Reddit (NYSE:RDDT) CEO Steve Ladd Huffman Sells 18,000 Shares of Stock

Reddit Inc. (NYSE:RDDT) CEO Steve Ladd Huffman sold 18,000 shares of Reddit stock in a transaction that occurred on Friday, January 30th. The stock was sold at an average price of $183.18, for a total transaction of $3,297,240.00. Following the completion of the sale, the chief executive officer directly owned 448,576 shares of the company’s stock, valued at $82,170,151.68. The trade was a 3.86% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website.

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

• On Thursday, January 15th, Steve Ladd Huffman sold 18,000 shares of Reddit stock. The stock was sold at an average price of $232.78, for a total value of $4,190,040.00.
• On Wednesday, December 31st, Steve Ladd Huffman sold 18,000 shares of Reddit stock. The shares were sold at an average price of $230.76, for a total value of $4,153,680.00.
• On Monday, December 15th, Steve Ladd Huffman sold 18,000 shares of Reddit stock. The shares were sold at an average price of $220.28, for a total value of $3,965,040.00.
• On Friday, November 28th, Steve Ladd Huffman sold 18,000 shares of Reddit stock. The stock was 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 value of $3,506,580.00.

Reddit Price Performance

NYSE RDDT opened at $165.22 on Wednesday. Reddit Inc. has a 12 month low of $79.75 and a 12 month high of $282.95. The company has a 50-day moving average of $224.97 and a 200-day moving average of $215.59. The company has a market cap of $31.31 billion, a P/E ratio of 94.95, a P/E/G ratio of 1.23 and a beta of 2.17.

Wall Street Analyst Weigh In

A number of brokerages have weighed in on RDDT. Bank of America lifted their price target on shares of Reddit from $180.00 to $210.00 and gave the company a “neutral” rating in a report on Friday, October 31st. China Renaissance began coverage on Reddit in a research report on Tuesday, December 9th. They issued a “buy” rating and a $300.00 target price on the stock. B. Riley restated a “buy” rating and issued a $245.00 price objective (up from $235.00) on shares of Reddit in a report on Friday, October 31st. Evercore ISI started coverage on Reddit in a report on Monday, January 12th. They set an “outperform” rating and a $320.00 target price for the company. Finally, Truist Financial set a $270.00 price target on shares of Reddit in a report on Friday, October 31st. Two equities research analysts have rated the stock with a Strong Buy rating, sixteen have issued a Buy rating, eleven have given a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $245.36.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in the company. NewEdge Advisors LLC grew its holdings in Reddit by 143.3% during the 1st quarter. NewEdge Advisors LLC now owns 7,982 shares of the company’s stock valued at $837,000 after purchasing an additional 4,701 shares in the last quarter. Empowered Funds LLC acquired a new stake in shares of Reddit during the first quarter valued at about $213,000. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC grew its stake in shares of Reddit by 106.3% during the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 216,960 shares of the company’s stock valued at $22,759,000 after acquiring an additional 111,780 shares in the last quarter. Focus Partners Wealth increased its position in shares of Reddit by 40.8% during the first quarter. Focus Partners Wealth now owns 10,224 shares of the company’s stock worth $1,073,000 after acquiring an additional 2,965 shares during the last quarter. Finally, Geneos Wealth Management Inc. lifted its stake in shares of Reddit by 344.6% in the first quarter. Geneos Wealth Management Inc. now owns 369 shares of the company’s stock worth $39,000 after acquiring an additional 286 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.