Reddit (NYSE:RDDT) CEO Sells $3,092,400.00 in Stock

Reddit Inc. (NYSE:RDDT) CEO Steve Ladd Huffman sold 18,000 shares of the business’s stock in a transaction that occurred on Tuesday, May 5th. The shares were sold at an average price of $171.80, for a total transaction of $3,092,400.00. Following the completion of the sale, the chief executive officer directly owned 411,195 shares in the company, valued at $70,643,301. This trade represents a 4.19% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

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

• 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 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 stock was sold at an average price of $138.81, for a total transaction of $2,498,580.00.

Reddit Stock Down 5.0%

Shares of RDDT opened at $155.74 on Friday. Reddit Inc. has a fifty-two week low of $94.89 and a fifty-two week high of $282.95. The firm’s 50 day moving average price is $145.45 and its 200 day moving average price is $183.43. The company has a market cap of $29.75 billion, a P/E ratio of 44.50, a PEG ratio of 0.95 and a beta of 1.85.

Reddit (NYSE:RDDT) last announced its earnings results on Thursday, April 30th. The company reported $1.01 earnings per share for the quarter, topping the consensus estimate of $0.62 by $0.39. Reddit had a net margin of 28.60% and a return on equity of 25.48%. The firm had revenue of $663.41 million for the quarter, compared to the consensus estimate of $607.74 million. During the same period in the prior year, the firm earned $0.13 EPS. The firm’s revenue for the quarter was up 69.1% on a year-over-year basis. Research analysts forecast that Reddit Inc. will post 4.78 earnings per share for the current year.

Institutional Inflows and Outflows

Several large investors have recently modified their holdings of the stock. Resona Asset Management Co. Ltd. raised its position in Reddit by 53.2% in the 3rd quarter. Resona Asset Management Co. Ltd. now owns 30,944 shares of the company’s stock valued at $7,166,000 after purchasing an additional 10,743 shares during the last quarter. Vanguard Group Inc. raised its position in Reddit by 12.9% in the 3rd quarter. Vanguard Group Inc. now owns 12,238,508 shares of the company’s stock valued at $2,814,734,000 after purchasing an additional 1,401,293 shares during the last quarter. Optimize Financial Inc purchased a new stake in Reddit in the 3rd quarter valued at $1,420,000. WT Asset Management Ltd purchased a new stake in Reddit in the 3rd quarter valued at $92,973,000. Finally, Wealth Enhancement Advisory Services LLC raised its position in 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 last quarter.

Wall Street Analyst Weigh In

RDDT has been the topic of several recent research reports. Needham & Company LLC reaffirmed a “buy” rating and set a $300.00 target price on shares of Reddit in a research note on Friday, May 1st. Evercore reiterated an “outperform” rating and set a $290.00 price target on shares of Reddit in a report on Friday, February 6th. JPMorgan Chase & Co. lowered their price target on shares of Reddit from $227.00 to $200.00 and set a “neutral” rating for the company in a report on Friday, February 6th. Piper Sandler reiterated an “overweight” rating and set a $215.00 price target (up from $205.00) on shares of Reddit in a report on Friday, May 1st. Finally, Rothschild & Co Redburn set a $110.00 price target on shares of Reddit in a report on Monday, April 27th. One analyst has rated the stock with a Strong Buy rating, eighteen have assigned a Buy rating and eleven have issued a Hold rating to the company. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus 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.