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

Reddit Inc. (NYSE:RDDT) CEO Steve Ladd Huffman sold 18,000 shares of Reddit stock in a transaction that occurred on Tuesday, August 4th. The stock was sold at an average price of $159.78, for a total value of $2,876,040.00. Following the transaction, the chief executive officer directly owned 373,814 shares in the company, valued at approximately $59,728,000.92. This trade represents a 4.59% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

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

• 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 shares were sold at an average price of $178.26, for a total transaction of $3,208,680.00.
• On Friday, May 29th, Steve Ladd Huffman sold 18,000 shares of Reddit stock. The stock was sold at an average price of $174.13, for a total transaction of $3,134,340.00.
• On Friday, May 15th, Steve Ladd Huffman sold 18,000 shares of Reddit stock. The shares were sold at an average price of $157.15, for a total transaction of $2,828,700.00.

Reddit Stock Performance

Shares of NYSE:RDDT opened at $161.73 on Friday. The company has a 50-day simple moving average of $176.68 and a 200-day simple moving average of $161.90. Reddit Inc. has a one year low of $119.27 and a one year high of $282.95. The stock has a market capitalization of $31.13 billion, a price-to-earnings ratio of 37.61, a PEG ratio of 0.51 and a beta of 2.03.

Reddit (NYSE:RDDT) last announced its earnings results on Thursday, July 30th. The company reported $1.25 earnings per share for the quarter, topping the consensus estimate of $0.95 by $0.30. Reddit had a net margin of 31.35% and a return on equity of 29.02%. The business had revenue of $804.91 million during the quarter, compared to the consensus estimate of $731.00 million. During the same quarter in the prior year, the firm earned $0.45 earnings per share. The business’s quarterly revenue was up 61.0% compared to the same quarter last year. As a group, research analysts forecast that Reddit Inc. will post 5.22 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

Several brokerages have weighed in on RDDT. Evercore reiterated an “outperform” rating and issued a $265.00 target price on shares of Reddit in a research note on Friday, July 31st. Citigroup restated a “market outperform” rating on shares of Reddit in a research note on Friday, July 31st. KeyCorp assumed coverage on Reddit in a report on Wednesday, July 29th. They set an “overweight” rating and a $225.00 price target for the company. Wells Fargo & Company lowered their price objective on shares of Reddit from $187.00 to $142.00 and set an “equal weight” rating on the stock in a research report on Friday, July 31st. Finally, The Goldman Sachs Group reissued a “neutral” rating and issued a $200.00 price objective on shares of Reddit in a research note on Friday, May 1st. Two research analysts have rated the stock with a Strong Buy rating, nineteen have given a Buy rating and eleven have assigned a Hold rating to the company’s stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $220.90.

Hedge Funds Weigh In On Reddit

Large investors have recently made changes to their positions in the stock. Sunbelt Securities Inc. grew its position in Reddit by 87.5% during the first quarter. Sunbelt Securities Inc. now owns 195 shares of the company’s stock worth $26,000 after buying an additional 91 shares during the period. Ascentis Independent Advisors acquired a new stake in shares of Reddit during the 1st quarter valued at approximately $30,000. LOM Asset Management Ltd acquired a new stake in shares of Reddit during the 4th quarter valued at approximately $33,000. EverSource Wealth Advisors LLC boosted its stake in shares of Reddit by 48.1% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 197 shares of the company’s stock worth $34,000 after acquiring an additional 64 shares in the last quarter. Finally, Beacon Investment Advisory Services Inc. purchased a new stake in shares of Reddit during the 2nd quarter worth approximately $35,000.

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.