Insider Selling: Reddit (NYSE:RDDT) CEO Sells $2,507,409.96 in Stock

Reddit Inc. (NYSE:RDDT) CEO Steve Huffman sold 17,308 shares of the stock in a transaction that occurred on Tuesday, September 29th. The shares were sold at an average price of $144.87, for a total transaction of $2,507,409.96. Following the transaction, the chief executive officer owned 336,432 shares in the company, valued at approximately $48,738,903.84. This trade represents a 4.89% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, 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, September 15th, Steve Huffman sold 17,308 shares of Reddit stock. The stock was sold at an average price of $160.11, for a total transaction of $2,771,183.88.
• On Monday, August 31st, Steve Huffman sold 18,000 shares of Reddit stock. The stock was sold at an average price of $148.02, for a total transaction of $2,664,360.00.
• On Friday, August 14th, Steve Huffman sold 18,000 shares of Reddit stock. The stock was 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 shares were sold at an average price of $159.78, for a total transaction of $2,876,040.00.

Reddit Stock Performance

Shares of NYSE RDDT traded up $7.04 during midday trading on Thursday, hitting $149.48. 4,101,327 shares of the stock traded hands, compared to its average volume of 5,441,375. The firm has a 50-day moving average of $156.85 and a two-hundred day moving average of $160.12. The firm has a market capitalization of $28.76 billion, a P/E ratio of 34.76, a PEG ratio of 0.67 and a beta of 2.02. Reddit Inc. has a one year low of $119.27 and a one year high of $263.50.

Reddit (NYSE:RDDT) last issued its quarterly earnings data on Thursday, July 30th. The company reported $1.25 EPS for the quarter, topping the consensus estimate 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 analyst estimates of $731.00 million. During the same quarter in the previous year, the company posted $0.45 earnings per share. Reddit’s revenue was up 61.0% compared to the same quarter last year. Equities analysts forecast that Reddit Inc. will post 5.27 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Institutional investors have recently made changes to their positions in the stock. Capital World Investors purchased a new position in shares of Reddit during the 4th quarter valued at about $1,293,258,000. State Street Corp increased its holdings in Reddit by 8.7% in the 2nd quarter. State Street Corp now owns 2,979,587 shares of the company’s stock worth $517,197,000 after acquiring an additional 237,523 shares in the last quarter. Wellington Management Group LLP increased its holdings in Reddit by 21.8% in the 2nd quarter. Wellington Management Group LLP now owns 1,564,535 shares of the company’s stock worth $271,572,000 after acquiring an additional 280,030 shares in the last quarter. Lord Abbett & CO. LLC raised its stake in Reddit by 30.3% during the 4th quarter. Lord Abbett & CO. LLC now owns 1,263,529 shares of the company’s stock worth $290,447,000 after acquiring an additional 293,743 shares during the period. Finally, DSM Capital Partners LLC raised its stake in Reddit by 5.3% during the 1st quarter. DSM Capital Partners LLC now owns 848,206 shares of the company’s stock worth $114,211,000 after acquiring an additional 42,808 shares during the period.

Analysts Set New Price Targets

RDDT has been the topic of several research reports. B. Riley Financial raised their target price on Reddit from $250.00 to $270.00 and gave the stock a “buy” rating in a research report on Friday, July 31st. KeyCorp began coverage on shares of Reddit in a report on Wednesday, July 29th. They issued an “overweight” rating and a $225.00 price objective on the stock. Deutsche Bank Aktiengesellschaft set a $200.00 target price on shares of Reddit in a research report on Friday, July 31st. Evercore reaffirmed an “outperform” rating and set a $265.00 target price on shares of Reddit in a report on Friday, July 31st. Finally, Morgan Stanley decreased their price target on shares of Reddit from $240.00 to $210.00 and set an “overweight” rating on the stock in a research report on Friday, August 21st. Two equities research analysts have rated the stock with a Strong Buy rating, seventeen have given a Buy rating and ten have assigned a Hold rating to the company’s stock. According to data from MarketBeat, Reddit currently has an average rating of “Moderate Buy” and an average target price of $219.29.

About Reddit

Reddit, Inc operates a global online platform where users participate in communities organized around shared interests, topics and experiences. Registered users can submit posts, images, videos and links, while other users can comment, vote on content and engage in discussions. The platform comprises thousands of independently moderated communities, commonly known as subreddits.

Reddit generates revenue primarily through digital advertising and other commercial offerings for businesses.