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

Reddit Inc. (NYSE:RDDT) CEO Steve Ladd Huffman sold 18,000 shares of the company’s stock in a transaction that occurred on Monday, June 15th. The shares were sold at an average price of $178.26, for a total value of $3,208,680.00. Following the completion of the sale, the chief executive officer owned 373,814 shares in the company, valued at $66,636,083.64. This represents a 4.59% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible 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 Friday, May 29th, Steve Ladd Huffman sold 18,000 shares of Reddit stock. The stock was sold at an average price of $174.13, for a total value of $3,134,340.00.
• 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 shares were 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 shares were 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 transaction of $2,389,860.00.

Reddit Price Performance

NYSE:RDDT opened at $175.38 on Friday. Reddit Inc. has a one year low of $119.27 and a one year high of $282.95. The company has a market cap of $33.76 billion, a P/E ratio of 50.11 and a beta of 1.91. The firm’s fifty day moving average price is $160.32 and its two-hundred day moving average price is $175.69.

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

Wall Street Analyst Weigh In

Several equities research analysts have issued reports on RDDT shares. DA Davidson restated a “buy” rating and set a $200.00 price objective on shares of Reddit in a research report on Friday, May 1st. Wells Fargo & Company upped their target price on Reddit from $149.00 to $176.00 and gave the company an “equal weight” rating in a research report on Friday, May 1st. Oppenheimer reiterated an “outperform” rating and set a $225.00 target price on shares of Reddit in a research note on Friday, May 1st. Piper Sandler reissued an “overweight” rating and set a $215.00 price target (up from $205.00) on shares of Reddit in a report on Friday, May 1st. Finally, Jefferies Financial Group reduced their price target on Reddit from $285.00 to $250.00 and set a “buy” rating for the company in a research note on Tuesday, March 10th. Eighteen equities research analysts have rated the stock with a Buy rating and twelve have given a Hold rating to the company. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $230.75.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently made changes to their positions in RDDT. Capital World Investors acquired a new stake in shares of Reddit in the fourth quarter valued at approximately $1,293,258,000. Norges Bank acquired a new stake in Reddit during the fourth quarter worth approximately $372,047,000. Vanguard Group Inc. increased its stake in Reddit by 12.9% during the 3rd quarter. Vanguard Group Inc. now owns 12,238,508 shares of the company’s stock worth $2,814,734,000 after acquiring an additional 1,401,293 shares during the period. Invesco Ltd. increased its stake in Reddit by 419.0% during the 3rd quarter. Invesco Ltd. now owns 1,487,941 shares of the company’s stock worth $342,212,000 after acquiring an additional 1,201,237 shares during the period. Finally, State Street Corp increased its stake in Reddit by 138.5% during the 2nd quarter. State Street Corp now owns 2,030,139 shares of the company’s stock worth $305,678,000 after acquiring an additional 1,178,890 shares during the period.

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.