Reddit, Inc. (NYSE:RDDT) CEO Sells $926,800.00 in Stock

Reddit, Inc. (NYSE:RDDT) CEO Steve Ladd Huffman sold 14,000 shares of the firm’s stock in a transaction that occurred on Monday, September 30th. The stock was sold at an average price of $66.20, for a total value of $926,800.00. Following the completion of the sale, the chief executive officer now owns 651,775 shares of the company’s stock, valued at approximately $43,147,505. The sale was disclosed in a document filed with the SEC, which is available at the SEC website.

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

• On Monday, September 16th, Steve Ladd Huffman sold 14,000 shares of Reddit stock. The shares were sold at an average price of $59.19, for a total value of $828,660.00.
• 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 transaction 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 Price Performance

Shares of Reddit stock traded up $1.81 during midday trading on Wednesday, reaching $67.78. The company had a trading volume of 3,709,754 shares, compared to its average volume of 4,404,212. The company’s fifty day moving average is $59.37. Reddit, Inc. has a 1-year low of $37.35 and a 1-year high of $78.08.

Reddit (NYSE:RDDT) last released its earnings results on Tuesday, August 6th. The company reported ($0.06) 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. During the same period last year, the business posted ($0.70) earnings per share. The firm’s quarterly revenue was up 53.6% on a year-over-year basis. On average, sell-side analysts expect that Reddit, Inc. will post -4.13 EPS for the current year.

Analyst Ratings Changes

A number of research firms recently weighed in on RDDT. Loop Capital raised shares of Reddit from a “hold” rating to a “buy” rating and set a $75.00 target price on the stock in a research note on Thursday, August 1st. Needham & Company LLC reissued a “buy” rating and issued a $75.00 target price on shares of Reddit in a report on Wednesday, September 18th. Bank of America raised their target price on Reddit from $57.00 to $60.00 and gave the stock a “neutral” rating in a research report on Wednesday, August 7th. Sanford C. Bernstein upped their price target on Reddit from $45.00 to $50.00 and gave the company an “underperform” rating in a research report on Monday, July 22nd. Finally, B. Riley started coverage on Reddit in a report on Friday, September 20th. They set a “buy” rating and a $75.00 price objective for the company. One analyst has rated the stock with a sell rating, six have assigned a hold rating, nine have given a buy rating and two have issued a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $66.12.

Institutional Trading of Reddit

Several institutional investors and hedge funds have recently added to or reduced their stakes in RDDT. BNP Paribas Financial Markets bought a new position in shares of Reddit in the 1st quarter valued at about $37,000. SOA Wealth Advisors LLC. acquired a new position in Reddit in the second quarter valued at approximately $78,000. ANTIPODES PARTNERS Ltd acquired a new position in Reddit in the first quarter valued at approximately $63,000. UMB Bank n.a. bought a new position in Reddit in the second quarter valued at approximately $88,000. Finally, Sandia Investment Management LP acquired a new stake in Reddit during the 1st quarter worth $79,000.

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.