Steve Ladd Huffman Sells 14,000 Shares of Reddit, Inc. (NYSE:RDDT) Stock

Reddit, Inc. (NYSE:RDDT) CEO Steve Ladd Huffman sold 14,000 shares of the business’s stock in a transaction dated Friday, November 15th. The shares were sold at an average price of $125.98, for a total value of $1,763,720.00. Following the completion of the sale, the chief executive officer now directly owns 651,775 shares of the company’s stock, valued at approximately $82,110,614.50. This trade represents a 2.10 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website.

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

• 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.
• On Tuesday, October 15th, Steve Ladd Huffman sold 14,000 shares of Reddit stock. The shares were sold at an average price of $75.43, for a total value of $1,056,020.00.
• On Monday, September 30th, Steve Ladd Huffman sold 14,000 shares of Reddit stock. The stock was sold at an average price of $66.20, for a total transaction of $926,800.00.
• On Monday, September 16th, Steve Ladd Huffman sold 14,000 shares of Reddit stock. The stock was sold at an average price of $59.19, for a total transaction of $828,660.00.
• On Friday, August 30th, Steve Ladd Huffman sold 6,714 shares of Reddit stock. The stock was sold at an average price of $59.84, for a total transaction of $401,765.76.

Reddit Trading Up 6.0 %

NYSE:RDDT traded up $7.72 during mid-day trading on Tuesday, hitting $137.14. 6,883,600 shares of the company’s stock were exchanged, compared to its average volume of 4,881,026. The business has a fifty day moving average price of $86.83 and a 200 day moving average price of $69.49. Reddit, Inc. has a one year low of $37.35 and a one year high of $139.04.

Reddit (NYSE:RDDT) last posted its quarterly earnings data 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. The company had revenue of $348.40 million during the quarter, compared to analyst estimates of $313.61 million. Reddit had a negative return on equity of 40.54% and a negative net margin of 47.83%. The business’s revenue for the quarter was up 67.9% on a year-over-year basis. As a group, analysts forecast that Reddit, Inc. will post -3.63 EPS for the current fiscal year.

Analysts Set New Price Targets

A number of research firms have recently weighed in on RDDT. Morgan Stanley increased their target price on shares of Reddit from $63.00 to $70.00 and gave the stock an “equal weight” rating in a report on Tuesday, July 23rd. Cannonball Research assumed coverage on Reddit in a report on Tuesday, August 6th. They issued a “buy” rating and a $67.00 price objective for the company. JPMorgan Chase & Co. lifted their price objective on Reddit from $59.00 to $77.00 and gave the stock a “neutral” rating in a research report on Monday, October 7th. Roth Mkm upped their target price on Reddit from $89.00 to $116.00 and gave the company a “buy” rating in a report on Wednesday, October 30th. Finally, The Goldman Sachs Group lifted their price target on shares of Reddit from $60.00 to $68.00 and gave the company a “neutral” rating in a report on Monday, October 14th. One research analyst has rated the stock with a sell rating, six have given a hold rating, eleven have assigned a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $91.67.

Hedge Funds Weigh In On Reddit

Large investors have recently modified their holdings of the stock. BNP Paribas Financial Markets bought a new stake in Reddit during the 1st quarter valued at about $37,000. SG Americas Securities LLC purchased a new position in Reddit in the 1st quarter worth approximately $265,000. Vanguard Group Inc. purchased a new position in Reddit in the 1st quarter worth approximately $82,167,000. Healthcare of Ontario Pension Plan Trust Fund bought a new position in Reddit in the 1st quarter valued at approximately $9,864,000. Finally, Price T Rowe Associates Inc. MD purchased a new stake in Reddit during the 1st quarter valued at $37,015,000.

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.