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

Reddit, Inc. (NYSE:RDDT) CEO Steve Ladd Huffman sold 14,000 shares of Reddit stock in a transaction dated Monday, September 16th. The stock was sold at an average price of $59.19, for a total transaction of $828,660.00. Following the transaction, the chief executive officer now owns 651,775 shares of the company’s stock, valued at approximately $38,578,562.25. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink.

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

• On Friday, August 30th, Steve Ladd Huffman sold 6,714 shares of Reddit stock. The stock was 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 transaction of $755,720.00.

Reddit Trading Up 2.9 %

Shares of RDDT stock traded up $1.78 during mid-day trading on Wednesday, reaching $63.67. 4,686,054 shares of the company were exchanged, compared to its average volume of 4,398,606. The company has a 50 day moving average price of $59.74. Reddit, Inc. has a fifty-two week low of $37.35 and a fifty-two week high of $78.08.

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

Wall Street Analyst Weigh In

A number of analysts recently issued reports on the stock. JMP Securities restated a “market outperform” rating and set a $84.00 target price on shares of Reddit in a research report on Tuesday, July 30th. Sanford C. Bernstein increased their price objective on shares of Reddit from $45.00 to $50.00 and gave the stock an “underperform” rating in a report on Monday, July 22nd. 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. Bank of America raised their price objective on Reddit from $57.00 to $60.00 and gave the stock a “neutral” rating in a report on Wednesday, August 7th. Finally, Roth Mkm cut 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. One analyst has rated the stock with a sell rating, six have given a hold rating, nine have issued a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, Reddit has an average rating of “Moderate Buy” and an average price target of $65.56.

Institutional Trading of Reddit

Several hedge funds and other institutional investors have recently bought and sold shares of RDDT. Truist Financial Corp bought a new position in Reddit during the 2nd quarter worth approximately $266,000. Scientech Research LLC lifted its stake in Reddit by 120.0% during the second 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 stake in Reddit by 147.4% during the second quarter. Maverick Capital Ltd. now owns 742,145 shares of the company’s stock worth $47,416,000 after purchasing an additional 442,145 shares during the last quarter. Alight Capital Management LP acquired a new position in Reddit in the second quarter worth $3,194,000. Finally, Marshall Wace LLP increased its stake in Reddit by 117.2% during the second quarter. Marshall Wace LLP now owns 847,929 shares of the company’s stock valued at $54,174,000 after purchasing an additional 457,588 shares during the last quarter.

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.