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

Reddit Inc. (NYSE:RDDT) CEO Steve Ladd Huffman sold 18,000 shares of the stock in a transaction that occurred on Monday, August 31st. The stock was sold at an average price of $148.02, for a total value of $2,664,360.00. Following the transaction, the chief executive officer directly owned 336,432 shares in the company, valued at approximately $49,798,664.64. This represents a 5.08% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available 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, August 14th, Steve Ladd Huffman sold 18,000 shares of Reddit stock. The shares were sold at an average price of $178.16, for a total value of $3,206,880.00.
• 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 value 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 value 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 value of $3,208,680.00.

Reddit Price Performance

Reddit stock opened at $158.05 on Thursday. The company has a market cap of $30.41 billion, a PE ratio of 36.76, a P/E/G ratio of 0.67 and a beta of 2.02. The company has a fifty day moving average price of $170.88 and a two-hundred day moving average price of $158.72. Reddit Inc. has a 12 month low of $119.27 and a 12 month high of $282.95.

Reddit (NYSE:RDDT) last issued its earnings results on Thursday, July 30th. The company reported $1.25 earnings per share for the quarter, topping analysts’ consensus estimates of $0.95 by $0.30. Reddit had a net margin of 31.35% and a return on equity of 29.02%. The company had revenue of $804.91 million for the quarter, compared to analysts’ expectations of $731.00 million. During the same period in the prior year, the company earned $0.45 earnings per share. The firm’s revenue was up 61.0% compared to the same quarter last year. Equities research analysts anticipate that Reddit Inc. will post 5.27 earnings per share for the current year.

Institutional Inflows and Outflows

A number of institutional investors have recently added to or reduced their stakes in the business. NewEdge Advisors LLC raised its stake in shares of Reddit by 143.3% during the first quarter. NewEdge Advisors LLC now owns 7,982 shares of the company’s stock valued at $837,000 after purchasing an additional 4,701 shares in the last quarter. Empowered Funds LLC bought a new position in Reddit in the 1st quarter valued at about $213,000. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased its stake in Reddit by 106.3% during the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 216,960 shares of the company’s stock valued at $22,759,000 after buying an additional 111,780 shares during the period. Focus Partners Wealth increased its stake in Reddit by 40.8% during the 1st quarter. Focus Partners Wealth now owns 10,224 shares of the company’s stock valued at $1,073,000 after buying an additional 2,965 shares during the period. Finally, Geneos Wealth Management Inc. raised its position in shares of Reddit by 344.6% during the 1st quarter. Geneos Wealth Management Inc. now owns 369 shares of the company’s stock worth $39,000 after buying an additional 286 shares in the last quarter.

Wall Street Analysts Forecast Growth

Several equities research analysts recently weighed in on the stock. Needham & Company LLC reiterated a “buy” rating and set a $300.00 price objective on shares of Reddit in a research note on Wednesday, June 24th. DA Davidson reaffirmed a “buy” rating and set a $200.00 target price on shares of Reddit in a report on Thursday, July 23rd. Deutsche Bank Aktiengesellschaft set a $200.00 price target on Reddit in a research report on Friday, July 31st. Zacks Research downgraded Reddit from a “strong-buy” rating to a “hold” rating in a report on Tuesday, August 25th. Finally, Cantor Fitzgerald lowered their price objective on Reddit from $200.00 to $170.00 and set a “neutral” rating for the company in a research note 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. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $221.10.

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.