Reddit, Inc. (NYSE:RDDT) CEO Steve Ladd Huffman Sells 14,000 Shares

Reddit, Inc. (NYSE:RDDT) CEO Steve Ladd Huffman sold 14,000 shares of the stock in a transaction that occurred on Tuesday, December 31st. The stock was sold at an average price of $165.33, for a total value of $2,314,620.00. Following the sale, the chief executive officer now owns 614,394 shares in the company, valued at approximately $101,577,760.02. This trade represents a 2.23 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website.

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

• On Monday, December 16th, Steve Ladd Huffman sold 14,000 shares of Reddit stock. The shares were sold at an average price of $176.20, for a total transaction of $2,466,800.00.
• On Friday, November 29th, Steve Ladd Huffman sold 14,000 shares of Reddit stock. The stock was sold at an average price of $141.79, for a total value of $1,985,060.00.
• On Friday, November 15th, Steve Ladd Huffman sold 14,000 shares of Reddit stock. The stock was sold at an average price of $125.98, for a total transaction of $1,763,720.00.
• On Friday, November 1st, Steve Ladd Huffman sold 14,000 shares of Reddit stock. The shares were sold at an average price of $113.13, for a total value of $1,583,820.00.
• On Tuesday, October 15th, Steve Ladd Huffman sold 14,000 shares of Reddit stock. The shares were sold at an average price of $75.43, for a total value of $1,056,020.00.

Reddit Stock Performance

Shares of RDDT stock traded up $11.83 during trading on Friday, reaching $177.74. The company’s stock had a trading volume of 9,429,420 shares, compared to its average volume of 6,752,960. Reddit, Inc. has a one year low of $37.35 and a one year high of $182.20. The business has a fifty day moving average price of $144.44 and a 200-day moving average price of $91.96.

Reddit (NYSE:RDDT) last issued its quarterly earnings results on Tuesday, October 29th. The company reported $0.16 EPS for the quarter, topping the consensus estimate of ($0.07) by $0.23. The firm had revenue of $348.40 million for the quarter, compared to analysts’ expectations of $313.61 million. Reddit had a negative net margin of 47.83% and a negative return on equity of 40.54%. Reddit’s revenue for the quarter was up 67.9% compared to the same quarter last year. Equities research analysts expect that Reddit, Inc. will post -3.46 EPS for the current fiscal year.

Institutional Inflows and Outflows

Several institutional investors have recently made changes to their positions in the stock. Everence Capital Management Inc. bought a new position in Reddit during the fourth quarter worth about $531,000. Somnio Financial Group LLC bought a new position in shares of Reddit during the 4th quarter worth approximately $640,000. Lord Abbett & CO. LLC increased its holdings in shares of Reddit by 1,519.4% during the 3rd quarter. Lord Abbett & CO. LLC now owns 1,650,362 shares of the company’s stock worth $108,792,000 after acquiring an additional 1,548,450 shares during the last quarter. Wilmington Savings Fund Society FSB bought a new stake in Reddit in the 3rd quarter valued at $3,929,000. Finally, Sanctuary Advisors LLC acquired a new stake in Reddit during the 3rd quarter valued at $144,000.

Analyst Ratings Changes

A number of analysts recently weighed in on the stock. Sanford C. Bernstein increased their price target on shares of Reddit from $65.00 to $85.00 and gave the company an “underperform” rating in a research report on Wednesday, October 30th. Jefferies Financial Group increased their target price on shares of Reddit from $120.00 to $175.00 and gave the stock a “buy” rating in a report on Monday, November 25th. Raymond James boosted their price target on shares of Reddit from $70.00 to $80.00 and gave the company a “strong-buy” rating in a report on Thursday, October 10th. Bank of America raised their price objective on Reddit from $84.00 to $99.00 and gave the stock a “neutral” rating in a research note on Wednesday, October 30th. Finally, The Goldman Sachs Group boosted their target price on Reddit from $60.00 to $68.00 and gave the company a “neutral” rating in a research note on Monday, October 14th. One analyst has rated the stock with a sell rating, five have given a hold rating, fourteen have issued a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $132.70.

Reddit Company Profile

Reddit, Inc operates a website that organizes digital communities. It organizes communities based on specific interests that enable users to engage in conversations by sharing experiences, submitting links, uploading images and videos, and replying to one another. The company was founded in 2005 and is headquartered in San Francisco, California.