Reddit (NYSE:RDDT) CEO Sells $4,190,040.00 in Stock

Reddit Inc. (NYSE:RDDT) CEO Steve Ladd Huffman sold 18,000 shares of the business’s stock in a transaction on Thursday, January 15th. The stock was sold at an average price of $232.78, for a total value of $4,190,040.00. Following the completion of the sale, the chief executive officer directly owned 448,576 shares in the company, valued at $104,419,521.28. This trade represents a 3.86% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website.

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

• On Wednesday, December 31st, Steve Ladd Huffman sold 18,000 shares of Reddit stock. The stock was sold at an average price of $230.76, for a total transaction of $4,153,680.00.
• On Monday, December 15th, Steve Ladd Huffman sold 18,000 shares of Reddit stock. The stock was sold at an average price of $220.28, for a total transaction of $3,965,040.00.
• On Friday, November 28th, Steve Ladd Huffman sold 18,000 shares of Reddit stock. The shares were sold at an average price of $215.19, for a total value of $3,873,420.00.
• On Friday, November 14th, Steve Ladd Huffman sold 18,000 shares of Reddit stock. The stock was sold at an average price of $194.81, for a total transaction of $3,506,580.00.
• On Thursday, October 30th, Steve Ladd Huffman sold 4,089 shares of Reddit stock. The shares were sold at an average price of $194.93, for a total transaction of $797,068.77.
• On Tuesday, November 4th, Steve Ladd Huffman sold 13,911 shares of Reddit stock. The shares were sold at an average price of $189.33, for a total value of $2,633,769.63.

Reddit Trading Down 2.4%

NYSE RDDT traded down $5.53 during trading hours on Tuesday, hitting $225.48. 3,741,943 shares of the company’s stock traded hands, compared to its average volume of 3,290,738. The firm has a market capitalization of $42.73 billion, a P/E ratio of 132.76, a P/E/G ratio of 1.55 and a beta of 2.17. Reddit Inc. has a 52 week low of $79.75 and a 52 week high of $282.95. The business’s fifty day moving average price is $223.96 and its two-hundred day moving average price is $211.60.

Reddit (NYSE:RDDT) last released its earnings results on Thursday, October 30th. The company reported $0.80 earnings per share for the quarter, beating the consensus estimate of $0.50 by $0.30. Reddit had a return on equity of 14.94% and a net margin of 18.33%.The company had revenue of $584.91 million for the quarter, compared to the consensus estimate of $546.65 million. During the same period in the previous year, the business earned $0.16 earnings per share. Reddit’s quarterly revenue was up 67.9% compared to the same quarter last year. On average, sell-side analysts expect that Reddit Inc. will post 1.12 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

RDDT has been the subject of several research analyst reports. Royal Bank Of Canada reiterated a “sector perform” rating on shares of Reddit in a research report on Wednesday, October 1st. Argus set a $300.00 price target on Reddit in a research note on Friday, January 9th. Sanford C. Bernstein lifted their price objective on shares of Reddit from $190.00 to $210.00 and gave the company a “market perform” rating in a research report on Friday, October 31st. Needham & Company LLC reissued a “buy” rating and issued a $300.00 target price on shares of Reddit in a report on Monday, December 29th. Finally, Roth Capital set a $210.00 target price on shares of Reddit in a research report on Friday, October 31st. Three research analysts have rated the stock with a Strong Buy rating, sixteen have assigned a Buy rating, twelve have assigned a Hold rating and one has issued a Sell rating to the company. According to MarketBeat.com, Reddit currently has an average rating of “Moderate Buy” and a consensus target price of $240.17.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in RDDT. Huntington National Bank raised its position in Reddit by 25.6% during the third quarter. Huntington National Bank now owns 270 shares of the company’s stock valued at $62,000 after purchasing an additional 55 shares during the period. Roxbury Financial LLC boosted its holdings in shares of Reddit by 7.4% in the 4th quarter. Roxbury Financial LLC now owns 929 shares of the company’s stock worth $214,000 after purchasing an additional 64 shares during the period. Resona Asset Management Co. Ltd. increased its position in shares of Reddit by 0.3% during the 2nd quarter. Resona Asset Management Co. Ltd. now owns 20,201 shares of the company’s stock valued at $3,023,000 after purchasing an additional 65 shares during the last quarter. AdvisorNet Financial Inc raised its holdings in Reddit by 2.8% during the 3rd quarter. AdvisorNet Financial Inc now owns 2,464 shares of the company’s stock valued at $567,000 after buying an additional 66 shares during the period. Finally, Kingswood Wealth Advisors LLC lifted its position in Reddit by 5.0% in the third quarter. Kingswood Wealth Advisors LLC now owns 1,439 shares of the company’s stock worth $331,000 after buying an additional 69 shares during the last quarter.

About Reddit

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.