Steve Ladd Huffman Sells 18,000 Shares of Reddit (NYSE:RDDT) Stock

Reddit Inc. (NYSE:RDDT) CEO Steve Ladd Huffman sold 18,000 shares of the stock in a transaction dated Tuesday, June 30th. The shares were sold at an average price of $173.13, for a total transaction of $3,116,340.00. Following the completion of the transaction, the chief executive officer directly owned 373,814 shares of the company’s stock, valued at approximately $64,718,417.82. This trade represents a 4.59% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

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

• On Monday, June 15th, Steve Ladd Huffman sold 18,000 shares of Reddit stock. The stock was sold at an average price of $178.26, for a total value of $3,208,680.00.
• On Friday, May 29th, Steve Ladd Huffman sold 18,000 shares of Reddit stock. The stock was sold at an average price of $174.13, for a total value 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 value 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 shares were sold at an average price of $158.40, for a total value of $2,851,200.00.

Reddit Stock Performance

Shares of RDDT stock opened at $194.57 on Friday. The stock has a fifty day moving average price of $164.92 and a 200 day moving average price of $171.91. The stock has a market cap of $37.46 billion, a PE ratio of 55.59 and a beta of 1.93. Reddit Inc. has a 1 year low of $119.27 and a 1 year high of $282.95.

Reddit (NYSE:RDDT) last posted its earnings results on Thursday, April 30th. The company reported $1.01 earnings per share for the quarter, beating the consensus estimate of $0.62 by $0.39. The company had revenue of $663.41 million for the quarter, compared to analyst estimates of $607.74 million. Reddit had a return on equity of 25.48% and a net margin of 28.60%.Reddit’s revenue was up 69.1% compared to the same quarter last year. During the same quarter in the prior year, the company earned $0.13 earnings per share. As a group, equities research analysts predict that Reddit Inc. will post 4.83 earnings per share for the current year.

Analyst Upgrades and Downgrades

Several equities research analysts recently commented on the stock. Zacks Research lowered shares of Reddit from a “strong-buy” rating to a “hold” rating in a research report on Wednesday, June 3rd. Bank of America dropped their target price on shares of Reddit from $205.00 to $175.00 and set a “neutral” rating for the company in a report on Thursday, April 2nd. Rothschild & Co Redburn set a $110.00 target price on shares of Reddit in a research report on Monday, April 27th. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Reddit in a report on Friday, May 8th. Finally, Oppenheimer reaffirmed an “outperform” rating and issued a $225.00 price target on shares of Reddit in a report on Friday, May 1st. Eighteen research analysts have rated the stock with a Buy rating and twelve have issued a Hold rating to the company. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $230.75.

Institutional Trading of Reddit

Several institutional investors and hedge funds have recently made changes to their positions in RDDT. Capital World Investors acquired a new position in Reddit in the 4th quarter valued at about $1,293,258,000. Norges Bank purchased a new position in Reddit in the 4th quarter valued at about $372,047,000. Invesco Ltd. boosted its stake in shares of Reddit by 419.0% during the 3rd quarter. Invesco Ltd. now owns 1,487,941 shares of the company’s stock worth $342,212,000 after purchasing an additional 1,201,237 shares during the last quarter. State Street Corp boosted its stake in shares of Reddit by 138.5% during the 2nd quarter. State Street Corp now owns 2,030,139 shares of the company’s stock worth $305,678,000 after purchasing an additional 1,178,890 shares during the last quarter. Finally, Vanguard Group Inc. boosted its stake in shares of Reddit by 8.9% during the 4th quarter. Vanguard Group Inc. now owns 13,322,048 shares of the company’s stock worth $3,062,339,000 after purchasing an additional 1,083,540 shares during the last quarter.

About Reddit

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.