Reddit (NYSE:RDDT) CEO Sells 18,000 Shares

Reddit Inc. (NYSE:RDDT) CEO Steve Ladd Huffman sold 18,000 shares of the stock in a transaction that occurred on Tuesday, March 31st. The stock was sold at an average price of $132.77, for a total value of $2,389,860.00. Following the completion of the transaction, the chief executive officer directly owned 411,195 shares of the company’s stock, valued at approximately $54,594,360.15. The trade was a 4.19% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

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

• On Friday, March 13th, Steve Ladd Huffman sold 18,000 shares of Reddit stock. The stock was sold at an average price of $132.86, for a total transaction of $2,391,480.00.
• On Friday, February 27th, Steve Ladd Huffman sold 18,000 shares of Reddit stock. The stock was sold at an average price of $145.12, for a total transaction of $2,612,160.00.
• On Friday, February 13th, Steve Ladd Huffman sold 18,000 shares of Reddit stock. The shares were sold at an average price of $138.81, for a total transaction of $2,498,580.00.
• On Friday, January 30th, Steve Ladd Huffman sold 18,000 shares of Reddit stock. The shares were sold at an average price of $183.18, for a total transaction of $3,297,240.00.
• On Thursday, January 15th, Steve Ladd Huffman sold 18,000 shares of Reddit stock. The stock was sold at an average price of $232.78, for a total transaction of $4,190,040.00.

Reddit Price Performance

Shares of NYSE:RDDT traded down $0.12 during trading on Thursday, reaching $136.06. The stock had a trading volume of 3,071,743 shares, compared to its average volume of 5,529,134. The stock has a market capitalization of $25.99 billion, a PE ratio of 51.93, a P/E/G ratio of 0.98 and a beta of 2.39. Reddit Inc. has a 52 week low of $79.75 and a 52 week high of $282.95. The business’s 50-day moving average price is $150.24 and its 200 day moving average price is $195.96.

Reddit (NYSE:RDDT) last released its quarterly earnings results on Thursday, February 5th. The company reported $1.24 earnings per share for the quarter, beating analysts’ consensus estimates of $0.96 by $0.28. The firm had revenue of $725.61 million during the quarter, compared to analysts’ expectations of $665.80 million. Reddit had a return on equity of 20.89% and a net margin of 24.05%.The business’s revenue was up 69.7% on a year-over-year basis. During the same period last year, the firm posted $0.36 EPS. Analysts forecast that Reddit Inc. will post 1.12 EPS for the current year.

Analyst Upgrades and Downgrades

Several equities research analysts have weighed in on the stock. UBS Group set a $265.00 price objective on shares of Reddit in a research report on Tuesday, January 13th. Zacks Research cut shares of Reddit from a “strong-buy” rating to a “hold” rating in a research note on Friday, December 26th. Bank of America lowered their price target on shares of Reddit from $205.00 to $175.00 and set a “neutral” rating for the company in a report on Thursday. Truist Financial boosted their price objective on shares of Reddit from $270.00 to $275.00 and gave the stock a “buy” rating in a research report on Friday, February 6th. Finally, Evercore reiterated an “outperform” rating and issued a $290.00 price objective on shares of Reddit in a research report on Friday, February 6th. One investment analyst has rated the stock with a Strong Buy rating, seventeen have issued a Buy rating and eleven have issued a Hold rating to the stock. According to data from MarketBeat, Reddit has a consensus rating of “Moderate Buy” and an average target price of $240.85.

Hedge Funds Weigh In On Reddit

Several large investors have recently bought and sold shares of RDDT. Resona Asset Management Co. Ltd. increased its holdings in Reddit by 53.2% during the third quarter. Resona Asset Management Co. Ltd. now owns 30,944 shares of the company’s stock worth $7,166,000 after buying an additional 10,743 shares during the last quarter. Vanguard Group Inc. lifted its stake in Reddit by 12.9% in the third quarter. Vanguard Group Inc. now owns 12,238,508 shares of the company’s stock valued at $2,814,734,000 after acquiring an additional 1,401,293 shares during the last quarter. Optimize Financial Inc bought a new position in shares of Reddit in the 3rd quarter valued at about $1,420,000. WT Asset Management Ltd acquired a new position in shares of Reddit during the 3rd quarter worth about $92,973,000. Finally, Wealth Enhancement Advisory Services LLC raised its holdings in shares of Reddit by 95.4% in the 3rd quarter. Wealth Enhancement Advisory Services LLC now owns 16,139 shares of the company’s stock valued at $3,712,000 after purchasing an additional 7,881 shares during the period.

About Reddit

Reddit is an online social news aggregation, discussion and content-sharing platform organized around user-created communities called “subreddits,” each focused on a particular topic or interest. Registered users submit links, text posts, images and video, and community members vote and comment to surface popular content. The site is accessed via its web platform and mobile apps for iOS and Android, and it supports live events such as Ask Me Anything (AMA) sessions and community-driven discussions.

Founded in 2005 by Steve Huffman and Alexis Ohanian, Reddit is headquartered in San Francisco and serves a global audience with particularly large user bases in the United States and other English-speaking markets.