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

Reddit Inc. (NYSE:RDDT) CEO Steve Ladd Huffman sold 18,000 shares of the firm’s stock in a transaction dated Tuesday, August 4th. The stock was sold at an average price of $159.78, for a total value of $2,876,040.00. Following the completion of the transaction, the chief executive officer owned 373,814 shares of the company’s stock, valued at approximately $59,728,000.92. This represents a 4.59% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

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

• On Tuesday, June 30th, Steve Ladd Huffman sold 18,000 shares of Reddit stock. The stock was sold at an average price of $173.13, for a total transaction of $3,116,340.00.
• On Monday, June 15th, Steve Ladd Huffman sold 18,000 shares of Reddit stock. The shares were sold at an average price of $178.26, for a total transaction of $3,208,680.00.
• On Friday, May 29th, Steve Ladd Huffman sold 18,000 shares of Reddit stock. The shares were sold at an average price of $174.13, for a total transaction of $3,134,340.00.
• On Friday, May 15th, Steve Ladd Huffman sold 18,000 shares of Reddit stock. The shares were sold at an average price of $157.15, for a total transaction of $2,828,700.00.

Reddit Stock Performance

Reddit stock traded down $4.06 during midday trading on Thursday, reaching $151.20. 3,453,129 shares of the stock were exchanged, compared to its average volume of 5,300,585. The company’s fifty day moving average is $176.97 and its 200-day moving average is $161.90. The firm has a market cap of $29.11 billion, a PE ratio of 35.16, a PEG ratio of 0.54 and a beta of 2.03. Reddit Inc. has a 52 week low of $119.27 and a 52 week high of $282.95.

Reddit (NYSE:RDDT) last announced its quarterly earnings results on Thursday, July 30th. The company reported $1.25 EPS for the quarter, beating the consensus estimate of $0.95 by $0.30. The firm had revenue of $804.91 million during the quarter, compared to the consensus estimate of $731.00 million. Reddit had a net margin of 31.35% and a return on equity of 29.02%. The business’s quarterly revenue was up 61.0% compared to the same quarter last year. During the same period last year, the firm earned $0.45 EPS. On average, sell-side analysts anticipate that Reddit Inc. will post 5.19 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Institutional investors have recently added to or reduced their stakes in the company. Capital World Investors purchased a new stake in shares of Reddit in the 4th quarter valued at $1,293,258,000. Norges Bank purchased a new position in Reddit in the 4th quarter worth $372,047,000. Invesco Ltd. lifted its stake in Reddit by 419.0% in the third quarter. Invesco Ltd. now owns 1,487,941 shares of the company’s stock worth $342,212,000 after purchasing an additional 1,201,237 shares during the last quarter. State Street Corp lifted its stake in Reddit by 138.5% in the second quarter. State Street Corp now owns 2,030,139 shares of the company’s stock worth $305,678,000 after purchasing an additional 1,178,890 shares during the last quarter. Finally, Vanguard Group Inc. boosted its position in Reddit by 8.9% during the fourth quarter. Vanguard Group Inc. now owns 13,322,048 shares of the company’s stock valued at $3,062,339,000 after buying an additional 1,083,540 shares during the period.

Analyst Ratings Changes

Several equities research analysts recently issued reports on the company. Roth Capital reissued a “neutral” rating and set a $145.00 price objective on shares of Reddit in a research note on Monday. Citizens Jmp lowered their price target on Reddit from $250.00 to $240.00 and set a “market outperform” rating on the stock in a report on Friday, May 1st. Robert W. Baird set a $185.00 price target on Reddit in a research report on Friday, July 31st. Citigroup reissued a “market outperform” rating on shares of Reddit in a report on Friday, July 31st. Finally, Sanford C. Bernstein restated a “market perform” rating and issued a $180.00 price objective on shares of Reddit in a research report on Friday, July 31st. Two investment analysts have rated the stock with a Strong Buy rating, nineteen have issued a Buy rating and eleven have given a Hold rating to the company’s stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $220.90.

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.