Steve Ladd Huffman Sells 18,000 Shares of Reddit (NYSE:RDDT) Stock

Reddit Inc. (NYSE:RDDT) CEO Steve Ladd Huffman sold 18,000 shares of the stock in a transaction dated Friday, May 15th. The shares were sold at an average price of $157.15, for a total transaction of $2,828,700.00. Following the completion of the transaction, the chief executive officer directly owned 411,195 shares of the company’s stock, valued at approximately $64,619,294.25. The trade was a 4.19% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

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

• On Tuesday, May 5th, Steve Ladd Huffman sold 18,000 shares of Reddit stock. The shares were sold at an average price of $171.80, for a total transaction of $3,092,400.00.
• On Wednesday, April 15th, Steve Ladd Huffman sold 18,000 shares of Reddit stock. The shares were sold at an average price of $158.40, for a total transaction of $2,851,200.00.
• On Tuesday, March 31st, Steve Ladd Huffman sold 18,000 shares of Reddit stock. The shares were sold at an average price of $132.77, for a total transaction of $2,389,860.00.
• On Friday, March 13th, Steve Ladd Huffman sold 18,000 shares of Reddit stock. The shares were 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 shares were sold at an average price of $145.12, for a total transaction of $2,612,160.00.

Reddit Trading Down 2.7%

Shares of NYSE:RDDT traded down $4.35 during trading on Tuesday, reaching $154.76. The company’s stock had a trading volume of 4,070,734 shares, compared to its average volume of 5,256,564. Reddit Inc. has a 12 month low of $94.89 and a 12 month high of $282.95. The firm’s 50 day simple moving average is $146.78 and its two-hundred day simple moving average is $180.92. The stock has a market capitalization of $29.79 billion, a PE ratio of 44.22 and a beta of 1.85.

Reddit (NYSE:RDDT) last announced its quarterly earnings data on Thursday, April 30th. The company reported $1.01 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.62 by $0.39. The business had revenue of $663.41 million during the quarter, compared to the consensus estimate of $607.74 million. Reddit had a net margin of 28.60% and a return on equity of 25.48%. The firm’s quarterly revenue was up 69.1% compared to the same quarter last year. During the same quarter last year, the firm earned $0.13 earnings per share. Research analysts anticipate that Reddit Inc. will post 4.83 EPS for the current fiscal year.

Hedge Funds Weigh In On Reddit

Institutional investors have recently modified their holdings of the stock. Vanguard Group Inc. increased its holdings in Reddit by 8.9% during the fourth quarter. Vanguard Group Inc. now owns 13,322,048 shares of the company’s stock valued at $3,062,339,000 after buying an additional 1,083,540 shares during the period. Capital World Investors purchased a new position in Reddit in the fourth quarter worth $1,293,258,000. State Street Corp grew its holdings in Reddit by 6.0% in the fourth quarter. State Street Corp now owns 2,631,332 shares of the company’s stock worth $604,864,000 after purchasing an additional 149,401 shares during the last quarter. Geode Capital Management LLC grew its holdings in Reddit by 4.7% in the fourth quarter. Geode Capital Management LLC now owns 2,382,712 shares of the company’s stock worth $546,789,000 after purchasing an additional 106,821 shares during the last quarter. Finally, Morgan Stanley grew its holdings in Reddit by 11.4% in the fourth quarter. Morgan Stanley now owns 2,372,443 shares of the company’s stock worth $545,354,000 after purchasing an additional 242,709 shares during the last quarter.

Wall Street Analyst Weigh In

Several brokerages have issued reports on RDDT. Cantor Fitzgerald raised their price objective on shares of Reddit from $170.00 to $180.00 and gave the stock a “neutral” rating in a research note on Friday, May 1st. Morgan Stanley set a $240.00 price objective on shares of Reddit in a research note on Friday, February 6th. Robert W. Baird set a $200.00 price objective on shares of Reddit in a research note on Friday, February 6th. DA Davidson reissued a “buy” rating and issued a $200.00 price objective on shares of Reddit in a research note on Friday, May 1st. Finally, Deutsche Bank Aktiengesellschaft reissued a “buy” rating and issued a $285.00 price objective on shares of Reddit in a research note on Tuesday, January 20th. One research analyst has rated the stock with a Strong Buy rating, eighteen have assigned a Buy rating and eleven have given a Hold rating to the stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $228.61.

Reddit Company Profile

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.