Reddit (NYSE:RDDT) CEO Sells $2,498,580.00 in Stock

Reddit Inc. (NYSE:RDDT) CEO Steve Ladd Huffman sold 18,000 shares of the firm’s stock in a transaction dated Friday, February 13th. The stock was sold at an average price of $138.81, for a total value of $2,498,580.00. Following the sale, the chief executive officer directly owned 448,576 shares in the company, valued at approximately $62,266,834.56. This trade represents a 3.86% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website.

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

• On Friday, January 30th, Steve Ladd Huffman sold 18,000 shares of Reddit stock. The stock was sold at an average price of $183.18, for a total value of $3,297,240.00.
• On Thursday, January 15th, Steve Ladd Huffman sold 18,000 shares of Reddit stock. The shares were sold at an average price of $232.78, for a total transaction of $4,190,040.00.
• On Wednesday, December 31st, Steve Ladd Huffman sold 18,000 shares of Reddit stock. The shares were sold at an average price of $230.76, for a total transaction of $4,153,680.00.
• On Monday, December 15th, Steve Ladd Huffman sold 18,000 shares of Reddit stock. The stock was sold at an average price of $220.28, for a total transaction of $3,965,040.00.
• On Friday, November 28th, Steve Ladd Huffman sold 18,000 shares of Reddit stock. The shares were sold at an average price of $215.19, for a total transaction of $3,873,420.00.

Reddit Stock Up 2.8%

RDDT stock opened at $150.18 on Friday. Reddit Inc. has a 52-week low of $79.75 and a 52-week high of $282.95. The firm has a market cap of $28.69 billion, a P/E ratio of 57.32, a PEG ratio of 1.09 and a beta of 2.17. The company’s 50-day simple moving average is $203.85 and its 200-day simple moving average is $213.53.

Reddit (NYSE:RDDT) last released its quarterly earnings results on Thursday, February 5th. The company reported $1.24 earnings per share for the quarter, topping analysts’ consensus estimates of $0.96 by $0.28. Reddit had a return on equity of 20.89% and a net margin of 24.05%.The company had revenue of $725.61 million during the quarter, compared to analysts’ expectations of $665.80 million. During the same quarter in the prior year, the firm posted $0.36 EPS. Reddit’s quarterly revenue was up 69.7% compared to the same quarter last year. On average, analysts anticipate that Reddit Inc. will post 1.12 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Reddit

A number of large investors have recently made changes to their positions in RDDT. NewEdge Advisors LLC lifted its position in Reddit by 143.3% during the first quarter. NewEdge Advisors LLC now owns 7,982 shares of the company’s stock worth $837,000 after buying an additional 4,701 shares in the last quarter. Empowered Funds LLC acquired 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 stake 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 acquiring an additional 111,780 shares during the last quarter. Focus Partners Wealth boosted its position in shares of Reddit by 40.8% during the 1st quarter. Focus Partners Wealth now owns 10,224 shares of the company’s stock valued at $1,073,000 after acquiring an additional 2,965 shares during the last quarter. Finally, Geneos Wealth Management Inc. boosted its position in shares of Reddit by 344.6% during the 1st quarter. Geneos Wealth Management Inc. now owns 369 shares of the company’s stock valued at $39,000 after acquiring an additional 286 shares during the last quarter.

Analyst Upgrades and Downgrades

Several brokerages recently commented on RDDT. Morgan Stanley set a $240.00 price target on shares of Reddit in a report on Friday, February 6th. Roth Mkm upped their price target on shares of Reddit from $210.00 to $215.00 and gave the stock a “neutral” rating in a research report on Friday, January 30th. Oppenheimer decreased their price target on shares of Reddit from $300.00 to $250.00 and set an “outperform” rating on the stock in a research note on Friday, February 6th. UBS Group set a $265.00 price objective on Reddit in a research note on Tuesday, January 13th. Finally, Citigroup raised their target price on Reddit from $250.00 to $265.00 and gave the company a “buy” rating in a research report on Monday, November 3rd. One analyst has rated the stock with a Strong Buy rating, seventeen have assigned a Buy rating, eleven have issued a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $238.78.

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.