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

Reddit, Inc. (NYSE:RDDT) CEO Steve Ladd Huffman sold 14,000 shares of the business’s stock in a transaction that occurred on Tuesday, August 20th. The shares were sold at an average price of $53.98, for a total transaction of $755,720.00. Following the completion of the sale, the chief executive officer now directly owns 672,352 shares in the company, valued at $36,293,560.96. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website.

Reddit Stock Up 4.9 %

NYSE RDDT opened at $59.17 on Friday. Reddit, Inc. has a 52 week low of $37.35 and a 52 week high of $78.08. The business’s 50 day moving average price is $62.09.

Reddit (NYSE:RDDT) last issued its earnings results on Tuesday, August 6th. The company reported ($0.06) EPS for the quarter, topping analysts’ consensus estimates of ($0.31) by $0.25. The firm had revenue of $281.20 million for the quarter, compared to analyst estimates of $253.86 million. During the same quarter in the previous year, the firm posted ($0.70) EPS. The business’s revenue for the quarter was up 53.6% on a year-over-year basis. As a group, research analysts expect that Reddit, Inc. will post -4.17 EPS for the current fiscal year.

Institutional Investors Weigh In On Reddit

Hedge funds and other institutional investors have recently made changes to their positions in the business. Congress Park Capital LLC purchased a new position in Reddit in the first quarter valued at approximately $279,000. Raymond James Financial Services Advisors Inc. acquired a new position in shares of Reddit in the 1st quarter valued at $2,057,000. Seven Grand Managers LLC purchased a new position in shares of Reddit in the 1st quarter valued at $986,000. Global Retirement Partners LLC acquired a new stake in Reddit during the 1st quarter worth $27,000. Finally, Commonwealth Equity Services LLC purchased a new stake in Reddit in the first quarter valued at $1,111,000.

Wall Street Analysts Forecast Growth

RDDT has been the subject of several research reports. Bank of America lifted their target price on shares of Reddit from $57.00 to $60.00 and gave the company a “neutral” rating in a report on Wednesday, August 7th. Raymond James boosted their price objective on Reddit from $65.00 to $70.00 and gave the company a “strong-buy” rating in a report on Wednesday, July 31st. Roth Mkm lowered their target price on Reddit from $67.00 to $66.00 and set a “buy” rating for the company in a report on Wednesday, August 7th. JPMorgan Chase & Co. cut their price target on shares of Reddit from $67.00 to $59.00 and set a “neutral” rating on the stock in a research note on Wednesday, August 7th. Finally, Deutsche Bank Aktiengesellschaft raised their price objective on shares of Reddit from $62.00 to $65.00 and gave the company a “buy” rating in a research note on Friday, May 17th. One research analyst has rated the stock with a sell rating, six have assigned a hold rating, nine have given a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $65.56.

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.