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

Reddit, Inc. (NYSE:RDDT) CEO Steve Ladd Huffman sold 14,000 shares of the stock in a transaction dated Tuesday, February 18th. The shares were sold at an average price of $187.78, for a total transaction of $2,628,920.00. Following the sale, the chief executive officer now directly owns 614,394 shares of the company’s stock, valued at approximately $115,370,905.32. The trade was a 2.23 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link.

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

• On Friday, January 31st, Steve Ladd Huffman sold 14,000 shares of Reddit stock. The shares were sold at an average price of $201.96, for a total transaction of $2,827,440.00.
• On Wednesday, January 15th, Steve Ladd Huffman sold 14,000 shares of Reddit stock. The shares were sold at an average price of $172.79, for a total transaction of $2,419,060.00.
• On Tuesday, December 31st, Steve Ladd Huffman sold 14,000 shares of Reddit stock. The shares were sold at an average price of $165.33, for a total transaction of $2,314,620.00.
• 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 shares were sold at an average price of $141.79, for a total transaction of $1,985,060.00.

Reddit Stock Down 7.6 %

Shares of NYSE RDDT traded down $14.48 during midday trading on Thursday, reaching $175.18. 10,604,237 shares of the stock were exchanged, compared to its average volume of 5,912,361. The firm has a 50-day simple moving average of $184.25 and a two-hundred day simple moving average of $122.41. Reddit, Inc. has a twelve month low of $37.35 and a twelve month high of $230.41. The firm has a market cap of $30.76 billion and a price-to-earnings ratio of -22.66.

Reddit (NYSE:RDDT) last released its quarterly earnings results on Wednesday, February 12th. The company reported $0.36 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.24 by $0.12. Reddit had a negative net margin of 37.25% and a negative return on equity of 24.71%. Research analysts expect that Reddit, Inc. will post 1.12 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

RDDT has been the subject of several research analyst reports. Sanford C. Bernstein increased their price objective 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. Piper Sandler reaffirmed an “overweight” rating and issued a $210.00 price objective (up from $197.00) on shares of Reddit in a research report on Thursday, February 13th. Guggenheim began coverage on shares of Reddit in a research report on Friday, December 20th. They issued a “buy” rating and a $210.00 price objective for the company. Robert W. Baird increased their price target on shares of Reddit from $160.00 to $185.00 and gave the stock a “neutral” rating in a report on Thursday, February 13th. Finally, Jefferies Financial Group increased their price target on shares of Reddit from $120.00 to $175.00 and gave the stock a “buy” rating in a report on Monday, November 25th. One equities research analyst has rated the stock with a sell rating, eight have given a hold rating, twelve have assigned a buy rating and one has given a strong buy 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 $175.45.

Institutional Investors Weigh In On Reddit

A number of institutional investors have recently added to or reduced their stakes in the stock. Mackenzie Financial Corp acquired a new stake in Reddit in the 4th quarter valued at $316,000. Cache Advisors LLC purchased a new position in Reddit in the 4th quarter valued at $3,269,000. GF Fund Management CO. LTD. purchased a new position in Reddit in the 4th quarter valued at $7,674,000. Fourth Dimension Wealth LLC purchased a new position in Reddit in the 4th quarter valued at $49,000. Finally, Gordian Capital Singapore Pte Ltd purchased a new position in Reddit in the 4th quarter valued at $149,000.

About Reddit

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.