Insider Selling: Reddit (NYSE:RDDT) CEO Sells $3,206,880.00 in Stock

Reddit Inc. (NYSE:RDDT) CEO Steve Ladd Huffman sold 18,000 shares of Reddit stock in a transaction dated Friday, August 14th. The shares were sold at an average price of $178.16, for a total transaction of $3,206,880.00. Following the sale, the chief executive officer owned 373,814 shares of the company’s stock, valued at $66,598,702.24. The trade was a 4.59% decrease in their position. The sale was disclosed in a filing 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, August 4th, Steve Ladd 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.
• On Tuesday, June 30th, Steve Ladd Huffman sold 18,000 shares of Reddit stock. The stock was 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 transaction 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.

Reddit Stock Performance

Reddit stock opened at $150.31 on Friday. The company has a market capitalization of $28.92 billion, a PE ratio of 34.96, a P/E/G ratio of 0.51 and a beta of 2.03. The company has a 50 day moving average price of $173.89 and a 200-day moving average price of $158.50. Reddit Inc. has a fifty-two week low of $119.27 and a fifty-two week high of $282.95.

Reddit (NYSE:RDDT) last announced its quarterly earnings data on Thursday, July 30th. The company reported $1.25 earnings per share (EPS) for the quarter, topping the consensus estimate 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 return on equity of 29.02% and a net margin of 31.35%.Reddit’s revenue was up 61.0% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $0.45 earnings per share. On average, analysts forecast that Reddit Inc. will post 5.22 earnings per share for the current year.

Institutional Inflows and Outflows

Several large investors have recently made changes to their positions in RDDT. Sunbelt Securities Inc. boosted its position in Reddit by 87.5% during the first quarter. Sunbelt Securities Inc. now owns 195 shares of the company’s stock valued at $26,000 after purchasing an additional 91 shares in the last quarter. Ascentis Independent Advisors bought a new position in Reddit in the first quarter worth about $30,000. EverSource Wealth Advisors LLC raised its holdings in Reddit by 48.1% in the second quarter. EverSource Wealth Advisors LLC now owns 197 shares of the company’s stock worth $34,000 after purchasing an additional 64 shares in the last quarter. Beacon Investment Advisory Services Inc. purchased a new stake in shares of Reddit during the second quarter valued at about $35,000. Finally, Geneos Wealth Management Inc. lifted its position in shares of Reddit by 344.6% during the first quarter. Geneos Wealth Management Inc. now owns 369 shares of the company’s stock valued at $39,000 after buying an additional 286 shares during the last quarter.

Analyst Ratings Changes

Several brokerages have recently commented on RDDT. Zacks Research upgraded Reddit from a “hold” rating to a “strong-buy” rating in a research note on Monday, July 27th. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Reddit in a research note on Wednesday, August 5th. Sanford C. Bernstein reiterated a “market perform” rating and set a $180.00 target price on shares of Reddit in a report on Friday, July 31st. JPMorgan Chase & Co. cut their target price on shares of Reddit from $200.00 to $185.00 and set a “neutral” rating on the stock in a research report on Friday, July 31st. Finally, DA Davidson reissued a “buy” rating and set a $200.00 target price on shares of Reddit in a research report on Thursday, July 23rd. Three analysts have rated the stock with a Strong Buy rating, eighteen have issued a Buy rating and ten have assigned a Hold rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $221.71.

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.