Insider Selling: Reddit (NYSE:RDDT) CEO Sells $2,507,409.96 in Stock

Reddit Inc. (NYSE:RDDT) CEO Steve Huffman sold 17,308 shares of the firm’s stock in a transaction that occurred on Tuesday, September 29th. The stock was sold at an average price of $144.87, for a total transaction of $2,507,409.96. Following the transaction, the chief executive officer directly owned 336,432 shares of the company’s stock, valued at $48,738,903.84. This represents a 4.89% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible 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 Tuesday, September 15th, Steve Huffman sold 17,308 shares of Reddit stock. The stock was sold at an average price of $160.11, for a total transaction of $2,771,183.88.
• On Monday, August 31st, Steve Huffman sold 18,000 shares of Reddit stock. The stock was sold at an average price of $148.02, for a total transaction of $2,664,360.00.
• On Friday, August 14th, Steve Huffman sold 18,000 shares of Reddit stock. The shares were sold at an average price of $178.16, for a total value of $3,206,880.00.
• On Tuesday, August 4th, Steve Huffman sold 18,000 shares of Reddit stock. The stock was sold at an average price of $159.78, for a total value of $2,876,040.00.

Reddit Price Performance

Shares of RDDT opened at $147.95 on Friday. Reddit Inc. has a fifty-two week low of $119.27 and a fifty-two week high of $263.50. The company’s 50-day moving average is $156.05 and its 200-day moving average is $160.15. The firm has a market capitalization of $28.47 billion, a PE ratio of 34.41, a PEG ratio of 0.68 and a beta of 2.05.

Reddit (NYSE:RDDT) last released 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. Reddit had a net margin of 31.35% and a return on equity of 29.02%. The business had revenue of $804.91 million for the quarter, compared to the consensus estimate of $731.00 million. During the same period in the prior year, the company posted $0.45 earnings per share. Reddit’s revenue was up 61.0% compared to the same quarter last year. Analysts predict that Reddit Inc. will post 5.27 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

RDDT has been the topic of several recent research reports. Citigroup reiterated a “market outperform” rating on shares of Reddit in a report on Monday, August 24th. BNP Paribas Exane initiated coverage on Reddit in a report on Friday, September 18th. They issued a “neutral” rating and a $180.00 target price for the company. B. Riley Financial boosted their target price on shares of Reddit from $250.00 to $270.00 and gave the company a “buy” rating in a research note on Friday, July 31st. Telsey Advisory Group set a $240.00 price target on shares of Reddit in a research report on Friday, July 31st. Finally, Roth Capital reissued a “neutral” rating and issued a $145.00 price target on shares of Reddit in a report on Monday, August 3rd. Two analysts have rated the stock with a Strong Buy rating, seventeen have given a Buy rating and ten have assigned a Hold rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $219.29.

Institutional Investors Weigh In On Reddit

Institutional investors have recently modified their holdings of the business. Evansbrook LLC increased its position in Reddit by 2.2% in the first quarter. Evansbrook LLC now owns 2,736 shares of the company’s stock worth $368,000 after buying an additional 59 shares during the last quarter. Signaturefd LLC raised its stake in Reddit by 7.6% in the 2nd quarter. Signaturefd LLC now owns 878 shares of the company’s stock valued at $152,000 after acquiring an additional 62 shares during the period. EverSource Wealth Advisors LLC lifted its holdings in Reddit by 48.1% during the second quarter. EverSource Wealth Advisors LLC now owns 197 shares of the company’s stock valued at $34,000 after purchasing an additional 64 shares during the last quarter. Florida Financial Advisors LLC boosted its position in Reddit by 6.7% during the fourth quarter. Florida Financial Advisors LLC now owns 1,087 shares of the company’s stock worth $250,000 after purchasing an additional 68 shares during the period. Finally, Diversified Trust Co boosted its position in Reddit by 2.1% during the first quarter. Diversified Trust Co now owns 3,271 shares of the company’s stock worth $440,000 after purchasing an additional 68 shares during the period.

Reddit Company Profile

Reddit, Inc operates a global online platform where users participate in communities organized around shared interests, topics and experiences. Registered users can submit posts, images, videos and links, while other users can comment, vote on content and engage in discussions. The platform comprises thousands of independently moderated communities, commonly known as subreddits.

Reddit generates revenue primarily through digital advertising and other commercial offerings for businesses.