Reddit, Inc. (NYSE:RDDT) CEO Sells $401,765.76 in Stock

Reddit, Inc. (NYSE:RDDT) CEO Steve Ladd Huffman sold 6,714 shares of Reddit stock in a transaction on Friday, August 30th. The shares were sold at an average price of $59.84, for a total value of $401,765.76. Following the completion of the transaction, the chief executive officer now directly owns 658,352 shares of the company’s stock, valued at $39,395,783.68. The sale was disclosed in a legal filing with the SEC, which is available through this link.

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

• On Tuesday, August 20th, Steve Ladd Huffman sold 14,000 shares of Reddit stock. The stock was sold at an average price of $53.98, for a total value of $755,720.00.

Reddit Stock Down 3.2 %

Reddit stock opened at $56.85 on Friday. The company has a 50-day moving average price of $61.65. Reddit, Inc. has a 12 month low of $37.35 and a 12 month high of $78.08.

Reddit (NYSE:RDDT) last released its quarterly earnings data on Tuesday, August 6th. The company reported ($0.06) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.31) by $0.25. The firm had revenue of $281.20 million during the quarter, compared to analyst estimates of $253.86 million. The business’s quarterly revenue was up 53.6% compared to the same quarter last year. During the same period in the prior year, the company earned ($0.70) EPS. On average, research analysts anticipate that Reddit, Inc. will post -4.17 EPS for the current year.

Hedge Funds Weigh In On Reddit

Large investors have recently modified their holdings of the business. Truist Financial Corp acquired a new position in shares of Reddit during the second quarter worth $266,000. Scientech Research LLC raised its position in Reddit by 120.0% during the 2nd quarter. Scientech Research LLC now owns 19,432 shares of the company’s stock worth $1,242,000 after purchasing an additional 10,601 shares during the last quarter. Maverick Capital Ltd. lifted its holdings in Reddit by 147.4% during the 2nd quarter. Maverick Capital Ltd. now owns 742,145 shares of the company’s stock worth $47,416,000 after buying an additional 442,145 shares during the period. Alight Capital Management LP bought a new stake in shares of Reddit in the 2nd quarter valued at about $3,194,000. Finally, Marshall Wace LLP grew its position in shares of Reddit by 117.2% in the 2nd quarter. Marshall Wace LLP now owns 847,929 shares of the company’s stock valued at $54,174,000 after buying an additional 457,588 shares during the last quarter.

Analyst Ratings Changes

Several research firms recently weighed in on RDDT. Deutsche Bank Aktiengesellschaft upped their price objective on shares of Reddit from $62.00 to $65.00 and gave the stock a “buy” rating in a research report on Friday, May 17th. Roth Mkm reduced their price target on shares of Reddit from $67.00 to $66.00 and set a “buy” rating on the stock in a research report on Wednesday, August 7th. Piper Sandler boosted their price objective on shares of Reddit from $65.00 to $70.00 and gave the company an “overweight” rating in a research report on Wednesday, August 7th. Needham & Company LLC restated a “buy” rating and set a $75.00 target price on shares of Reddit in a research note on Thursday, August 8th. Finally, JPMorgan Chase & Co. decreased their price target on Reddit from $67.00 to $59.00 and set a “neutral” rating on the stock in a research note on Wednesday, August 7th. One equities research 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. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average 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.