Insider Selling: Reddit (NYSE:RDDT) CEO Sells $2,664,360.00 in Stock

Reddit Inc. (NYSE:RDDT) CEO Steve Huffman sold 18,000 shares of the company’s stock in a transaction dated Monday, August 31st. The stock was sold at an average price of $148.02, for a total transaction of $2,664,360.00. Following the sale, the chief executive officer directly owned 336,432 shares of the company’s stock, valued at $49,798,664.64. This represents a 5.08% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available 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 Friday, August 14th, Steve Huffman sold 18,000 shares of Reddit stock. The shares were sold at an average price of $178.16, for a total transaction of $3,206,880.00.
• On Tuesday, August 4th, Steve Huffman sold 18,000 shares of Reddit stock. The stock was sold at an average price of $159.78, for a total transaction of $2,876,040.00.
• On Tuesday, June 30th, Steve 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 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.

Reddit Price Performance

NYSE RDDT opened at $154.18 on Friday. The business has a fifty day moving average price of $170.58 and a two-hundred day moving average price of $158.80. The stock has a market capitalization of $29.66 billion, a PE ratio of 35.86, a PEG ratio of 0.72 and a beta of 2.02. Reddit Inc. has a fifty-two week low of $119.27 and a fifty-two week 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. Reddit had a return on equity of 29.02% and a net margin of 31.35%.The company had revenue of $804.91 million during the quarter, compared to analysts’ expectations of $731.00 million. During the same quarter in the previous year, the firm earned $0.45 EPS. Reddit’s revenue was up 61.0% on a year-over-year basis. As a group, sell-side analysts expect that Reddit Inc. will post 5.27 earnings per share for the current year.

Institutional Inflows and Outflows

Large investors have recently added to or reduced their stakes in the business. Evansbrook LLC boosted its position in Reddit by 2.2% during the 1st quarter. Evansbrook LLC now owns 2,736 shares of the company’s stock worth $368,000 after buying an additional 59 shares during the period. Signaturefd LLC raised its stake in shares of Reddit by 7.6% during the second quarter. Signaturefd LLC now owns 878 shares of the company’s stock valued at $152,000 after acquiring an additional 62 shares during the last quarter. 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 during the last quarter. Florida Financial Advisors LLC lifted its holdings in shares of Reddit by 6.7% during the fourth quarter. Florida Financial Advisors LLC now owns 1,087 shares of the company’s stock worth $250,000 after purchasing an additional 68 shares during the period. Finally, Diversified Trust Co lifted its holdings in shares of Reddit by 2.1% during the first quarter. Diversified Trust Co now owns 3,271 shares of the company’s stock worth $440,000 after purchasing an additional 68 shares during the period.

Wall Street Analysts Forecast Growth

RDDT has been the topic of several research reports. Zacks Research lowered shares of Reddit from a “strong-buy” rating to a “hold” rating in a report on Tuesday, August 25th. Wall Street Zen downgraded shares of Reddit from a “buy” rating to a “hold” rating in a research note on Sunday, August 9th. Wedbush cut their target price on shares of Reddit from $250.00 to $221.00 and set an “outperform” rating on the stock in a research report on Friday, July 31st. Cantor Fitzgerald decreased their target price on shares of Reddit from $200.00 to $170.00 and set a “neutral” rating on the stock in a research note on Friday, July 31st. Finally, Sanford C. Bernstein reiterated a “market perform” rating and set a $180.00 price target on shares of Reddit in a report on Friday, July 31st. Two equities research analysts have rated the stock with a Strong Buy rating, eighteen have given a Buy rating and eleven have issued a Hold rating to the company’s stock. Based on data from MarketBeat.com, Reddit has a consensus rating of “Moderate Buy” and a consensus target price of $221.10.

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.