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

Reddit Inc. (NYSE:RDDT) CEO Steve Ladd Huffman sold 18,000 shares of the firm’s stock in a transaction on Tuesday, August 4th. The shares were sold at an average price of $159.78, for a total transaction of $2,876,040.00. Following the transaction, the chief executive officer directly owned 373,814 shares of the company’s stock, valued at $59,728,000.92. The trade was a 4.59% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at 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, June 30th, Steve Ladd Huffman sold 18,000 shares of Reddit stock. The shares were sold at an average price of $173.13, for a total transaction of $3,116,340.00.
• On Monday, June 15th, Steve Ladd Huffman sold 18,000 shares of Reddit stock. The stock was sold at an average price of $178.26, for a total value of $3,208,680.00.
• On Friday, May 29th, Steve Ladd Huffman sold 18,000 shares of Reddit stock. The shares were sold at an average price of $174.13, for a total transaction of $3,134,340.00.
• On Friday, May 15th, Steve Ladd Huffman sold 18,000 shares of Reddit stock. The stock was sold at an average price of $157.15, for a total transaction of $2,828,700.00.

Reddit Stock Down 2.6%

Shares of NYSE RDDT opened at $151.20 on Friday. The company has a market capitalization of $29.11 billion, a PE ratio of 35.16, a PEG ratio of 0.52 and a beta of 2.03. The stock’s 50 day moving average price is $176.97 and its 200-day moving average price is $161.90. Reddit Inc. has a twelve month low of $119.27 and a twelve month high of $282.95.

Reddit (NYSE:RDDT) last posted its quarterly earnings results on Thursday, July 30th. The company reported $1.25 EPS for the quarter, topping analysts’ consensus estimates of $0.95 by $0.30. The company had revenue of $804.91 million for the quarter, compared to analysts’ expectations of $731.00 million. Reddit had a net margin of 31.35% and a return on equity of 29.02%. Reddit’s revenue was up 61.0% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.45 EPS. As a group, research analysts expect that Reddit Inc. will post 5.22 EPS for the current fiscal year.

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in the business. LOM Asset Management Ltd purchased a new stake in shares of Reddit during the 4th quarter valued at about $33,000. Sunbelt Securities Inc. increased its stake in Reddit by 87.5% in the 1st quarter. Sunbelt Securities Inc. now owns 195 shares of the company’s stock worth $26,000 after buying an additional 91 shares during the period. EverSource Wealth Advisors LLC raised its stake in shares of Reddit by 48.1% during the second quarter. EverSource Wealth Advisors LLC now owns 197 shares of the company’s stock valued at $34,000 after acquiring an additional 64 shares in the last quarter. Beacon Investment Advisory Services Inc. bought a new stake in Reddit during the 2nd quarter valued at $35,000. Finally, Summit Securities Group LLC purchased a new stake in Reddit in the fourth quarter worth about $46,000.

Analyst Ratings Changes

A number of equities analysts recently weighed in on RDDT shares. JPMorgan Chase & Co. decreased their price objective on Reddit from $200.00 to $185.00 and set a “neutral” rating on the stock in a report on Friday, July 31st. Raymond James Financial set a $180.00 target price on Reddit and gave the company a “market perform” rating in a research note on Friday, May 1st. Wall Street Zen upgraded shares of Reddit from a “hold” rating to a “buy” rating in a report on Saturday, August 1st. DA Davidson reaffirmed a “buy” rating and issued a $200.00 target price on shares of Reddit in a research report on Thursday, July 23rd. Finally, KeyCorp assumed coverage on Reddit in a research report on Wednesday, July 29th. They set an “overweight” rating and a $225.00 price objective for the company. Two investment analysts have rated the stock with a Strong Buy rating, nineteen have issued a Buy rating and eleven have given a Hold rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $220.90.

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.