Insider Selling: Reddit (NYSE:RDDT) CEO Sells 18,000 Shares of Stock
by Sarita Garza · The Markets DailyReddit Inc. (NYSE:RDDT – Get Free Report) CEO Steve Ladd Huffman sold 18,000 shares of the stock in a transaction dated Friday, March 13th. The stock was sold at an average price of $132.86, for a total transaction of $2,391,480.00. Following the sale, the chief executive officer owned 411,195 shares in the company, valued at $54,631,367.70. The trade was a 4.19% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website.
Steve Ladd Huffman also recently made the following trade(s):
- On Friday, February 27th, Steve Ladd Huffman sold 18,000 shares of Reddit stock. The stock was sold at an average price of $145.12, for a total transaction of $2,612,160.00.
- On Friday, February 13th, Steve Ladd Huffman sold 18,000 shares of Reddit stock. The stock was sold at an average price of $138.81, for a total transaction of $2,498,580.00.
- On Friday, January 30th, Steve Ladd Huffman sold 18,000 shares of Reddit stock. The shares were sold at an average price of $183.18, for a total transaction of $3,297,240.00.
- On Thursday, January 15th, Steve Ladd Huffman sold 18,000 shares of Reddit stock. The shares were sold at an average price of $232.78, for a total transaction of $4,190,040.00.
- On Wednesday, December 31st, Steve Ladd Huffman sold 18,000 shares of Reddit stock. The stock was sold at an average price of $230.76, for a total value of $4,153,680.00.
Reddit Stock Up 2.9%
Shares of RDDT stock traded up $4.00 during trading hours on Tuesday, reaching $144.00. The company’s stock had a trading volume of 6,401,086 shares, compared to its average volume of 5,016,356. Reddit Inc. has a fifty-two week low of $79.75 and a fifty-two week high of $282.95. The firm’s 50 day simple moving average is $175.52 and its 200-day simple moving average is $204.27. The company has a market capitalization of $27.51 billion, a price-to-earnings ratio of 53.44, a PEG ratio of 1.02 and a beta of 2.40.
Reddit (NYSE:RDDT – Get Free Report) last posted its quarterly earnings results on Thursday, February 5th. The company reported $1.24 EPS for the quarter, topping analysts’ consensus estimates of $0.96 by $0.28. Reddit had a return on equity of 20.89% and a net margin of 24.05%.The company had revenue of $725.61 million during the quarter, compared to analysts’ expectations of $665.80 million. During the same quarter in the previous year, the firm earned $0.36 EPS. Reddit’s revenue was up 69.7% on a year-over-year basis. Sell-side analysts predict that Reddit Inc. will post 1.12 earnings per share for the current year.
Wall Street Analyst Weigh In
A number of research firms have recently weighed in on RDDT. Oppenheimer reduced their price target on shares of Reddit from $300.00 to $250.00 and set an “outperform” rating on the stock in a research note on Friday, February 6th. China Renaissance initiated coverage on shares of Reddit in a research report on Tuesday, December 9th. They set a “buy” rating and a $300.00 price objective for the company. Truist Financial raised their target price on shares of Reddit from $270.00 to $275.00 and gave the company a “buy” rating in a research report on Friday, February 6th. Guggenheim boosted their target price on shares of Reddit from $245.00 to $255.00 and gave the stock a “buy” rating in a research note on Friday, February 6th. Finally, The Goldman Sachs Group lowered their price target on shares of Reddit from $236.00 to $206.00 and set a “neutral” rating for the company in a report on Friday, February 6th. One equities research analyst has rated the stock with a Strong Buy rating, seventeen have issued a Buy rating and eleven have given a Hold rating to the company. According to MarketBeat.com, Reddit has a consensus rating of “Moderate Buy” and a consensus price target of $242.19.
Check Out Our Latest Report on Reddit
Hedge Funds Weigh In On Reddit
Several institutional investors and hedge funds have recently added to or reduced their stakes in RDDT. Resona Asset Management Co. Ltd. raised its position in shares of Reddit by 53.2% during the third quarter. Resona Asset Management Co. Ltd. now owns 30,944 shares of the company’s stock worth $7,166,000 after acquiring an additional 10,743 shares during the last quarter. Vanguard Group Inc. boosted its holdings in Reddit by 12.9% in the third quarter. Vanguard Group Inc. now owns 12,238,508 shares of the company’s stock valued at $2,814,734,000 after acquiring an additional 1,401,293 shares during the last quarter. Optimize Financial Inc acquired a new stake in Reddit during the 3rd quarter valued at approximately $1,420,000. WT Asset Management Ltd acquired a new stake in Reddit during the 3rd quarter valued at approximately $92,973,000. Finally, Wealth Enhancement Advisory Services LLC raised its holdings in Reddit by 95.4% during the 3rd quarter. Wealth Enhancement Advisory Services LLC now owns 16,139 shares of the company’s stock worth $3,712,000 after purchasing an additional 7,881 shares during the last quarter.
About Reddit
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.