Reddit Inc. (NYSE:RDDT – Get Free Report) CEO Steve Ladd Huffman sold 18,000 shares of the business’s stock in a transaction dated Tuesday, August 4th. The stock was sold at an average price of $159.78, for a total value of $2,876,040.00. Following the completion of the transaction, the chief executive officer directly owned 373,814 shares of the company’s stock, valued at approximately $59,728,000.92. This trade represents a 4.59% decrease in their position. The sale was disclosed in a legal 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 Tuesday, June 30th, Steve Ladd Huffman sold 18,000 shares of Reddit stock. The shares were sold at an average price of $173.13, for a total transaction of $3,116,340.00.
- On Monday, June 15th, Steve Ladd Huffman sold 18,000 shares of Reddit stock. The shares were 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 shares were sold at an average price of $157.15, for a total transaction of $2,828,700.00.
Reddit Stock Up 7.2%
RDDT opened at $161.73 on Friday. The stock has a market capitalization of $31.13 billion, a price-to-earnings ratio of 37.61, a PEG ratio of 0.54 and a beta of 2.03. The firm has a 50 day moving average price of $176.68 and a 200-day moving average price of $161.90. Reddit Inc. has a twelve month low of $119.27 and a twelve month high of $282.95.
Institutional Investors Weigh In On Reddit
Several hedge funds and other institutional investors have recently modified their holdings of RDDT. Vanguard Group Inc. lifted its position in Reddit by 8.9% during the fourth quarter. Vanguard Group Inc. now owns 13,322,048 shares of the company’s stock valued at $3,062,339,000 after purchasing an additional 1,083,540 shares in the last quarter. Capital World Investors purchased a new stake in Reddit in the fourth quarter worth about $1,293,258,000. State Street Corp increased its position in Reddit by 6.0% in the fourth quarter. State Street Corp now owns 2,631,332 shares of the company’s stock worth $604,864,000 after buying an additional 149,401 shares in the last quarter. Geode Capital Management LLC raised its stake in shares of Reddit by 4.7% in the fourth quarter. Geode Capital Management LLC now owns 2,382,712 shares of the company’s stock worth $546,789,000 after buying an additional 106,821 shares during the period. Finally, Morgan Stanley raised its stake in shares of Reddit by 11.4% in the fourth quarter. Morgan Stanley now owns 2,372,443 shares of the company’s stock worth $545,354,000 after buying an additional 242,709 shares during the period.
Wall Street Analyst Weigh In
A number of equities analysts have recently issued reports on the company. Loop Capital restated a “buy” rating and issued a $260.00 price target on shares of Reddit in a research note on Thursday, June 4th. Citigroup reiterated a “market outperform” rating on shares of Reddit in a research report on Friday, July 31st. UBS Group reissued a “buy” rating on shares of Reddit in a research report on Friday, July 31st. Needham & Company LLC restated a “buy” rating and set a $300.00 price target on shares of Reddit in a research note on Wednesday, June 24th. Finally, Piper Sandler reaffirmed an “overweight” rating and set a $195.00 price target (down from $215.00) on shares of Reddit in a research report on Friday, July 31st. Two investment analysts have rated the stock with a Strong Buy rating, nineteen have assigned a Buy rating and eleven have given a Hold rating to the stock. Based on data from MarketBeat, Reddit currently has an average rating of “Moderate Buy” and a consensus target price of $220.90.
View Our Latest Stock Analysis on RDDT
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.
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