Reddit, Inc. (NYSE:RDDT) CEO Steve Ladd Huffman Sells 124,408 Shares

Reddit, Inc. (NYSE:RDDT) CEO Steve Ladd Huffman sold 124,408 shares of the firm’s stock in a transaction dated Friday, March 14th. The stock was sold at an average price of $127.36, for a total value of $15,844,602.88. Following the transaction, the chief executive officer now owns 583,515 shares in the company, valued at approximately $74,316,470.40. This trade represents a 17.57 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink.

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

• On Friday, February 28th, Steve Ladd Huffman sold 14,000 shares of Reddit stock. The stock was sold at an average price of $160.30, for a total value of $2,244,200.00.
• On Tuesday, February 18th, Steve Ladd Huffman sold 14,000 shares of Reddit stock. The stock was sold at an average price of $187.78, for a total value of $2,628,920.00.
• On Friday, January 31st, Steve Ladd Huffman sold 14,000 shares of Reddit stock. The stock was sold at an average price of $201.96, for a total value of $2,827,440.00.
• On Wednesday, January 15th, Steve Ladd Huffman sold 14,000 shares of Reddit stock. The shares were sold at an average price of $172.79, for a total value of $2,419,060.00.
• On Tuesday, December 31st, Steve Ladd Huffman sold 14,000 shares of Reddit stock. The shares were sold at an average price of $165.33, for a total value of $2,314,620.00.

Reddit Stock Down 12.4 %

Shares of NYSE:RDDT traded down $15.55 during trading on Tuesday, reaching $110.02. 13,172,447 shares of the company traded hands, compared to its average volume of 5,699,850. The company’s 50 day moving average is $174.74 and its two-hundred day moving average is $134.59. The firm has a market capitalization of $19.90 billion and a PE ratio of -14.23. Reddit, Inc. has a 52 week low of $37.35 and a 52 week high of $230.41.

Reddit (NYSE:RDDT) last released its earnings results on Wednesday, February 12th. The company reported $0.36 earnings per share for the quarter, beating analysts’ consensus estimates of $0.24 by $0.12. Reddit had a negative return on equity of 24.71% and a negative net margin of 37.25%. As a group, research analysts anticipate that Reddit, Inc. will post 1.12 EPS for the current year.

Hedge Funds Weigh In On Reddit

A number of institutional investors have recently modified their holdings of RDDT. FMR LLC raised its holdings in shares of Reddit by 302.8% during the 3rd quarter. FMR LLC now owns 12,157,591 shares of the company’s stock worth $801,428,000 after buying an additional 9,139,196 shares in the last quarter. Vanguard Group Inc. raised its holdings in shares of Reddit by 184.2% during the 4th quarter. Vanguard Group Inc. now owns 9,181,390 shares of the company’s stock worth $1,500,606,000 after buying an additional 5,950,909 shares in the last quarter. Jennison Associates LLC acquired a new position in shares of Reddit during the 4th quarter worth $494,861,000. Alliancebernstein L.P. raised its holdings in shares of Reddit by 1,011.1% during the 4th quarter. Alliancebernstein L.P. now owns 2,788,758 shares of the company’s stock worth $455,795,000 after buying an additional 2,537,768 shares in the last quarter. Finally, Point72 Asset Management L.P. raised its holdings in shares of Reddit by 3,172.0% during the 3rd quarter. Point72 Asset Management L.P. now owns 2,296,068 shares of the company’s stock worth $151,357,000 after buying an additional 2,225,895 shares in the last quarter.

Analyst Upgrades and Downgrades

A number of equities research analysts recently issued reports on RDDT shares. Roth Mkm lowered Reddit from a “buy” rating to a “neutral” rating and lifted their target price for the company from $116.00 to $195.00 in a research report on Wednesday, January 22nd. The Goldman Sachs Group boosted their price target on Reddit from $105.00 to $176.00 and gave the stock a “neutral” rating in a research report on Tuesday, January 14th. JPMorgan Chase & Co. boosted their target price on Reddit from $142.00 to $185.00 and gave the stock a “neutral” rating in a report on Thursday, February 13th. JMP Securities boosted their target price on Reddit from $190.00 to $200.00 and gave the stock a “market outperform” rating in a report on Thursday, February 13th. Finally, Redburn Partners set a $75.00 target price on Reddit in a report on Monday. Two analysts have rated the stock with a sell rating, nine have assigned a hold rating, eleven have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat, Reddit currently has a consensus rating of “Hold” and an average target price of $164.50.

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.