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

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 transaction of $15,844,602.88. Following the completion of the transaction, the chief executive officer now directly owns 583,515 shares in the company, valued at $74,316,470.40. This represents a 17.57 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through 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 transaction of $2,244,200.00.
• On Tuesday, February 18th, Steve Ladd Huffman sold 14,000 shares of Reddit stock. The shares were 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 shares were 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 Performance

NYSE RDDT opened at $110.02 on Wednesday. Reddit, Inc. has a twelve month low of $37.35 and a twelve month high of $230.41. The stock has a market cap of $19.90 billion and a price-to-earnings ratio of -14.23. The firm’s 50 day moving average price is $174.74 and its two-hundred day moving average price is $134.59.

Reddit (NYSE:RDDT) last posted its quarterly earnings data on Wednesday, February 12th. The company reported $0.36 earnings per share for the quarter, topping the consensus estimate of $0.24 by $0.12. Reddit had a negative net margin of 37.25% and a negative return on equity of 24.71%. On average, research analysts forecast that Reddit, Inc. will post 1.12 EPS for the current fiscal year.

Hedge Funds Weigh In On Reddit

Several institutional investors and hedge funds have recently modified their holdings of RDDT. Plato Investment Management Ltd purchased a new position in shares of Reddit during the 4th quarter valued at $27,000. EverSource Wealth Advisors LLC purchased a new position in shares of Reddit during the 4th quarter valued at $28,000. Ridgewood Investments LLC grew its holdings in shares of Reddit by 100.0% during the 4th quarter. Ridgewood Investments LLC now owns 200 shares of the company’s stock valued at $33,000 after acquiring an additional 100 shares in the last quarter. Farmers & Merchants Investments Inc. purchased a new position in shares of Reddit during the 4th quarter valued at $33,000. Finally, Bogart Wealth LLC purchased a new position in shares of Reddit during the 4th quarter valued at $33,000.

Wall Street Analyst Weigh In

RDDT has been the topic of a number of recent analyst reports. B. Riley lifted their price target on Reddit from $112.00 to $187.00 and gave the company a “buy” rating in a report on Tuesday, January 14th. Guggenheim initiated coverage on Reddit in a report on Friday, December 20th. They set a “buy” rating and a $210.00 target price on the stock. Roth Capital cut Reddit from a “strong-buy” rating to a “hold” rating in a report on Wednesday, January 22nd. Jefferies Financial Group boosted their target price on Reddit from $120.00 to $175.00 and gave the stock a “buy” rating in a report on Monday, November 25th. Finally, Raymond James dropped their target price on Reddit from $250.00 to $200.00 and set a “strong-buy” rating on the stock in a report on Wednesday, March 12th. Two analysts have rated the stock with a sell rating, nine have given a hold rating, eleven have assigned a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, Reddit currently has an average rating of “Hold” and a consensus 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.