Reddit (NYSE:RDDT) CEO Sells $3,208,680.00 in Stock

by · The Cerbat Gem

Reddit Inc. (NYSE:RDDT – Get Free Report) CEO Steve Ladd Huffman sold 18,000 shares of the business’s stock in a transaction that occurred on Monday, June 15th. The shares were sold at an average price of $178.26, for a total transaction of $3,208,680.00. Following the completion of the sale, the chief executive officer directly owned 373,814 shares in the company, valued at $66,636,083.64. This trade represents a 4.59% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

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

  • On Friday, May 29th, Steve Ladd Huffman sold 18,000 shares of Reddit stock. The shares were sold at an average price of $174.13, for a total value of $3,134,340.00.
  • On Friday, May 15th, Steve Ladd Huffman sold 18,000 shares of Reddit stock. The shares were sold at an average price of $157.15, for a total value of $2,828,700.00.
  • On Tuesday, May 5th, Steve Ladd Huffman sold 18,000 shares of Reddit stock. The shares were sold at an average price of $171.80, for a total value of $3,092,400.00.
  • On Wednesday, April 15th, Steve Ladd Huffman sold 18,000 shares of Reddit stock. The shares were sold at an average price of $158.40, for a total value of $2,851,200.00.
  • On Tuesday, March 31st, Steve Ladd Huffman sold 18,000 shares of Reddit stock. The shares were sold at an average price of $132.77, for a total value of $2,389,860.00.

Reddit Price Performance

Shares of RDDT stock traded down $9.41 on Wednesday, hitting $165.98. The stock had a trading volume of 4,298,132 shares, compared to its average volume of 5,281,309. The firm has a market capitalization of $31.95 billion, a P/E ratio of 47.42 and a beta of 1.91. Reddit Inc. has a 1 year low of $119.27 and a 1 year high of $282.95. The company’s 50 day moving average price is $159.09 and its 200-day moving average price is $176.27.

Reddit (NYSE:RDDT – Get Free Report) last issued its quarterly earnings results on Thursday, April 30th. The company reported $1.01 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.62 by $0.39. The company had revenue of $663.41 million for the quarter, compared to analyst estimates of $607.74 million. Reddit had a net margin of 28.60% and a return on equity of 25.48%. The business’s revenue for the quarter was up 69.1% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.13 earnings per share. On average, equities analysts forecast that Reddit Inc. will post 4.83 EPS for the current year.

Analysts Set New Price Targets

RDDT has been the topic of a number of recent research reports. Citigroup restated a “market outperform” rating on shares of Reddit in a research note on Tuesday, May 26th. The Goldman Sachs Group restated a “neutral” rating and set a $200.00 target price on shares of Reddit in a research note on Friday, May 1st. Truist Financial set a $265.00 price objective on shares of Reddit in a research report on Friday, May 1st. Raymond James Financial set a $180.00 price objective on shares of Reddit and gave the company a “market perform” rating in a research report on Friday, May 1st. Finally, Bank of America dropped their price objective on shares of Reddit from $205.00 to $175.00 and set a “neutral” rating on the stock in a research report on Thursday, April 2nd. Eighteen investment analysts have rated the stock with a Buy rating and twelve have issued a Hold rating to the company’s stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $230.75.

Get Our Latest Stock Analysis on RDDT

Institutional Investors Weigh In On Reddit

A number of institutional investors and hedge funds have recently bought and sold shares of the stock. Vanguard Group Inc. increased its position in shares of Reddit by 8.9% during the fourth quarter. Vanguard Group Inc. now owns 13,322,048 shares of the company’s stock worth $3,062,339,000 after purchasing an additional 1,083,540 shares in the last quarter. Capital World Investors acquired a new stake in shares of Reddit in the 4th quarter valued at about $1,293,258,000. State Street Corp boosted its holdings in shares of Reddit by 6.0% in the fourth quarter. State Street Corp now owns 2,631,332 shares of the company’s stock valued at $604,864,000 after acquiring an additional 149,401 shares during the period. Geode Capital Management LLC raised its position in Reddit by 4.7% in the 4th quarter. Geode Capital Management LLC now owns 2,382,712 shares of the company’s stock valued at $546,789,000 after purchasing an additional 106,821 shares during the last quarter. Finally, Morgan Stanley raised its position in Reddit by 11.4% in the 4th quarter. Morgan Stanley now owns 2,372,443 shares of the company’s stock valued at $545,354,000 after purchasing an additional 242,709 shares during the last quarter.

Reddit Company Profile

(Get Free Report)

Reddit is an online social news aggregation, discussion and content-sharing platform organized around user-created communities called “subreddits,” each focused on a particular topic or interest. Registered users submit links, text posts, images and video, and community members vote and comment to surface popular content. The site is accessed via its web platform and mobile apps for iOS and Android, and it supports live events such as Ask Me Anything (AMA) sessions and community-driven discussions.

Founded in 2005 by Steve Huffman and Alexis Ohanian, Reddit is headquartered in San Francisco and serves a global audience with particularly large user bases in the United States and other English-speaking markets.

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