Reddit, Inc. (NYSE:RDDT) CEO Steve Ladd Huffman Sells 14,000 Shares

Reddit, Inc. (NYSE:RDDT) CEO Steve Ladd Huffman sold 14,000 shares of Reddit stock in a transaction on Tuesday, August 20th. The stock was sold at an average price of $53.98, for a total transaction of $755,720.00. Following the transaction, the chief executive officer now owns 672,352 shares in the company, valued at approximately $36,293,560.96. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink.

Reddit Stock Down 0.8 %

RDDT opened at $56.43 on Friday. The firm’s 50-day moving average is $62.13. Reddit, Inc. has a 52 week low of $37.35 and a 52 week high of $78.08.

Reddit (NYSE:RDDT) last announced its quarterly earnings results on Tuesday, August 6th. The company reported ($0.06) EPS for the quarter, beating analysts’ consensus estimates of ($0.31) by $0.25. The firm had revenue of $281.20 million for the quarter, compared to the consensus estimate of $253.86 million. During the same period in the previous year, the company posted ($0.70) earnings per share. Reddit’s quarterly revenue was up 53.6% on a year-over-year basis. On average, sell-side analysts forecast that Reddit, Inc. will post -4.17 EPS for the current fiscal year.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently modified their holdings of the business. Global Retirement Partners LLC purchased a new stake in Reddit during the first quarter valued at $27,000. BNP Paribas Financial Markets bought a new stake in shares of Reddit in the 1st quarter worth about $37,000. SOA Wealth Advisors LLC. purchased a new stake in shares of Reddit during the 2nd quarter valued at about $78,000. ANTIPODES PARTNERS Ltd bought a new position in shares of Reddit in the 1st quarter valued at about $63,000. Finally, UMB Bank n.a. purchased a new position in Reddit in the second quarter worth about $88,000.

Analyst Upgrades and Downgrades

Several research firms recently weighed in on RDDT. Robert W. Baird lifted their target price on Reddit from $50.00 to $59.00 and gave the company a “neutral” rating in a research report on Wednesday, May 8th. Roth Mkm lowered their price objective on Reddit from $67.00 to $66.00 and set a “buy” rating on the stock in a research report on Wednesday, August 7th. Needham & Company LLC reissued a “buy” rating and issued a $75.00 target price on shares of Reddit in a report on Thursday, August 8th. Morgan Stanley lifted their price target on shares of Reddit from $63.00 to $70.00 and gave the company an “equal weight” rating in a report on Tuesday, July 23rd. Finally, Raymond James increased their price objective on shares of Reddit from $65.00 to $70.00 and gave the stock a “strong-buy” rating in a research note on Wednesday, July 31st. One investment analyst has rated the stock with a sell rating, six have issued a hold rating, nine have issued a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat, Reddit currently has a consensus rating of “Moderate Buy” and a consensus target price of $65.56.

About Reddit

Reddit, Inc operates a website that organizes digital communities. It organizes communities based on specific interests that enable users to engage in conversations by sharing experiences, submitting links, uploading images and videos, and replying to one another. The company was founded in 2005 and is headquartered in San Francisco, California.