Reddit (NYSE:RDDT) CEO Sells $2,612,160.00 in Stock

Reddit Inc. (NYSE:RDDT) CEO Steve Ladd Huffman sold 18,000 shares of the stock in a transaction dated Friday, February 27th. The shares were sold at an average price of $145.12, for a total transaction of $2,612,160.00. Following the completion of the sale, the chief executive officer directly owned 411,195 shares in the company, valued at approximately $59,672,618.40. The trade was a 4.19% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink.

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

• On Friday, February 13th, Steve Ladd Huffman sold 18,000 shares of Reddit stock. The shares were sold at an average price of $138.81, for a total transaction of $2,498,580.00.
• On Friday, January 30th, Steve Ladd Huffman sold 18,000 shares of Reddit stock. The shares were sold at an average price of $183.18, for a total transaction of $3,297,240.00.
• On Thursday, January 15th, Steve Ladd Huffman sold 18,000 shares of Reddit stock. The stock was sold at an average price of $232.78, for a total value 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 value of $4,153,680.00.
• On Monday, December 15th, Steve Ladd Huffman sold 18,000 shares of Reddit stock. The shares were sold at an average price of $220.28, for a total value of $3,965,040.00.

Reddit Stock Down 2.3%

NYSE RDDT opened at $143.84 on Friday. Reddit Inc. has a fifty-two week low of $79.75 and a fifty-two week high of $282.95. The business has a fifty day moving average of $189.24 and a 200-day moving average of $208.71. The stock has a market cap of $27.48 billion, a price-to-earnings ratio of 54.90, a price-to-earnings-growth ratio of 1.07 and a beta of 2.40.

Reddit (NYSE:RDDT) last posted its quarterly earnings data on Thursday, February 5th. The company reported $1.24 EPS for the quarter, beating 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 business had revenue of $725.61 million for the quarter, compared to analyst estimates of $665.80 million. During the same quarter last year, the company earned $0.36 earnings per share. The business’s revenue for the quarter was up 69.7% compared to the same quarter last year. As a group, analysts anticipate that Reddit Inc. will post 1.12 EPS for the current year.

Analyst Upgrades and Downgrades

Several equities research analysts have recently issued reports on the company. Wells Fargo & Company set a $196.00 price objective on Reddit in a report on Monday, February 9th. Needham & Company LLC restated a “buy” rating and issued a $300.00 price target on shares of Reddit in a report on Friday, February 6th. China Renaissance assumed coverage on shares of Reddit in a report on Tuesday, December 9th. They set a “buy” rating and a $300.00 price objective on the stock. Jefferies Financial Group raised their target price on shares of Reddit from $300.00 to $325.00 and gave the stock a “buy” rating in a research report on Thursday, December 11th. Finally, Deutsche Bank Aktiengesellschaft reaffirmed a “buy” rating and set a $285.00 price target on shares of Reddit in a research report on Tuesday, January 20th. One equities research analyst has rated the stock with a Strong Buy rating, seventeen have issued a Buy rating, eleven have issued a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $238.78.

Hedge Funds Weigh In On Reddit

Several hedge funds and other institutional investors have recently bought and sold shares of RDDT. Raiffeisen Bank International AG purchased a new stake in shares of Reddit during the third quarter valued at approximately $25,000. GW&K Investment Management LLC acquired a new stake in Reddit during the 3rd quarter valued at $30,000. Cornerstone Planning Group LLC increased its stake in Reddit by 13,500.0% during the 3rd quarter. Cornerstone Planning Group LLC now owns 136 shares of the company’s stock worth $31,000 after buying an additional 135 shares during the period. LOM Asset Management Ltd acquired a new position in Reddit in the 4th quarter worth $33,000. Finally, Noble Wealth Management PBC purchased a new position in Reddit in the 4th quarter valued at about $34,000.

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.