Reddit (NYSE:RDDT) CEO Sells $3,208,680.00 in Stock

Reddit Inc. (NYSE:RDDT) CEO Steve Ladd Huffman sold 18,000 shares of the company’s stock in a transaction that occurred on Monday, June 15th. The shares were sold at an average price of $178.26, for a total value of $3,208,680.00. Following the transaction, the chief executive officer directly owned 373,814 shares of the company’s stock, valued at $66,636,083.64. This trade represents a 4.59% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

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

• On Friday, May 29th, Steve Ladd Huffman sold 18,000 shares of Reddit stock. The shares were sold at an average price of $174.13, for a total transaction of $3,134,340.00.
• On Friday, May 15th, Steve Ladd Huffman sold 18,000 shares of Reddit stock. The stock was sold at an average price of $157.15, for a total transaction of $2,828,700.00.
• On Tuesday, May 5th, Steve Ladd Huffman sold 18,000 shares of Reddit stock. The shares were sold at an average price of $171.80, for a total value of $3,092,400.00.
• On Wednesday, April 15th, Steve Ladd Huffman sold 18,000 shares of Reddit stock. The stock was sold at an average price of $158.40, for a total transaction of $2,851,200.00.
• On Tuesday, March 31st, Steve Ladd Huffman sold 18,000 shares of Reddit stock. The shares were sold at an average price of $132.77, for a total value of $2,389,860.00.

Reddit Stock Performance

Reddit stock opened at $175.38 on Friday. Reddit Inc. has a 52 week low of $119.27 and a 52 week high of $282.95. The firm has a market capitalization of $33.76 billion, a price-to-earnings ratio of 50.11 and a beta of 1.91. The company has a 50 day moving average price of $160.93 and a 200 day moving average price of $175.68.

Reddit (NYSE:RDDT) last announced its quarterly earnings data on Thursday, April 30th. The company reported $1.01 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.62 by $0.39. Reddit had a return on equity of 25.48% and a net margin of 28.60%.The firm had revenue of $663.41 million during the quarter, compared to the consensus estimate of $607.74 million. During the same period in the prior year, the business earned $0.13 EPS. The business’s revenue for the quarter was up 69.1% on a year-over-year basis. Equities analysts forecast that Reddit Inc. will post 4.83 earnings per share for the current fiscal year.

Analyst Ratings Changes

Several research firms recently commented on RDDT. Wall Street Zen cut shares of Reddit from a “buy” rating to a “hold” rating in a report on Sunday, May 10th. Jefferies Financial Group lowered their price target on shares of Reddit from $285.00 to $250.00 and set a “buy” rating on the stock in a report on Tuesday, March 10th. Loop Capital reaffirmed a “buy” rating and issued a $260.00 price target on shares of Reddit in a research note on Thursday, June 4th. Zacks Research lowered Reddit from a “strong-buy” rating to a “hold” rating in a report on Wednesday, June 3rd. Finally, The Goldman Sachs Group reissued a “neutral” rating and set a $200.00 price objective on shares of Reddit in a research report on Friday, May 1st. Eighteen research analysts have rated the stock with a Buy rating and twelve have given a Hold rating to the company’s stock. According to data from MarketBeat.com, Reddit currently has a consensus rating of “Moderate Buy” and a consensus price target of $230.75.

Institutional Investors Weigh In On Reddit

A number of large investors have recently added to or reduced their stakes in RDDT. Militia Capital Management LLC acquired a new position in Reddit during the first quarter valued at approximately $2,378,000. Evansbrook LLC boosted its holdings in shares of Reddit by 2.2% during the 1st quarter. Evansbrook LLC now owns 2,736 shares of the company’s stock worth $368,000 after buying an additional 59 shares during the period. Anson Funds Management LP bought a new stake in shares of Reddit during the 1st quarter worth $3,030,000. Janus Henderson Group PLC grew its stake in Reddit by 7.0% in the 1st quarter. Janus Henderson Group PLC now owns 9,130 shares of the company’s stock valued at $1,230,000 after buying an additional 600 shares during the last quarter. Finally, Arkadios Wealth Advisors grew its stake in Reddit by 1.2% in the 1st quarter. Arkadios Wealth Advisors now owns 11,418 shares of the company’s stock valued at $1,537,000 after buying an additional 132 shares during the last quarter.

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.