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 company’s stock in a transaction on Wednesday, January 15th. The stock was sold at an average price of $172.79, for a total value of $2,419,060.00. Following the sale, the chief executive officer now owns 614,394 shares of the company’s stock, valued at approximately $106,161,139.26. This represents a 2.23 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink.

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

• On Tuesday, December 31st, Steve Ladd Huffman sold 14,000 shares of Reddit stock. The stock was sold at an average price of $165.33, for a total transaction of $2,314,620.00.
• 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 value of $1,985,060.00.
• On Friday, November 15th, Steve Ladd Huffman sold 14,000 shares of Reddit stock. The stock was 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.

Reddit Price Performance

Shares of NYSE:RDDT opened at $175.57 on Friday. Reddit, Inc. has a 12-month low of $37.35 and a 12-month high of $187.69. The business has a 50-day moving average price of $157.24 and a 200 day moving average price of $99.68.

Reddit (NYSE:RDDT) last announced its quarterly earnings results on Tuesday, October 29th. The company reported $0.16 earnings per share for the quarter, beating analysts’ consensus estimates 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 analysts’ expectations of $313.61 million. Reddit’s quarterly revenue was up 67.9% on a year-over-year basis. Equities analysts predict that Reddit, Inc. will post -3.46 earnings per share for the current fiscal year.

Institutional Trading of Reddit

A number of institutional investors and hedge funds have recently added to or reduced their stakes in RDDT. ARK Investment Management LLC boosted its position in shares of Reddit by 120.5% during the third quarter. ARK Investment Management LLC now owns 352,721 shares of the company’s stock worth $23,251,000 after buying an additional 192,785 shares during the period. Wellington Management Group LLP boosted its holdings in Reddit by 3,640.5% during the 3rd quarter. Wellington Management Group LLP now owns 255,325 shares of the company’s stock valued at $16,831,000 after acquiring an additional 248,499 shares during the period. Victory Capital Management Inc. grew its position in 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 acquiring an additional 453,894 shares in the last quarter. Geode Capital Management LLC increased its stake in Reddit by 176.0% during the third quarter. Geode Capital Management LLC now owns 824,200 shares of the company’s stock worth $54,355,000 after purchasing an additional 525,619 shares during the period. Finally, Mission Creek Capital Partners Inc. acquired a new stake in shares of Reddit during the third quarter worth about $7,490,000.

Wall Street Analyst Weigh In

A number of analysts recently commented on the stock. Bank of America lifted their target price on shares of Reddit from $99.00 to $180.00 and gave the stock a “neutral” rating in a research note on Wednesday, January 8th. Robert W. Baird lifted their price objective on shares of Reddit from $100.00 to $160.00 and gave the stock a “neutral” rating in a research note on Wednesday, December 11th. B. Riley upped their target price on Reddit from $112.00 to $187.00 and gave the company a “buy” rating in a research report on Tuesday. JPMorgan Chase & Co. lifted their price target on Reddit from $59.00 to $77.00 and gave the stock a “neutral” rating in a research report on Monday, October 7th. Finally, Roth Mkm raised their price objective on Reddit from $89.00 to $116.00 and gave the stock a “buy” rating in a research note on Wednesday, October 30th. One investment analyst has rated the stock with a sell rating, five have given a hold rating, fourteen have given a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $148.25.

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.