Reddit, Inc. (NYSE:RDDT) CEO Steve Ladd Huffman Sells 14,000 Shares of Stock

Reddit, Inc. (NYSE:RDDT) CEO Steve Ladd Huffman sold 14,000 shares of the business’s stock in a transaction that occurred on Monday, September 30th. The shares were sold at an average price of $66.20, for a total transaction of $926,800.00. Following the completion of the sale, the chief executive officer now directly owns 651,775 shares in the company, valued at approximately $43,147,505. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website.

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

• On Monday, September 16th, Steve Ladd Huffman sold 14,000 shares of Reddit stock. The shares were sold at an average price of $59.19, for a total transaction of $828,660.00.
• On Friday, August 30th, Steve Ladd Huffman sold 6,714 shares of Reddit stock. The stock was sold at an average price of $59.84, for a total transaction of $401,765.76.
• On Tuesday, August 20th, Steve Ladd Huffman sold 14,000 shares of Reddit stock. The shares were sold at an average price of $53.98, for a total transaction of $755,720.00.

Reddit Stock Up 2.7 %

RDDT stock opened at $67.78 on Thursday. The firm has a fifty day simple moving average of $59.37. Reddit, Inc. has a fifty-two week low of $37.35 and a fifty-two week high of $78.08.

Reddit (NYSE:RDDT) last posted its quarterly earnings data on Tuesday, August 6th. The company reported ($0.06) EPS for the quarter, topping the consensus estimate of ($0.31) by $0.25. The firm had revenue of $281.20 million for the quarter, compared to analysts’ expectations of $253.86 million. The firm’s quarterly revenue was up 53.6% compared to the same quarter last year. During the same period in the previous year, the firm earned ($0.70) earnings per share. Analysts predict that Reddit, Inc. will post -4.13 earnings per share for the current year.

Analyst Upgrades and Downgrades

A number of research firms recently commented on RDDT. B. Riley assumed coverage on shares of Reddit in a report on Friday, September 20th. They set a “buy” rating and a $75.00 price target for the company. JMP Securities reissued a “market outperform” rating and set a $84.00 price objective on shares of Reddit in a research report on Tuesday, July 30th. Bank of America raised their price target on shares of Reddit from $57.00 to $60.00 and gave the company a “neutral” rating in a report on Wednesday, August 7th. Loop Capital upgraded shares of Reddit from a “hold” rating to a “buy” rating and set a $75.00 price objective on the stock in a research note on Thursday, August 1st. Finally, Morgan Stanley raised their target price on shares of Reddit from $63.00 to $70.00 and gave the stock an “equal weight” rating in a research note on Tuesday, July 23rd. One investment analyst has rated the stock with a sell rating, six have assigned a hold rating, nine have assigned a buy rating and two have given a strong buy rating to the company. According to MarketBeat.com, Reddit currently has a consensus rating of “Moderate Buy” and a consensus price target of $66.12.

Institutional Trading of Reddit

Institutional investors and hedge funds have recently made changes to their positions in the business. DekaBank Deutsche Girozentrale bought a new stake in shares of Reddit during the first quarter worth $7,363,000. Commonwealth Equity Services LLC bought a new position in Reddit in the first quarter worth about $1,111,000. BNP Paribas Financial Markets bought a new position in Reddit in the first quarter worth about $37,000. Vanguard Group Inc. acquired a new stake in Reddit in the 1st quarter worth approximately $82,167,000. Finally, Bamco Inc. NY acquired a new stake in Reddit in the 1st quarter worth approximately $14,796,000.

Reddit Company Profile

Reddit, Inc operates a website that organizes digital communities. It organizes communities based on specific interests that enable users to engage in conversations by sharing experiences, submitting links, uploading images and videos, and replying to one another. The company was founded in 2005 and is headquartered in San Francisco, California.