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

Reddit Inc. (NYSE:RDDT) CEO Steve Ladd Huffman sold 18,000 shares of the business’s stock in a transaction dated Friday, January 30th. The stock was sold at an average price of $183.18, for a total value of $3,297,240.00. Following the sale, the chief executive officer directly owned 448,576 shares of the company’s stock, valued at $82,170,151.68. This represents a 3.86% decrease in their ownership of the stock. The sale 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 Thursday, January 15th, Steve Ladd Huffman sold 18,000 shares of Reddit stock. The shares were sold at an average price of $232.78, for a total transaction of $4,190,040.00.
• On Wednesday, December 31st, Steve Ladd Huffman sold 18,000 shares of Reddit stock. The stock was sold at an average price of $230.76, for a total transaction of $4,153,680.00.
• On Monday, December 15th, Steve Ladd Huffman sold 18,000 shares of Reddit stock. The stock was sold at an average price of $220.28, for a total transaction of $3,965,040.00.
• On Friday, November 28th, Steve Ladd Huffman sold 18,000 shares of Reddit stock. The shares were sold at an average price of $215.19, for a total transaction of $3,873,420.00.
• On Friday, November 14th, Steve Ladd Huffman sold 18,000 shares of Reddit stock. The shares were sold at an average price of $194.81, for a total transaction of $3,506,580.00.

Reddit Stock Performance

RDDT traded down $11.93 during trading on Tuesday, reaching $165.22. 6,834,869 shares of the company’s stock were exchanged, compared to its average volume of 4,322,509. The company’s fifty day moving average price is $224.97 and its 200-day moving average price is $215.59. The firm has a market capitalization of $31.31 billion, a PE ratio of 94.95, a P/E/G ratio of 1.23 and a beta of 2.17. Reddit Inc. has a fifty-two week low of $79.75 and a fifty-two week high of $282.95.

Wall Street Analyst Weigh In

A number of equities research analysts recently commented on the company. Wells Fargo & Company upped their price objective on Reddit from $186.00 to $207.00 and gave the company an “equal weight” rating in a report on Monday, January 12th. Evercore ISI assumed coverage on Reddit in a research report on Monday, January 12th. They set an “outperform” rating and a $320.00 target price for the company. The Goldman Sachs Group reaffirmed a “neutral” rating and issued a $236.00 price target on shares of Reddit in a research note on Tuesday, October 14th. Wall Street Zen downgraded shares of Reddit from a “buy” rating to a “hold” rating in a research report on Saturday, January 10th. Finally, Jefferies Financial Group boosted their price objective on shares of Reddit from $300.00 to $325.00 and gave the company a “buy” rating in a report on Thursday, December 11th. Two equities research analysts have rated the stock with a Strong Buy rating, sixteen have given a Buy rating, eleven have assigned a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $245.36.

Hedge Funds Weigh In On Reddit

Several institutional investors have recently modified their holdings of RDDT. Norges Bank acquired a new position in Reddit during the second quarter worth $294,254,000. Vanguard Group Inc. lifted its position in Reddit by 12.9% during the 3rd quarter. Vanguard Group Inc. now owns 12,238,508 shares of the company’s stock worth $2,814,734,000 after buying an additional 1,401,293 shares in the last quarter. Amundi lifted its position in Reddit by 2,060.5% during the 2nd quarter. Amundi now owns 1,307,231 shares of the company’s stock worth $208,294,000 after buying an additional 1,246,725 shares in the last quarter. Invesco Ltd. boosted its stake in shares of Reddit by 419.0% during the 3rd quarter. Invesco Ltd. now owns 1,487,941 shares of the company’s stock worth $342,212,000 after buying an additional 1,201,237 shares during the last quarter. Finally, State Street Corp boosted its stake in shares of Reddit by 138.5% during the 2nd quarter. State Street Corp now owns 2,030,139 shares of the company’s stock worth $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.