Reddit (NYSE:RDDT) CEO Sells $2,664,360.00 in Stock

Reddit Inc. (NYSE:RDDT) CEO Steve Ladd Huffman sold 18,000 shares of the business’s stock in a transaction dated Monday, August 31st. The shares were sold at an average price of $148.02, for a total value of $2,664,360.00. Following the completion of the sale, the chief executive officer directly owned 336,432 shares of the company’s stock, valued at approximately $49,798,664.64. This trade represents a 5.08% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

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

• On Friday, August 14th, Steve Ladd Huffman sold 18,000 shares of Reddit stock. The stock was sold at an average price of $178.16, for a total value of $3,206,880.00.
• On Tuesday, August 4th, Steve Ladd Huffman sold 18,000 shares of Reddit stock. The stock was sold at an average price of $159.78, for a total value of $2,876,040.00.
• On Tuesday, June 30th, Steve Ladd Huffman sold 18,000 shares of Reddit stock. The shares were sold at an average price of $173.13, for a total transaction of $3,116,340.00.
• On Monday, June 15th, Steve Ladd Huffman sold 18,000 shares of Reddit stock. The stock was sold at an average price of $178.26, for a total transaction of $3,208,680.00.

Reddit Trading Up 9.3%

Shares of RDDT stock traded up $13.41 during mid-day trading on Wednesday, reaching $158.05. The stock had a trading volume of 6,228,038 shares, compared to its average volume of 5,513,509. The stock’s 50-day moving average price is $170.88 and its two-hundred day moving average price is $158.72. Reddit Inc. has a 52-week low of $119.27 and a 52-week high of $282.95. The firm has a market capitalization of $30.41 billion, a PE ratio of 36.76, a price-to-earnings-growth ratio of 0.49 and a beta of 2.02.

Reddit (NYSE:RDDT) last posted its earnings results on Thursday, July 30th. The company reported $1.25 earnings per share for the quarter, topping analysts’ consensus estimates of $0.95 by $0.30. The company had revenue of $804.91 million during the quarter, compared to analyst estimates of $731.00 million. Reddit had a net margin of 31.35% and a return on equity of 29.02%. Reddit’s revenue for the quarter was up 61.0% on a year-over-year basis. During the same period in the prior year, the business posted $0.45 earnings per share. On average, equities research analysts forecast that Reddit Inc. will post 5.27 earnings per share for the current year.

Analyst Ratings Changes

A number of equities research analysts have recently weighed in on RDDT shares. Wall Street Zen lowered Reddit from a “buy” rating to a “hold” rating in a research report on Sunday, August 9th. Deutsche Bank Aktiengesellschaft set a $200.00 price target on Reddit in a research note on Friday, July 31st. Roth Capital reiterated a “neutral” rating and issued a $145.00 price target on shares of Reddit in a report on Monday, August 3rd. Oppenheimer reduced their price objective on shares of Reddit from $225.00 to $200.00 and set an “outperform” rating on the stock in a research report on Friday, July 31st. Finally, Weiss Ratings restated a “hold (c)” rating on shares of Reddit in a report on Wednesday, August 5th. Two investment analysts have rated the stock with a Strong Buy rating, eighteen have given a Buy rating and eleven have assigned a Hold rating to the company. According to MarketBeat, Reddit has a consensus rating of “Moderate Buy” and an average target price of $221.10.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently made changes to their positions in the company. Truist Financial Corp raised its holdings in Reddit by 67.7% in the fourth quarter. Truist Financial Corp now owns 15,659 shares of the company’s stock worth $3,600,000 after purchasing an additional 6,321 shares in the last quarter. Swiss Life Asset Management Ltd boosted its holdings in shares of Reddit by 63.2% during the 4th quarter. Swiss Life Asset Management Ltd now owns 32,003 shares of the company’s stock valued at $7,357,000 after buying an additional 12,398 shares in the last quarter. Wellington Management Group LLP boosted its holdings in shares of Reddit by 21.8% during the 2nd quarter. Wellington Management Group LLP now owns 1,564,535 shares of the company’s stock valued at $271,572,000 after buying an additional 280,030 shares in the last quarter. Handelsbanken Fonder AB grew its position in shares of Reddit by 22.9% in the 4th quarter. Handelsbanken Fonder AB now owns 37,000 shares of the company’s stock worth $8,505,000 after buying an additional 6,900 shares during the period. Finally, Berkshire Capital Holdings Inc. increased its stake in shares of Reddit by 326,400.0% in the 4th quarter. Berkshire Capital Holdings Inc. now owns 32,650 shares of the company’s stock worth $7,505,000 after acquiring an additional 32,640 shares in the last quarter.

Reddit Company Profile

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.