Insider Selling: Reddit (NYSE:RDDT) CEO Sells $4,190,040.00 in Stock

Reddit Inc. (NYSE:RDDT) CEO Steve Ladd Huffman sold 18,000 shares of the stock in a transaction that occurred on Thursday, January 15th. The shares were sold at an average price of $232.78, for a total value of $4,190,040.00. Following the transaction, the chief executive officer directly owned 448,576 shares of the company’s stock, valued at approximately $104,419,521.28. The trade was a 3.86% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink.

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

• On Wednesday, December 31st, Steve Ladd Huffman sold 18,000 shares of Reddit stock. The stock was sold at an average price of $230.76, for a total value of $4,153,680.00.
• On Monday, December 15th, Steve Ladd Huffman sold 18,000 shares of Reddit stock. The shares were sold at an average price of $220.28, for a total value of $3,965,040.00.
• On Friday, November 28th, Steve Ladd Huffman sold 18,000 shares of Reddit stock. The shares were sold at an average price of $215.19, for a total transaction of $3,873,420.00.
• On Friday, November 14th, Steve Ladd Huffman sold 18,000 shares of Reddit stock. The stock was sold at an average price of $194.81, for a total transaction of $3,506,580.00.
• On Thursday, October 30th, Steve Ladd Huffman sold 4,089 shares of Reddit stock. The shares were sold at an average price of $194.93, for a total transaction of $797,068.77.
• On Tuesday, November 4th, Steve Ladd Huffman sold 13,911 shares of Reddit stock. The stock was sold at an average price of $189.33, for a total transaction of $2,633,769.63.

Reddit Stock Up 2.3%

Reddit stock opened at $214.96 on Friday. The company’s 50-day moving average price is $224.95 and its 200-day moving average price is $212.09. The company has a market cap of $40.73 billion, a PE ratio of 123.54, a price-to-earnings-growth ratio of 1.41 and a beta of 2.17. Reddit Inc. has a twelve month low of $79.75 and a twelve month high of $282.95.

Reddit (NYSE:RDDT) last announced its quarterly earnings results on Thursday, October 30th. The company reported $0.80 EPS for the quarter, beating analysts’ consensus estimates of $0.50 by $0.30. Reddit had a net margin of 18.33% and a return on equity of 14.94%. The firm had revenue of $584.91 million during the quarter, compared to the consensus estimate of $546.65 million. During the same quarter last year, the firm earned $0.16 EPS. The firm’s revenue for the quarter was up 67.9% compared to the same quarter last year. As a group, sell-side analysts expect that Reddit Inc. will post 1.12 earnings per share for the current fiscal year.

Analyst Ratings Changes

Several research firms recently weighed in on RDDT. The Goldman Sachs Group restated a “neutral” rating and set a $236.00 price target on shares of Reddit in a report on Tuesday, October 14th. B. Riley reiterated a “buy” rating and set a $245.00 price objective (up previously from $235.00) on shares of Reddit in a research report on Friday, October 31st. Argus set a $300.00 target price on shares of Reddit in a research note on Friday, January 9th. UBS Group set a $265.00 price target on shares of Reddit in a research note on Tuesday, January 13th. Finally, Piper Sandler reiterated an “overweight” rating on shares of Reddit in a report on Monday, December 1st. Two investment analysts have rated the stock with a Strong Buy rating, sixteen have issued a Buy rating, eleven have given a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $244.11.

Institutional Trading of Reddit

Several hedge funds and other institutional investors have recently bought and sold shares of RDDT. Raiffeisen Bank International AG acquired a new position in Reddit during the 3rd quarter valued at about $25,000. GW&K Investment Management LLC acquired a new position in Reddit in the 3rd quarter worth approximately $30,000. Cornerstone Planning Group LLC increased its holdings in Reddit by 13,500.0% in the 3rd quarter. Cornerstone Planning Group LLC now owns 136 shares of the company’s stock worth $31,000 after buying an additional 135 shares during the period. Financial Perspectives Inc purchased a new position in Reddit during the 2nd quarter worth approximately $34,000. Finally, Noble Wealth Management PBC acquired a new stake in Reddit during the 4th quarter valued at approximately $34,000.

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.