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 firm’s stock in a transaction that occurred on Friday, May 29th. The stock was sold at an average price of $174.13, for a total transaction of $3,134,340.00. Following the transaction, the chief executive officer directly owned 373,814 shares in the company, valued at approximately $65,092,231.82. This trade represents a 4.59% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at 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 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 stock was sold at an average price of $171.80, for a total transaction 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 stock was sold at an average price of $132.77, for a total transaction of $2,389,860.00.
• On Friday, March 13th, Steve Ladd Huffman sold 18,000 shares of Reddit stock. The stock was sold at an average price of $132.86, for a total transaction of $2,391,480.00.

Reddit Stock Performance

Shares of NYSE:RDDT opened at $169.84 on Thursday. The firm has a market cap of $32.69 billion, a PE ratio of 48.52 and a beta of 1.91. The firm’s 50 day simple moving average is $151.50 and its 200-day simple moving average is $177.46. Reddit Inc. has a one year low of $110.85 and a one year high of $282.95.

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

Hedge Funds Weigh In On Reddit

Institutional investors and hedge funds have recently bought and sold shares of the company. Raiffeisen Bank International AG purchased a new position in Reddit in the third quarter worth $25,000. GW&K Investment Management LLC purchased a new position in Reddit in the third quarter worth $30,000. Cornerstone Planning Group LLC grew its holdings in Reddit by 13,500.0% in the third quarter. Cornerstone Planning Group LLC now owns 136 shares of the company’s stock worth $31,000 after purchasing an additional 135 shares during the last quarter. LOM Asset Management Ltd purchased a new position in Reddit in the fourth quarter worth $33,000. Finally, Noble Wealth Management PBC purchased a new position in Reddit in the fourth quarter worth $34,000.

Wall Street Analyst Weigh In

Several brokerages recently issued reports on RDDT. Truist Financial set a $265.00 price objective on shares of Reddit in a report on Friday, May 1st. The Goldman Sachs Group reissued a “neutral” rating and set a $200.00 price objective on shares of Reddit in a report on Friday, May 1st. Needham & Company LLC reissued a “buy” rating and set a $300.00 price objective on shares of Reddit in a report on Friday, May 1st. Piper Sandler reissued an “overweight” rating and set a $215.00 price objective (up from $205.00) on shares of Reddit in a report on Friday, May 1st. Finally, Citigroup reissued a “market outperform” rating on shares of Reddit in a report on Tuesday, May 26th. One research analyst has rated the stock with a Strong Buy rating, eighteen have issued a Buy rating and eleven have issued a Hold rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $228.61.

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.