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

Reddit, Inc. (NYSE:RDDT) CEO Steve Ladd Huffman sold 14,000 shares of Reddit stock in a transaction that occurred on Friday, November 1st. The shares were sold at an average price of $113.13, for a total value of $1,583,820.00. Following the sale, the chief executive officer now directly owns 651,775 shares in the company, valued at approximately $73,735,305.75. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website.

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

• 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.
• On Monday, September 30th, Steve Ladd Huffman sold 14,000 shares of Reddit stock. The shares were sold at an average price of $66.20, for a total value of $926,800.00.
• 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 value 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 value of $401,765.76.
• On Tuesday, August 20th, Steve Ladd Huffman sold 14,000 shares of Reddit stock. The stock was sold at an average price of $53.98, for a total value of $755,720.00.

Reddit Trading Up 13.0 %

Shares of Reddit stock traded up $14.14 on Tuesday, hitting $123.17. 10,811,491 shares of the company traded hands, compared to its average volume of 4,855,021. The company has a 50-day moving average price of $72.42 and a 200 day moving average price of $63.48. Reddit, Inc. has a 12-month low of $37.35 and a 12-month high of $123.60.

Reddit (NYSE:RDDT) last released its quarterly earnings data on Tuesday, October 29th. The company reported $0.16 earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.07) by $0.23. Reddit had a negative net margin of 47.83% and a negative return on equity of 40.54%. The business had revenue of $348.40 million during the quarter, compared to analyst estimates of $313.61 million. The business’s revenue was up 67.9% on a year-over-year basis. As a group, sell-side analysts forecast that Reddit, Inc. will post -4.05 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

Several research firms have issued reports on RDDT. B. Riley restated a “buy” rating and issued a $112.00 price target (up previously from $87.00) on shares of Reddit in a research report on Wednesday, October 30th. JPMorgan Chase & Co. lifted their price target on shares of Reddit from $59.00 to $77.00 and gave the stock a “neutral” rating in a research report on Monday, October 7th. Morgan Stanley lifted their price target on shares of Reddit from $63.00 to $70.00 and gave the stock an “equal weight” rating in a research report on Tuesday, July 23rd. Sanford C. Bernstein lifted their price target on shares of Reddit from $65.00 to $85.00 and gave the stock an “underperform” rating in a research report on Wednesday, October 30th. Finally, JMP Securities lifted their price target on shares of Reddit from $84.00 to $118.00 and gave the stock a “market outperform” rating in a research report on Wednesday, October 30th. One investment analyst has rated the stock with a sell rating, six have issued a hold rating, eleven have assigned a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, Reddit currently has an average rating of “Moderate Buy” and a consensus price target of $89.72.

Institutional Investors Weigh In On Reddit

Several institutional investors and hedge funds have recently modified their holdings of the business. Victory Capital Management Inc. lifted its stake in shares of Reddit by 903.8% in the 3rd quarter. Victory Capital Management Inc. now owns 504,116 shares of the company’s stock valued at $33,231,000 after purchasing an additional 453,894 shares during the last quarter. Sumitomo Mitsui Trust Group Inc. lifted its position in Reddit by 64.9% during the 3rd quarter. Sumitomo Mitsui Trust Group Inc. now owns 512,871 shares of the company’s stock worth $33,808,000 after acquiring an additional 201,776 shares during the last quarter. Entropy Technologies LP acquired a new position in Reddit during the 3rd quarter worth $231,000. Chartwell Investment Partners LLC lifted its position in Reddit by 80.8% during the 3rd quarter. Chartwell Investment Partners LLC now owns 22,544 shares of the company’s stock worth $1,486,000 after acquiring an additional 10,072 shares during the last quarter. Finally, Long Walk Management LP lifted its position in Reddit by 28.3% during the 3rd quarter. Long Walk Management LP now owns 715,000 shares of the company’s stock worth $47,133,000 after acquiring an additional 157,500 shares during the last quarter.

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.