Reddit, Inc. (NYSE:RDDT) CEO Steve Ladd Huffman Sells 124,408 Shares of Stock

Reddit, Inc. (NYSE:RDDT) CEO Steve Ladd Huffman sold 124,408 shares of the business’s stock in a transaction dated Tuesday, April 15th. The stock was sold at an average price of $96.65, for a total value of $12,024,033.20. Following the completion of the transaction, the chief executive officer now directly owns 577,013 shares of the company’s stock, valued at approximately $55,768,306.45. This trade represents a 17.74 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink.

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

• On Monday, March 31st, Steve Ladd Huffman sold 14,000 shares of Reddit stock. The shares were sold at an average price of $103.28, for a total transaction of $1,445,920.00.
• On Friday, March 14th, Steve Ladd Huffman sold 124,408 shares of Reddit stock. The stock was sold at an average price of $127.36, for a total transaction of $15,844,602.88.
• On Friday, February 28th, Steve Ladd Huffman sold 14,000 shares of Reddit stock. The shares were sold at an average price of $160.30, for a total transaction of $2,244,200.00.
• On Tuesday, February 18th, Steve Ladd Huffman sold 14,000 shares of Reddit stock. The stock was sold at an average price of $187.78, for a total value of $2,628,920.00.
• On Friday, January 31st, Steve Ladd Huffman sold 14,000 shares of Reddit stock. The shares were sold at an average price of $201.96, for a total value of $2,827,440.00.

Reddit Price Performance

Shares of RDDT opened at $96.04 on Friday. The business’s 50 day simple moving average is $133.84 and its 200-day simple moving average is $140.17. Reddit, Inc. has a 1 year low of $37.35 and a 1 year high of $230.41. The stock has a market capitalization of $17.37 billion and a price-to-earnings ratio of -12.42.

Reddit (NYSE:RDDT) last released its quarterly earnings data on Wednesday, February 12th. The company reported $0.36 EPS for the quarter, beating the consensus estimate of $0.24 by $0.12. Reddit had a negative net margin of 37.25% and a negative return on equity of 24.71%. On average, sell-side analysts expect that Reddit, Inc. will post 1.12 earnings per share for the current year.

Institutional Investors Weigh In On Reddit

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Plato Investment Management Ltd purchased a new position in shares of Reddit in the 4th quarter worth approximately $27,000. EverSource Wealth Advisors LLC purchased a new stake in Reddit during the 4th quarter valued at $28,000. Ridgewood Investments LLC lifted its position in Reddit by 100.0% in the fourth quarter. Ridgewood Investments LLC now owns 200 shares of the company’s stock worth $33,000 after buying an additional 100 shares during the last quarter. Farmers & Merchants Investments Inc. purchased a new position in Reddit during the fourth quarter worth $33,000. Finally, Bogart Wealth LLC bought a new position in Reddit during the fourth quarter valued at $33,000.

Analysts Set New Price Targets

RDDT has been the subject of several research reports. Citigroup reduced their price target on shares of Reddit from $220.00 to $150.00 and set a “buy” rating for the company in a research report on Monday. Redburn Atlantic started coverage on shares of Reddit in a research report on Monday, March 17th. They issued a “sell” rating and a $75.00 price target on the stock. Piper Sandler cut their price objective on shares of Reddit from $220.00 to $140.00 and set an “overweight” rating for the company in a research report on Thursday, April 10th. Oppenheimer began coverage on Reddit in a report on Wednesday. They issued an “outperform” rating and a $125.00 target price on the stock. Finally, Guggenheim cut their price target on Reddit from $210.00 to $170.00 and set a “buy” rating for the company in a report on Thursday, March 20th. Two analysts have rated the stock with a sell rating, seven have given a hold rating, fourteen have given a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $142.22.

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.