Reddit, Inc. (NYSE:RDDT) CEO Sells $1,056,020.00 in Stock

Reddit, Inc. (NYSE:RDDT) CEO Steve Ladd Huffman sold 14,000 shares of the company’s stock in a transaction dated Tuesday, October 15th. The stock was sold at an average price of $75.43, for a total transaction of $1,056,020.00. Following the completion of the transaction, the chief executive officer now owns 651,775 shares in the company, valued at approximately $49,163,388.25. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website.

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

• On Monday, September 30th, Steve Ladd Huffman sold 14,000 shares of Reddit stock. The shares were sold at an average price of $66.20, for a total transaction of $926,800.00.
• On Monday, September 16th, Steve Ladd Huffman sold 14,000 shares of Reddit stock. The stock was sold at an average price of $59.19, for a total transaction of $828,660.00.
• On Friday, August 30th, Steve Ladd Huffman sold 6,714 shares of Reddit stock. The shares were sold at an average price of $59.84, for a total value of $401,765.76.
• On Tuesday, August 20th, Steve Ladd Huffman sold 14,000 shares of Reddit stock. The shares were sold at an average price of $53.98, for a total value of $755,720.00.

Reddit Trading Up 6.0 %

RDDT stock opened at $80.90 on Friday. Reddit, Inc. has a 52 week low of $37.35 and a 52 week high of $81.36. The firm has a 50 day moving average of $63.15 and a 200 day moving average of $59.04.

Reddit (NYSE:RDDT) last posted its quarterly earnings results on Tuesday, August 6th. The company reported ($0.06) earnings per share for the quarter, beating the consensus estimate of ($0.31) by $0.25. The firm had revenue of $281.20 million for the quarter, compared to analysts’ expectations of $253.86 million. During the same quarter in the previous year, the firm posted ($0.70) EPS. The firm’s revenue for the quarter was up 53.6% compared to the same quarter last year. As a group, analysts predict that Reddit, Inc. will post -4.1 EPS for the current fiscal year.

Institutional Trading of Reddit

Several institutional investors and hedge funds have recently bought and sold shares of the business. BNP Paribas Financial Markets purchased a new stake in Reddit in the first quarter valued at $37,000. ANTIPODES PARTNERS Ltd acquired a new stake in Reddit during the first quarter worth about $63,000. SOA Wealth Advisors LLC. purchased a new position in Reddit during the second quarter valued at approximately $78,000. Sandia Investment Management LP purchased a new position in Reddit during the first quarter valued at approximately $79,000. Finally, UMB Bank n.a. acquired a new position in Reddit in the second quarter valued at approximately $88,000.

Wall Street Analyst Weigh In

A number of equities analysts have recently issued reports on the company. The Goldman Sachs Group increased their price target on Reddit from $60.00 to $68.00 and gave the stock a “neutral” rating in a research report on Monday, October 14th. Bank of America raised their target price on shares of Reddit from $57.00 to $60.00 and gave the company a “neutral” rating in a research report on Wednesday, August 7th. B. Riley initiated coverage on shares of Reddit in a research report on Friday, September 20th. They issued a “buy” rating and a $75.00 price target for the company. Cannonball Research began coverage on shares of Reddit in a report on Tuesday, August 6th. They set a “buy” rating and a $67.00 price objective on the stock. Finally, Piper Sandler upped their target price on Reddit from $65.00 to $70.00 and gave the stock an “overweight” rating in a report on Wednesday, August 7th. One research analyst has rated the stock with a sell rating, six have assigned a hold rating, ten have assigned a buy rating and two have assigned a strong buy rating to the company’s stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $70.28.

Reddit Company Profile

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.