Reddit, Inc. (NYSE:RDDT) CEO Steve Ladd Huffman Sells 14,000 Shares

Reddit, Inc. (NYSE:RDDT) CEO Steve Ladd Huffman sold 14,000 shares of the company’s stock in a transaction dated Friday, November 15th. The shares were sold at an average price of $125.98, for a total transaction of $1,763,720.00. Following the transaction, the chief executive officer now owns 651,775 shares in the company, valued at $82,110,614.50. This represents a 2.10 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website.

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

• On Friday, November 1st, Steve Ladd Huffman sold 14,000 shares of Reddit stock. The shares were sold at an average price of $113.13, for a total transaction of $1,583,820.00.
• On Tuesday, October 15th, Steve Ladd Huffman sold 14,000 shares of Reddit stock. The stock was sold at an average price of $75.43, for a total transaction of $1,056,020.00.
• On Monday, September 30th, Steve Ladd Huffman sold 14,000 shares of Reddit stock. The stock was sold at an average price of $66.20, for a total value of $926,800.00.
• On Monday, September 16th, Steve Ladd Huffman sold 14,000 shares of Reddit stock. The shares were sold at an average price of $59.19, for a total value of $828,660.00.
• On Friday, August 30th, Steve Ladd Huffman sold 6,714 shares of Reddit stock. The stock was sold at an average price of $59.84, for a total value of $401,765.76.

Reddit Price Performance

Shares of NYSE:RDDT traded up $7.72 during midday trading on Tuesday, reaching $137.14. 6,883,600 shares of the company were exchanged, compared to its average volume of 4,881,026. The business’s fifty day moving average is $86.83 and its two-hundred day moving average is $69.49. Reddit, Inc. has a one year low of $37.35 and a one year high of $139.04.

Reddit (NYSE:RDDT) last released its quarterly earnings data on Tuesday, October 29th. The company reported $0.16 EPS for the quarter, beating the consensus estimate of ($0.07) by $0.23. Reddit had a negative net margin of 47.83% and a negative return on equity of 40.54%. The business had revenue of $348.40 million during the quarter, compared to the consensus estimate of $313.61 million. The business’s revenue for the quarter was up 67.9% compared to the same quarter last year. As a group, sell-side analysts expect that Reddit, Inc. will post -3.63 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Reddit

Several institutional investors have recently added to or reduced their stakes in RDDT. BNP Paribas Financial Markets purchased a new stake in shares of Reddit during the 1st quarter worth approximately $37,000. SG Americas Securities LLC bought a new stake in Reddit in the first quarter worth $265,000. Vanguard Group Inc. purchased a new stake in Reddit during the first quarter valued at $82,167,000. Healthcare of Ontario Pension Plan Trust Fund bought a new position in Reddit during the first quarter valued at $9,864,000. Finally, Price T Rowe Associates Inc. MD purchased a new position in shares of Reddit in the 1st quarter worth $37,015,000.

Analyst Ratings Changes

RDDT has been the topic of several recent research reports. Morgan Stanley increased their price objective on shares of Reddit from $63.00 to $70.00 and gave the stock an “equal weight” rating in a research note on Tuesday, July 23rd. Needham & Company LLC increased their price target on shares of Reddit from $85.00 to $120.00 and gave the stock a “buy” rating in a research report on Wednesday, October 30th. The Goldman Sachs Group lifted their price target on shares of Reddit from $60.00 to $68.00 and gave the stock a “neutral” rating in a research note on Monday, October 14th. Bank of America lifted their target price on Reddit from $84.00 to $99.00 and gave the company a “neutral” rating in a research report on Wednesday, October 30th. Finally, Piper Sandler reaffirmed an “overweight” rating and issued a $150.00 price objective (up previously from $115.00) on shares of Reddit in a research note on Tuesday. One investment analyst has rated the stock with a sell rating, six have issued a hold rating, eleven have given a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $91.67.

Reddit Company Profile

Reddit, Inc operates a website that organizes digital communities. It organizes communities based on specific interests that enable users to engage in conversations by sharing experiences, submitting links, uploading images and videos, and replying to one another. The company was founded in 2005 and is headquartered in San Francisco, California.