Insider Selling: Reddit, Inc. (NYSE:RDDT) CEO Sells 14,000 Shares of Stock

Reddit, Inc. (NYSE:RDDT) CEO Steve Ladd Huffman sold 14,000 shares of the stock in a transaction on Tuesday, December 31st. The shares were sold at an average price of $165.33, for a total value of $2,314,620.00. Following the sale, the chief executive officer now owns 614,394 shares in the company, valued at approximately $101,577,760.02. This represents a 2.23 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink.

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

• On Monday, December 16th, Steve Ladd Huffman sold 14,000 shares of Reddit stock. The stock was sold at an average price of $176.20, for a total value of $2,466,800.00.
• On Friday, November 29th, Steve Ladd Huffman sold 14,000 shares of Reddit stock. The shares were sold at an average price of $141.79, for a total value of $1,985,060.00.
• On Friday, November 15th, Steve Ladd Huffman sold 14,000 shares of Reddit stock. The stock was sold at an average price of $125.98, for a total value of $1,763,720.00.
• On Friday, November 1st, Steve Ladd Huffman sold 14,000 shares of Reddit stock. The shares were sold at an average price of $113.13, for a total transaction of $1,583,820.00.
• On Tuesday, October 15th, Steve Ladd Huffman sold 14,000 shares of Reddit stock. The stock was sold at an average price of $75.43, for a total transaction of $1,056,020.00.

Reddit Stock Performance

Shares of RDDT opened at $177.74 on Monday. The company’s fifty day moving average is $146.37 and its 200 day moving average is $93.23. Reddit, Inc. has a fifty-two week low of $37.35 and a fifty-two week high of $182.20.

Reddit (NYSE:RDDT) last announced its quarterly earnings results on Tuesday, October 29th. The company reported $0.16 earnings per share for the quarter, topping the consensus estimate of ($0.07) by $0.23. Reddit had a negative net margin of 47.83% and a negative return on equity of 40.54%. The company had revenue of $348.40 million for the quarter, compared to analysts’ expectations of $313.61 million. The business’s quarterly revenue was up 67.9% compared to the same quarter last year. As a group, sell-side analysts anticipate that Reddit, Inc. will post -3.46 earnings per share for the current year.

Institutional Investors Weigh In On Reddit

Large investors have recently bought and sold shares of the business. StoneCrest Wealth Management Inc. boosted its stake in Reddit by 2.6% during the third quarter. StoneCrest Wealth Management Inc. now owns 6,846 shares of the company’s stock worth $451,000 after buying an additional 176 shares during the period. Whittier Trust Co. purchased a new stake in Reddit in the third quarter worth about $42,000. SOA Wealth Advisors LLC. lifted its stake in Reddit by 56.3% in the third quarter. SOA Wealth Advisors LLC. now owns 1,919 shares of the company’s stock worth $126,000 after acquiring an additional 691 shares during the period. MML Investors Services LLC lifted its stake in Reddit by 12.0% in the third quarter. MML Investors Services LLC now owns 7,085 shares of the company’s stock worth $467,000 after acquiring an additional 757 shares during the period. Finally, Vestor Capital LLC lifted its stake in Reddit by 1.1% in the third quarter. Vestor Capital LLC now owns 84,787 shares of the company’s stock worth $5,589,000 after acquiring an additional 922 shares during the period.

Analyst Ratings Changes

Several research analysts have weighed in on RDDT shares. Roth Mkm increased their price target on shares of Reddit from $89.00 to $116.00 and gave the stock a “buy” rating in a research report on Wednesday, October 30th. The Goldman Sachs Group lifted their target price on Reddit from $60.00 to $68.00 and gave the company a “neutral” rating in a research report on Monday, October 14th. Needham & Company LLC upped their price target on Reddit from $120.00 to $190.00 and gave the stock a “buy” rating in a research report on Wednesday, December 11th. Raymond James lifted their price objective on Reddit from $70.00 to $80.00 and gave the company a “strong-buy” rating in a research report on Thursday, October 10th. Finally, Jefferies Financial Group increased their target price on shares of Reddit from $120.00 to $175.00 and gave the stock a “buy” rating in a report on Monday, November 25th. One investment analyst has rated the stock with a sell rating, five have assigned a hold rating, fourteen have issued a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $132.70.

About Reddit

Reddit, Inc operates a website that organizes digital communities. It organizes communities based on specific interests that enable users to engage in conversations by sharing experiences, submitting links, uploading images and videos, and replying to one another. The company was founded in 2005 and is headquartered in San Francisco, California.