-to-earnings ratio of 62.37, a PEG ratio of 1.18 and a beta of 2.40. Reddit Inc. has a fifty-two week low of $90.78 and a fifty-two week high of $282.95. The firm’s 50-day simple moving average is $141.63 and its 200-day simple moving average is $187.55.

Reddit (NYSE:RDDT) last released its quarterly earnings data on Thursday, February 5th. The company reported $1.24 EPS for the quarter, topping analysts’ consensus estimates of $0.96 by $0.28. The firm had revenue of $725.61 million for the quarter, compared to the consensus estimate of $665.80 million. Reddit had a net margin of 24.05% and a return on equity of 20.89%. The firm’s revenue was up 69.7% on a year-over-year basis. During the same quarter in the previous year, the firm earned $0.36 earnings per share. On average, research analysts forecast that Reddit Inc. will post 1.12 EPS for the current year.

Wall Street Analyst Weigh In

RDDT has been the topic of a number of research analyst reports. Roth Mkm boosted their price objective on shares of Reddit from $210.00 to $215.00 and gave the stock a “neutral” rating in a report on Friday, January 30th. Wall Street Zen downgraded shares of Reddit from a “buy” rating to a “hold” rating in a report on Wednesday, April 8th. Piper Sandler reissued an “overweight” rating and set a $205.00 price objective (down from $290.00) on shares of Reddit in a report on Friday, February 6th. Wells Fargo & Company initiated coverage on shares of Reddit in a report on Tuesday, April 7th. They set an “equal weight” rating and a $149.00 price objective on the stock. Finally, Deutsche Bank Aktiengesellschaft reissued a “buy” rating and set a $285.00 price objective on shares of Reddit in a report on Tuesday, January 20th. One equities research analyst has rated the stock with a Strong Buy rating, seventeen have assigned a Buy rating and eleven have assigned a Hold rating to the company’s stock. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $237.46.

Institutional Trading of Reddit

Institutional investors and hedge funds have recently modified their holdings of the business. Capital World Investors acquired a new position in shares of Reddit in the fourth quarter valued at approximately $1,293,258,000. Norges Bank acquired a new position in shares of Reddit in the fourth quarter valued at approximately $372,047,000. Vanguard Group Inc. raised its position in shares of Reddit by 12.9% in the third 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 last quarter. Invesco Ltd. raised its position in shares of Reddit by 419.0% in the third quarter. Invesco Ltd. now owns 1,487,941 shares of the company’s stock valued at $342,212,000 after buying an additional 1,201,237 shares during the last quarter. Finally, State Street Corp raised its position in shares of Reddit by 138.5% in the second quarter. State Street Corp now owns 2,030,139 shares of the company’s stock valued at $305,678,000 after buying an additional 1,178,890 shares during the last quarter.

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.