Insider Selling: Reddit, Inc. (NYSE:RDDT) CEO Sells 14,000 Shares of Stock

Reddit, Inc. (NYSE:RDDT) CEO Steve Ladd Huffman sold 14,000 shares of the business’s stock in a transaction that occurred on Monday, December 16th. The stock was sold at an average price of $176.20, for a total transaction of $2,466,800.00. Following the sale, the chief executive officer now directly owns 620,971 shares in the company, valued at $109,415,090.20. The trade was a 2.20 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website.

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

• On Friday, November 29th, Steve Ladd Huffman sold 14,000 shares of Reddit stock. The stock was sold at an average price of $141.79, for a total transaction of $1,985,060.00.
• On Friday, November 15th, Steve Ladd Huffman sold 14,000 shares of Reddit stock. The stock was sold at an average price of $125.98, for a total value of $1,763,720.00.
• On Friday, November 1st, Steve Ladd Huffman sold 14,000 shares of Reddit stock. The shares were 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.

Reddit Price Performance

Reddit stock traded down $8.14 during trading on Wednesday, hitting $160.65. The stock had a trading volume of 7,759,958 shares, compared to its average volume of 5,183,557. The stock’s 50 day moving average is $123.90 and its two-hundred day moving average is $83.78. Reddit, Inc. has a 1 year low of $37.35 and a 1 year high of $180.74.

Reddit (NYSE:RDDT) last announced its quarterly earnings data on Tuesday, October 29th. The company reported $0.16 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.07) by $0.23. The business had revenue of $348.40 million for the quarter, compared to analysts’ expectations of $313.61 million. Reddit had a negative return on equity of 40.54% and a negative net margin of 47.83%. Reddit’s quarterly revenue was up 67.9% compared to the same quarter last year. Sell-side analysts forecast that Reddit, Inc. will post -3.46 EPS for the current year.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of the business. FMR LLC grew its position in shares of Reddit by 302.8% in the third quarter. FMR LLC now owns 12,157,591 shares of the company’s stock valued at $801,428,000 after purchasing an additional 9,139,196 shares in the last quarter. VY Capital Management Co. Ltd. bought a new stake in Reddit during the 3rd quarter worth approximately $474,403,000. Point72 Asset Management L.P. boosted its holdings in Reddit by 3,172.0% in the 3rd quarter. Point72 Asset Management L.P. now owns 2,296,068 shares of the company’s stock valued at $151,357,000 after purchasing an additional 2,225,895 shares during the period. Holocene Advisors LP grew its position in shares of Reddit by 177.6% during the 3rd quarter. Holocene Advisors LP now owns 3,005,977 shares of the company’s stock valued at $198,154,000 after purchasing an additional 1,923,109 shares in the last quarter. Finally, Lord Abbett & CO. LLC boosted its stake in Reddit by 1,519.4% during the third quarter. Lord Abbett & CO. LLC now owns 1,650,362 shares of the company’s stock valued at $108,792,000 after buying an additional 1,548,450 shares during the period.

Wall Street Analyst Weigh In

RDDT has been the subject of several recent analyst reports. JPMorgan Chase & Co. raised their target price on Reddit from $59.00 to $77.00 and gave the stock a “neutral” rating in a research note on Monday, October 7th. Piper Sandler reissued an “overweight” rating and set a $150.00 target price (up from $115.00) on shares of Reddit in a research note on Tuesday, November 19th. The Goldman Sachs Group upped their price objective on shares of Reddit from $60.00 to $68.00 and gave the company a “neutral” rating in a report on Monday, October 14th. Morgan Stanley raised Reddit from an “equal weight” rating to an “overweight” rating and boosted their target price for the company from $70.00 to $200.00 in a research report on Monday, December 9th. Finally, Needham & Company LLC boosted their price objective on Reddit from $120.00 to $190.00 and gave the company a “buy” rating in a report on Wednesday, December 11th. One analyst has rated the stock with a sell rating, five have assigned a hold rating, thirteen have given a buy rating and one has issued a strong buy 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 $124.42.

Reddit Company Profile

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.