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 dated Tuesday, December 31st. The shares were sold at an average price of $165.33, for a total value of $2,314,620.00. Following the completion of the transaction, the chief executive officer now directly owns 614,394 shares of the company’s stock, valued at approximately $101,577,760.02. This trade represents a 2.23 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website.

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

• On Monday, December 16th, Steve Ladd Huffman sold 14,000 shares of Reddit stock. The shares were sold at an average price of $176.20, for a total transaction of $2,466,800.00.
• On Friday, November 29th, Steve Ladd Huffman sold 14,000 shares of Reddit stock. The stock was sold at an average price of $141.79, for a total transaction of $1,985,060.00.
• On Friday, November 15th, Steve Ladd Huffman sold 14,000 shares of Reddit stock. The shares were sold at an average price of $125.98, for a total value of $1,763,720.00.
• On Friday, November 1st, Steve Ladd Huffman sold 14,000 shares of Reddit stock. The stock was sold at an average price of $113.13, for a total value of $1,583,820.00.
• On Tuesday, October 15th, Steve Ladd Huffman sold 14,000 shares of Reddit stock. The shares were sold at an average price of $75.43, for a total value of $1,056,020.00.

Reddit Price Performance

Shares of NYSE RDDT opened at $177.74 on Friday. Reddit, Inc. has a 52-week low of $37.35 and a 52-week high of $182.20. The business’s 50 day moving average is $146.37 and its two-hundred day moving average is $92.77.

Reddit (NYSE:RDDT) last posted its earnings results on Tuesday, October 29th. The company reported $0.16 earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.07) by $0.23. Reddit had a negative return on equity of 40.54% and a negative net margin of 47.83%. The firm had revenue of $348.40 million for the quarter, compared to analyst estimates of $313.61 million. The business’s revenue was up 67.9% on a year-over-year basis. Sell-side analysts expect that Reddit, Inc. will post -3.46 EPS for the current fiscal year.

Institutional Trading of Reddit

Several hedge funds have recently made changes to their positions in the business. Whittier Trust Co. purchased a new stake in Reddit during the 3rd quarter worth approximately $42,000. Daiwa Securities Group Inc. purchased a new stake in shares of Reddit during the third quarter worth $85,000. SOA Wealth Advisors LLC. raised its stake in shares of Reddit by 56.3% in the third quarter. SOA Wealth Advisors LLC. now owns 1,919 shares of the company’s stock valued at $126,000 after acquiring an additional 691 shares in the last quarter. Sanctuary Advisors LLC purchased a new position in Reddit in the third quarter valued at $144,000. Finally, Paragon Capital Management Ltd acquired a new position in Reddit during the 3rd quarter worth $204,000.

Analysts Set New Price Targets

A number of research analysts have recently issued reports on RDDT shares. Jefferies Financial Group increased their target price on Reddit from $120.00 to $175.00 and gave the company a “buy” rating in a research report on Monday, November 25th. Roth Mkm increased their price objective on shares of Reddit from $89.00 to $116.00 and gave the company a “buy” rating in a report on Wednesday, October 30th. Sanford C. Bernstein boosted their target price on shares of Reddit from $65.00 to $85.00 and gave the stock an “underperform” rating in a research note on Wednesday, October 30th. B. Riley reaffirmed a “buy” rating and issued a $112.00 price target (up from $87.00) on shares of Reddit in a research note on Wednesday, October 30th. Finally, Needham & Company LLC boosted their price objective on Reddit from $120.00 to $190.00 and gave the stock a “buy” rating in a research note on Wednesday, December 11th. One analyst has rated the stock with a sell rating, five have assigned a hold rating, fourteen have given a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $132.70.

About Reddit

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.