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 stock in a transaction that occurred on Friday, February 27th. The shares were sold at an average price of $145.12, for a total value of $2,612,160.00. Following the transaction, the chief executive officer directly owned 411,195 shares of the company’s stock, valued at approximately $59,672,618.40. The trade was a 4.19% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink.

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

• On Friday, February 13th, Steve Ladd Huffman sold 18,000 shares of Reddit stock. The shares were sold at an average price of $138.81, for a total transaction of $2,498,580.00.
• On Friday, January 30th, Steve Ladd Huffman sold 18,000 shares of Reddit stock. The stock was sold at an average price of $183.18, for a total transaction of $3,297,240.00.
• On Thursday, January 15th, Steve Ladd Huffman sold 18,000 shares of Reddit stock. The stock was 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 shares were sold at an average price of $230.76, for a total value of $4,153,680.00.
• On Monday, December 15th, Steve Ladd Huffman sold 18,000 shares of Reddit stock. The shares were sold at an average price of $220.28, for a total transaction of $3,965,040.00.

Reddit Stock Performance

RDDT stock traded down $1.34 during midday trading on Tuesday, reaching $145.77. The stock had a trading volume of 4,474,349 shares, compared to its average volume of 5,823,179. Reddit Inc. has a 52-week low of $79.75 and a 52-week high of $282.95. The stock has a market cap of $27.85 billion, a PE ratio of 55.64, a P/E/G ratio of 1.06 and a beta of 2.41. The firm has a fifty day simple moving average of $194.07 and a two-hundred day simple moving average of $210.31.

Reddit (NYSE:RDDT) last issued its quarterly earnings results on Thursday, February 5th. The company reported $1.24 earnings per share for the quarter, topping the consensus estimate of $0.96 by $0.28. The company had revenue of $725.61 million for the quarter, compared to the consensus estimate of $665.80 million. Reddit had a net margin of 24.05% and a return on equity of 20.89%. Reddit’s quarterly revenue was up 69.7% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.36 EPS. On average, sell-side analysts predict that Reddit Inc. will post 1.12 EPS for the current fiscal year.

Institutional Investors Weigh In On Reddit

Several institutional investors and hedge funds have recently made changes to their positions in RDDT. Alpine Global Management LLC grew its stake in Reddit by 187.4% in the 4th quarter. Alpine Global Management LLC now owns 2,658 shares of the company’s stock worth $611,000 after acquiring an additional 1,733 shares during the period. Pacer Advisors Inc. raised its position in Reddit by 64.2% in the fourth quarter. Pacer Advisors Inc. now owns 318,153 shares of the company’s stock valued at $73,134,000 after purchasing an additional 124,394 shares during the period. Floyd Financial Group LLC acquired a new position in shares of Reddit in the fourth quarter worth about $1,216,000. Compound Planning Inc. boosted its stake in shares of Reddit by 23.4% during the 4th quarter. Compound Planning Inc. now owns 1,624 shares of the company’s stock valued at $373,000 after buying an additional 308 shares during the last quarter. Finally, Invesco Ltd. raised its stake in shares of Reddit by 36.7% in the 4th quarter. Invesco Ltd. now owns 2,033,626 shares of the company’s stock valued at $467,470,000 after purchasing an additional 545,685 shares in the last quarter.

Wall Street Analysts Forecast Growth

RDDT has been the topic of several recent analyst reports. Jefferies Financial Group increased their target price on shares of Reddit from $300.00 to $325.00 and gave the stock a “buy” rating in a research note on Thursday, December 11th. JPMorgan Chase & Co. dropped their target price on Reddit from $227.00 to $200.00 and set a “neutral” rating for the company in a report on Friday, February 6th. Weiss Ratings restated a “hold (c-)” rating on shares of Reddit in a report on Monday, December 29th. Zacks Research cut shares of Reddit from a “strong-buy” rating to a “hold” rating in a research report on Friday, December 26th. Finally, Guggenheim lifted their price objective on shares of Reddit from $245.00 to $255.00 and gave the company a “buy” rating in a report on Friday, February 6th. One analyst has rated the stock with a Strong Buy rating, seventeen have given a Buy rating, eleven have assigned a Hold rating and one has issued a Sell rating to the company. According to MarketBeat, Reddit presently has an average rating of “Moderate Buy” and an average price target of $238.78.

Reddit Company Profile

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.