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

Reddit, Inc. (NYSE:RDDT) CEO Steve Ladd Huffman sold 14,000 shares of the firm’s stock in a transaction dated Tuesday, December 31st. The stock was sold at an average price of $165.33, for a total value of $2,314,620.00. Following the completion of the transaction, the chief executive officer now owns 614,394 shares of the company’s stock, valued at approximately $101,577,760.02. This represents a 2.23 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink.

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

• On Monday, December 16th, Steve Ladd Huffman sold 14,000 shares of Reddit stock. The shares were sold at an average price of $176.20, for a total value of $2,466,800.00.
• On Friday, November 29th, Steve Ladd Huffman sold 14,000 shares of Reddit stock. The shares were sold at an average price of $141.79, for a total value of $1,985,060.00.
• On Friday, November 15th, Steve Ladd Huffman sold 14,000 shares of Reddit stock. The shares were sold at an average price of $125.98, for a total value of $1,763,720.00.
• On Friday, November 1st, Steve Ladd Huffman sold 14,000 shares of Reddit stock. The shares were sold at an average price of $113.13, for a total value of $1,583,820.00.
• On Tuesday, October 15th, Steve Ladd Huffman sold 14,000 shares of Reddit stock. The shares were sold at an average price of $75.43, for a total value of $1,056,020.00.

Reddit Price Performance

RDDT opened at $177.74 on Friday. Reddit, Inc. has a 52-week low of $37.35 and a 52-week high of $182.20. The stock’s 50 day moving average price is $144.44 and its 200-day moving average price is $91.96.

Reddit (NYSE:RDDT) last posted its earnings results on Tuesday, October 29th. The company reported $0.16 earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.07) by $0.23. Reddit had a negative return on equity of 40.54% and a negative net margin of 47.83%. The firm had revenue of $348.40 million for the quarter, compared to analysts’ expectations of $313.61 million. Reddit’s revenue for the quarter was up 67.9% compared to the same quarter last year. As a group, sell-side analysts predict that Reddit, Inc. will post -3.46 earnings per share for the current fiscal year.

Analyst Ratings Changes

RDDT has been the subject of a number of research analyst reports. Citigroup lifted their price target on Reddit from $120.00 to $200.00 and gave the company a “buy” rating in a research report on Friday, December 20th. JPMorgan Chase & Co. boosted their target price on Reddit from $59.00 to $77.00 and gave the stock a “neutral” rating in a research report on Monday, October 7th. Loop Capital boosted their target price on Reddit from $120.00 to $180.00 and gave the stock a “buy” rating in a research report on Monday, December 2nd. JMP Securities boosted their target price on Reddit from $118.00 to $160.00 and gave the stock a “market outperform” rating in a research report on Monday, November 25th. Finally, The Goldman Sachs Group boosted their target price on Reddit from $60.00 to $68.00 and gave the stock a “neutral” rating in a research report on Monday, October 14th. One investment analyst has rated the stock with a sell rating, five have assigned a hold rating, fourteen have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat, Reddit currently has an average rating of “Moderate Buy” and an average target price of $132.70.

Institutional Investors Weigh In On Reddit

Several hedge funds and other institutional investors have recently added to or reduced their stakes in RDDT. Whittier Trust Co. purchased a new stake in Reddit in the third quarter worth $42,000. Daiwa Securities Group Inc. purchased a new stake in Reddit in the third quarter worth $85,000. SOA Wealth Advisors LLC. grew its stake in Reddit by 56.3% in the third quarter. SOA Wealth Advisors LLC. now owns 1,919 shares of the company’s stock worth $126,000 after purchasing an additional 691 shares during the period. Sanctuary Advisors LLC purchased a new stake in Reddit in the third quarter worth $144,000. Finally, Hsbc Holdings PLC purchased a new stake in Reddit in the second quarter worth $203,000.

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.