Insider Selling: Reddit (NYSE:RDDT) CEO Sells 18,000 Shares of Stock

Reddit Inc. (NYSE:RDDT) CEO Steve Ladd Huffman sold 18,000 shares of the stock in a transaction dated Tuesday, May 5th. The shares were sold at an average price of $171.80, for a total value of $3,092,400.00. Following the sale, the chief executive officer owned 411,195 shares of the company’s stock, valued at $70,643,301. This represents a 4.19% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

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

• On Wednesday, April 15th, Steve Ladd Huffman sold 18,000 shares of Reddit stock. The stock was sold at an average price of $158.40, for a total value of $2,851,200.00.
• On Tuesday, March 31st, Steve Ladd Huffman sold 18,000 shares of Reddit stock. The stock was sold at an average price of $132.77, for a total value of $2,389,860.00.
• On Friday, March 13th, Steve Ladd Huffman sold 18,000 shares of Reddit stock. The stock was sold at an average price of $132.86, for a total value of $2,391,480.00.
• On Friday, February 27th, Steve Ladd Huffman sold 18,000 shares of Reddit stock. The stock was sold at an average price of $145.12, for a total value of $2,612,160.00.
• On Friday, February 13th, Steve Ladd Huffman sold 18,000 shares of Reddit stock. The stock was sold at an average price of $138.81, for a total value of $2,498,580.00.

Reddit Trading Down 1.7%

NYSE RDDT traded down $2.86 on Thursday, hitting $163.70. The company’s stock had a trading volume of 5,418,996 shares, compared to its average volume of 5,350,461. Reddit Inc. has a 52-week low of $94.89 and a 52-week high of $282.95. The company’s 50-day simple moving average is $145.02 and its 200 day simple moving average is $183.65. The firm has a market cap of $31.27 billion, a P/E ratio of 46.77, a PEG ratio of 1.18 and a beta of 1.85.

Reddit (NYSE:RDDT) last released its quarterly earnings data on Thursday, April 30th. The company reported $1.01 earnings per share for the quarter, topping the consensus estimate of $0.62 by $0.39. The business had revenue of $663.41 million during the quarter, compared to analysts’ expectations of $607.74 million. Reddit had a return on equity of 25.48% and a net margin of 28.60%.The business’s revenue was up 69.1% on a year-over-year basis. During the same quarter last year, the business posted $0.13 EPS. On average, research analysts forecast that Reddit Inc. will post 4.26 EPS for the current fiscal year.

Institutional Trading of Reddit

A number of institutional investors and hedge funds have recently modified their holdings of RDDT. NewEdge Advisors LLC increased its holdings in shares of Reddit by 143.3% in the 1st quarter. NewEdge Advisors LLC now owns 7,982 shares of the company’s stock worth $837,000 after purchasing an additional 4,701 shares in the last quarter. Empowered Funds LLC bought a new stake in shares of Reddit in the 1st quarter worth $213,000. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased its holdings in shares of Reddit by 106.3% in the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 216,960 shares of the company’s stock worth $22,759,000 after purchasing an additional 111,780 shares in the last quarter. Focus Partners Wealth grew its holdings in shares of Reddit by 40.8% in the first quarter. Focus Partners Wealth now owns 10,224 shares of the company’s stock worth $1,073,000 after acquiring an additional 2,965 shares during the period. Finally, Geneos Wealth Management Inc. grew its holdings in shares of Reddit by 344.6% in the first quarter. Geneos Wealth Management Inc. now owns 369 shares of the company’s stock worth $39,000 after acquiring an additional 286 shares during the period.

Analysts Set New Price Targets

RDDT has been the subject of a number of research analyst reports. Wells Fargo & Company raised their target price on Reddit from $149.00 to $176.00 and gave the company an “equal weight” rating in a research note on Friday, May 1st. Morgan Stanley set a $240.00 target price on Reddit in a research note on Friday, February 6th. Guggenheim raised their target price on Reddit from $245.00 to $255.00 and gave the company a “buy” rating in a research note on Friday, February 6th. JPMorgan Chase & Co. reduced their price objective on Reddit from $227.00 to $200.00 and set a “neutral” rating for the company in a research report on Friday, February 6th. Finally, Piper Sandler reaffirmed an “overweight” rating and set a $215.00 price objective (up from $205.00) on shares of Reddit in a research report on Friday, May 1st. One analyst has rated the stock with a Strong Buy rating, eighteen have given a Buy rating and eleven have given a Hold rating to the company’s stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $228.61.

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.