Reddit, Inc. (NYSE:RDDT) CEO Sells $2,466,800.00 in Stock

Reddit, Inc. (NYSE:RDDT) CEO Steve Ladd Huffman sold 14,000 shares of the stock in a transaction on Monday, December 16th. The shares were sold at an average price of $176.20, for a total value of $2,466,800.00. Following the completion of the transaction, the chief executive officer now directly owns 620,971 shares in the company, valued at approximately $109,415,090.20. This represents a 2.20 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink.

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

• On Friday, November 29th, Steve Ladd Huffman sold 14,000 shares of Reddit stock. The stock was sold at an average price of $141.79, for a total value of $1,985,060.00.
• On Friday, November 15th, Steve Ladd Huffman sold 14,000 shares of Reddit stock. The stock was sold at an average price of $125.98, for a total value of $1,763,720.00.
• 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 shares were sold at an average price of $66.20, for a total transaction of $926,800.00.

Reddit Price Performance

Shares of NYSE RDDT traded down $8.14 on Wednesday, reaching $160.65. 7,759,958 shares of the company’s stock traded hands, compared to its average volume of 5,183,557. The business’s 50 day simple moving average is $123.90 and its two-hundred day simple moving average is $83.78. Reddit, Inc. has a 12 month low of $37.35 and a 12 month high of $180.74.

Reddit (NYSE:RDDT) last issued its earnings results on Tuesday, October 29th. The company reported $0.16 earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.07) by $0.23. The business had revenue of $348.40 million during the quarter, compared to analysts’ expectations of $313.61 million. Reddit had a negative net margin of 47.83% and a negative return on equity of 40.54%. The firm’s revenue for the quarter was up 67.9% compared to the same quarter last year. Analysts expect that Reddit, Inc. will post -3.46 EPS for the current fiscal year.

Institutional Inflows and Outflows

Several hedge funds have recently modified their holdings of RDDT. Whittier Trust Co. purchased a new position in Reddit in the 3rd quarter worth about $42,000. Daiwa Securities Group Inc. bought a new stake in Reddit in the 3rd quarter worth approximately $85,000. UMB Bank n.a. purchased a new stake in Reddit during the 2nd quarter valued at $88,000. SOA Wealth Advisors LLC. lifted its holdings in shares of Reddit by 56.3% during the 3rd quarter. SOA Wealth Advisors LLC. now owns 1,919 shares of the company’s stock valued at $126,000 after buying an additional 691 shares during the period. Finally, Sanctuary Advisors LLC purchased a new position in shares of Reddit in the 3rd quarter worth $144,000.

Wall Street Analysts Forecast Growth

Several research firms have weighed in on RDDT. Citigroup boosted their price target on shares of Reddit from $70.00 to $120.00 and gave the stock a “buy” rating in a research note on Wednesday, October 30th. Morgan Stanley raised Reddit from an “equal weight” rating to an “overweight” rating and boosted their target price for the company from $70.00 to $200.00 in a research note on Monday, December 9th. The Goldman Sachs Group increased their target price on Reddit from $60.00 to $68.00 and gave the company a “neutral” rating in a report on Monday, October 14th. JPMorgan Chase & Co. lifted their price target on Reddit from $59.00 to $77.00 and gave the stock a “neutral” rating in a research note on Monday, October 7th. Finally, Piper Sandler reiterated an “overweight” rating and issued a $150.00 price objective (up previously from $115.00) on shares of Reddit in a research report on Tuesday, November 19th. One equities research analyst has rated the stock with a sell rating, five have assigned a hold rating, thirteen have assigned a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $124.42.

About Reddit

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.