Reddit (NYSE:RDDT) CEO Sells 17,308 Shares of Stock

by · The Markets Daily

Reddit Inc. (NYSE:RDDT – Get Free Report) CEO Steve Huffman sold 17,308 shares of the company’s stock in a transaction dated Tuesday, September 29th. The stock was sold at an average price of $144.87, for a total transaction of $2,507,409.96. Following the completion of the sale, the chief executive officer directly owned 336,432 shares in the company, valued at $48,738,903.84. This represents a 4.89% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at 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 Tuesday, September 15th, Steve Huffman sold 17,308 shares of Reddit stock. The stock was sold at an average price of $160.11, for a total transaction of $2,771,183.88.
  • On Monday, August 31st, Steve Huffman sold 18,000 shares of Reddit stock. The shares were sold at an average price of $148.02, for a total transaction of $2,664,360.00.
  • On Friday, August 14th, Steve Huffman sold 18,000 shares of Reddit stock. The stock was sold at an average price of $178.16, for a total transaction of $3,206,880.00.
  • On Tuesday, August 4th, Steve Huffman sold 18,000 shares of Reddit stock. The stock was sold at an average price of $159.78, for a total transaction of $2,876,040.00.

Reddit Stock Up 4.9%

Shares of NYSE RDDT traded up $7.04 on Thursday, reaching $149.48. 4,101,327 shares of the company’s stock traded hands, compared to its average volume of 5,441,375. The business’s 50 day simple moving average is $156.85 and its two-hundred day simple moving average is $160.12. Reddit Inc. has a 12 month low of $119.27 and a 12 month high of $263.50. The company has a market cap of $28.76 billion, a price-to-earnings ratio of 34.76, a price-to-earnings-growth ratio of 0.67 and a beta of 2.02.

Reddit (NYSE:RDDT – Get Free Report) last issued its quarterly earnings results on Thursday, July 30th. The company reported $1.25 EPS for the quarter, topping analysts’ consensus estimates of $0.95 by $0.30. The firm had revenue of $804.91 million for the quarter, compared to analysts’ expectations of $731.00 million. Reddit had a return on equity of 29.02% and a net margin of 31.35%.The business’s revenue for the quarter was up 61.0% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.45 EPS. Analysts forecast that Reddit Inc. will post 5.27 earnings per share for the current fiscal year.

Analysts Set New Price Targets

Several equities research analysts have commented on RDDT shares. Truist Financial boosted their target price on Reddit from $265.00 to $275.00 and gave the stock a “buy” rating in a report on Friday, July 31st. Wedbush lowered their price target on Reddit from $250.00 to $221.00 and set an “outperform” rating for the company in a research report on Friday, July 31st. Jefferies Financial Group set a $250.00 price target on shares of Reddit in a research note on Friday, July 10th. KeyCorp initiated coverage on shares of Reddit in a research report on Wednesday, July 29th. They set an “overweight” rating and a $225.00 price objective on the stock. Finally, Oppenheimer reduced their price objective on shares of Reddit from $225.00 to $200.00 and set an “outperform” rating for the company in a research note on Friday, July 31st. Two research analysts have rated the stock with a Strong Buy rating, seventeen have assigned a Buy rating and ten have issued a Hold rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $219.29.

Read Our Latest Report on RDDT

Institutional Trading of Reddit

A number of institutional investors and hedge funds have recently modified their holdings of RDDT. Capital World Investors purchased a new stake in shares of Reddit during the fourth quarter valued at $1,293,258,000. State Street Corp increased its holdings in Reddit by 8.7% in the 2nd quarter. State Street Corp now owns 2,979,587 shares of the company’s stock worth $517,197,000 after buying an additional 237,523 shares in the last quarter. Wellington Management Group LLP raised its position in Reddit by 21.8% in the 2nd quarter. Wellington Management Group LLP now owns 1,564,535 shares of the company’s stock worth $271,572,000 after buying an additional 280,030 shares during the last quarter. Lord Abbett & CO. LLC raised its position in Reddit by 30.3% in the 4th quarter. Lord Abbett & CO. LLC now owns 1,263,529 shares of the company’s stock worth $290,447,000 after buying an additional 293,743 shares during the last quarter. Finally, DSM Capital Partners LLC lifted its stake in Reddit by 5.3% during the 1st quarter. DSM Capital Partners LLC now owns 848,206 shares of the company’s stock valued at $114,211,000 after acquiring an additional 42,808 shares during the period.

Reddit Company Profile

(Get Free Report)

Reddit, Inc operates a global online platform where users participate in communities organized around shared interests, topics and experiences. Registered users can submit posts, images, videos and links, while other users can comment, vote on content and engage in discussions. The platform comprises thousands of independently moderated communities, commonly known as subreddits.

Reddit generates revenue primarily through digital advertising and other commercial offerings for businesses.

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