Insider Selling: Reddit (NYSE:RDDT) CEO Sells $2,389,860.00 in Stock

Reddit Inc. (NYSE:RDDT) CEO Steve Ladd Huffman sold 18,000 shares of Reddit stock in a transaction on Tuesday, March 31st. The stock was sold at an average price of $132.77, for a total value of $2,389,860.00. Following the sale, the chief executive officer owned 411,195 shares in the company, valued at $54,594,360.15. This trade represents a 4.19% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this link. 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, March 13th, Steve Ladd Huffman sold 18,000 shares of Reddit stock. The shares were sold at an average price of $132.86, for a total value of $2,391,480.00.
• On Friday, February 27th, Steve Ladd Huffman sold 18,000 shares of Reddit stock. The shares were sold at an average price of $145.12, for a total value of $2,612,160.00.
• On Friday, February 13th, Steve Ladd Huffman sold 18,000 shares of Reddit stock. The stock was sold at an average price of $138.81, for a total transaction of $2,498,580.00.
• On Friday, January 30th, Steve Ladd Huffman sold 18,000 shares of Reddit stock. The shares were sold at an average price of $183.18, for a total transaction of $3,297,240.00.
• 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 transaction of $4,190,040.00.

Reddit Stock Performance

Shares of RDDT stock opened at $136.06 on Friday. The firm has a market cap of $25.99 billion, a price-to-earnings ratio of 51.93, a P/E/G ratio of 0.99 and a beta of 2.40. Reddit Inc. has a 52 week low of $79.75 and a 52 week high of $282.95. The firm’s 50-day simple moving average is $147.02 and its two-hundred day simple moving average is $194.16.

Reddit (NYSE:RDDT) last released its earnings results on Thursday, February 5th. The company reported $1.24 earnings per share for the quarter, beating analysts’ consensus estimates of $0.96 by $0.28. Reddit had a net margin of 24.05% and a return on equity of 20.89%. The firm had revenue of $725.61 million during the quarter, compared to the consensus estimate of $665.80 million. During the same period in the prior year, the firm earned $0.36 EPS. The company’s revenue was up 69.7% compared to the same quarter last year. Analysts forecast that Reddit Inc. will post 1.12 earnings per share for the current year.

Institutional Trading of Reddit

Several institutional investors and hedge funds have recently bought and sold shares of the company. NewEdge Advisors LLC boosted its holdings in Reddit by 143.3% in 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 during the period. Empowered Funds LLC bought a new position in shares of Reddit in the first quarter worth $213,000. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its position in shares of Reddit by 106.3% in 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 worth $22,759,000 after buying an additional 111,780 shares in the last quarter. Focus Partners Wealth raised its position in shares of Reddit by 40.8% in the first quarter. Focus Partners Wealth now owns 10,224 shares of the company’s stock worth $1,073,000 after buying an additional 2,965 shares in the last quarter. Finally, Geneos Wealth Management Inc. boosted its stake in Reddit by 344.6% during the first quarter. Geneos Wealth Management Inc. now owns 369 shares of the company’s stock valued at $39,000 after buying an additional 286 shares during the period.

Wall Street Analyst Weigh In

RDDT has been the subject of a number of recent research reports. Truist Financial raised their target price on Reddit from $270.00 to $275.00 and gave the stock a “buy” rating in a research report on Friday, February 6th. Oppenheimer decreased their price objective on Reddit from $300.00 to $250.00 and set an “outperform” rating for the company in a report on Friday, February 6th. Wall Street Zen raised shares of Reddit from a “hold” rating to a “buy” rating in a report on Tuesday, March 31st. UBS Group set a $265.00 price target on shares of Reddit in a research report on Tuesday, January 13th. Finally, Argus set a $300.00 price objective on shares of Reddit in a report on Friday, January 9th. One investment analyst has rated the stock with a Strong Buy rating, seventeen have assigned a Buy rating and eleven have given a Hold rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $240.85.

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.