Insider Selling: Reddit, Inc. (NYSE:RDDT) CEO Sells 14,000 Shares of Stock

Reddit, Inc. (NYSE:RDDT) CEO Steve Ladd Huffman sold 14,000 shares of Reddit stock in a transaction dated Wednesday, January 15th. The stock was sold at an average price of $172.79, for a total value of $2,419,060.00. Following the completion of the transaction, the chief executive officer now owns 614,394 shares of the company’s stock, valued at $106,161,139.26. This trade represents a 2.23 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website.

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

• On Tuesday, December 31st, Steve Ladd Huffman sold 14,000 shares of Reddit stock. The stock was sold at an average price of $165.33, for a total value of $2,314,620.00.
• On Monday, December 16th, Steve Ladd Huffman sold 14,000 shares of Reddit stock. The stock was 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 transaction 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 stock was sold at an average price of $113.13, for a total transaction of $1,583,820.00.

Reddit Price Performance

Shares of NYSE:RDDT opened at $175.57 on Friday. Reddit, Inc. has a 12 month low of $37.35 and a 12 month high of $187.69. The stock’s 50 day moving average price is $158.06 and its 200 day moving average price is $100.43.

Reddit (NYSE:RDDT) last posted its quarterly earnings results on Tuesday, October 29th. The company reported $0.16 earnings per share (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 analyst estimates of $313.61 million. Reddit had a negative net margin of 47.83% and a negative return on equity of 40.54%. The business’s revenue for the quarter was up 67.9% on a year-over-year basis. Research analysts forecast that Reddit, Inc. will post -3.46 EPS for the current fiscal year.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the business. ARK Investment Management LLC grew its position in Reddit by 120.5% in the third quarter. ARK Investment Management LLC now owns 352,721 shares of the company’s stock worth $23,251,000 after buying an additional 192,785 shares during the last quarter. Wellington Management Group LLP grew its position in Reddit by 3,640.5% in the third quarter. Wellington Management Group LLP now owns 255,325 shares of the company’s stock worth $16,831,000 after buying an additional 248,499 shares during the last quarter. Victory Capital Management Inc. grew its position in Reddit by 903.8% in the third quarter. Victory Capital Management Inc. now owns 504,116 shares of the company’s stock worth $33,231,000 after buying an additional 453,894 shares during the last quarter. Geode Capital Management LLC grew its position in Reddit by 176.0% in the third quarter. Geode Capital Management LLC now owns 824,200 shares of the company’s stock worth $54,355,000 after buying an additional 525,619 shares during the last quarter. Finally, Mission Creek Capital Partners Inc. acquired a new position in Reddit in the third quarter worth approximately $7,490,000.

Analyst Upgrades and Downgrades

A number of equities analysts have issued reports on RDDT shares. Sanford C. Bernstein raised their target price on shares of Reddit from $65.00 to $85.00 and gave the stock an “underperform” rating in a report on Wednesday, October 30th. Citigroup raised their target price on shares of Reddit from $120.00 to $200.00 and gave the stock a “buy” rating in a report on Friday, December 20th. Loop Capital lifted their price target on Reddit from $120.00 to $180.00 and gave the company a “buy” rating in a report on Monday, December 2nd. Guggenheim started coverage on Reddit in a report on Friday, December 20th. They set a “buy” rating and a $210.00 price target on the stock. Finally, Bank of America lifted their price target on Reddit from $99.00 to $180.00 and gave the company a “neutral” rating in a report on Wednesday, January 8th. One equities research analyst has rated the stock with a sell rating, five have issued a hold rating, fourteen have given a buy rating and one has given a strong buy rating to the company. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $148.25.

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.