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

Reddit Inc. (NYSE:RDDT) CEO Steve Ladd Huffman sold 18,000 shares of Reddit stock in a transaction on Friday, May 29th. The stock was sold at an average price of $174.13, for a total value of $3,134,340.00. Following the sale, the chief executive officer directly owned 373,814 shares of the company’s stock, valued at approximately $65,092,231.82. This trade represents a 4.59% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 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, 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 value of $2,828,700.00.
• On Tuesday, May 5th, Steve Ladd Huffman sold 18,000 shares of Reddit stock. The stock was sold at an average price of $171.80, for a total value of $3,092,400.00.
• On Wednesday, April 15th, Steve Ladd Huffman sold 18,000 shares of Reddit stock. The stock was sold at an average price of $158.40, for a total value of $2,851,200.00.
• On Tuesday, March 31st, Steve Ladd Huffman sold 18,000 shares of Reddit stock. The stock was sold at an average price of $132.77, for a total value of $2,389,860.00.
• On Friday, March 13th, Steve Ladd Huffman sold 18,000 shares of Reddit stock. The stock was sold at an average price of $132.86, for a total value of $2,391,480.00.

Reddit Stock Performance

RDDT stock traded down $9.00 during midday trading on Tuesday, hitting $168.85. 4,291,402 shares of the company’s stock were exchanged, compared to its average volume of 5,359,596. The stock’s fifty day moving average price is $150.34 and its 200-day moving average price is $177.84. The company has a market cap of $32.51 billion, a PE ratio of 48.24 and a beta of 1.85. Reddit Inc. has a one year low of $109.92 and a one year high of $282.95.

Reddit (NYSE:RDDT) last posted its earnings results on Thursday, April 30th. The company reported $1.01 earnings per share for the quarter, topping the consensus estimate of $0.62 by $0.39. The firm had revenue of $663.41 million for the quarter, compared to analyst estimates of $607.74 million. Reddit had a return on equity of 25.48% and a net margin of 28.60%.The company’s revenue for the quarter was up 69.1% on a year-over-year basis. During the same period in the previous year, the company posted $0.13 earnings per share. On average, analysts expect that Reddit Inc. will post 4.83 EPS for the current year.

Institutional Trading of Reddit

Institutional investors have recently modified their holdings of the company. Raiffeisen Bank International AG bought a new stake in shares of Reddit in the third quarter valued at about $25,000. GW&K Investment Management LLC bought a new stake in shares of Reddit in the third quarter valued at about $30,000. Cornerstone Planning Group LLC lifted its holdings in shares of Reddit by 13,500.0% in the third quarter. Cornerstone Planning Group LLC now owns 136 shares of the company’s stock valued at $31,000 after purchasing an additional 135 shares in the last quarter. LOM Asset Management Ltd bought a new stake in shares of Reddit in the fourth quarter valued at about $33,000. Finally, Noble Wealth Management PBC bought a new stake in shares of Reddit in the fourth quarter valued at about $34,000.

Analyst Ratings Changes

RDDT has been the topic of several recent analyst reports. Citigroup reiterated a “market outperform” rating on shares of Reddit in a report on Tuesday, May 26th. Evercore reiterated an “outperform” rating and set a $290.00 target price on shares of Reddit in a report on Friday, February 6th. Rothschild & Co Redburn set a $110.00 target price on Reddit in a report on Monday, April 27th. Jefferies Financial Group cut their price target on Reddit from $285.00 to $250.00 and set a “buy” rating on the stock in a report on Tuesday, March 10th. Finally, Oppenheimer restated an “outperform” rating and issued a $225.00 price target on shares of Reddit in a report on Friday, May 1st. One research analyst has rated the stock with a Strong Buy rating, eighteen have issued a Buy rating and eleven have given a Hold rating to the company’s stock. According to data from MarketBeat.com, Reddit presently has a consensus rating of “Moderate Buy” and an average price target of $228.61.

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.