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 Reddit stock in a transaction dated Wednesday, January 15th. The shares were sold at an average price of $172.79, for a total value of $2,419,060.00. Following the completion of the transaction, the chief executive officer now owns 614,394 shares of the company’s stock, valued at approximately $106,161,139.26. This represents a 2.23 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website.

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

• On Tuesday, December 31st, Steve Ladd Huffman sold 14,000 shares of Reddit stock. The shares were sold at an average price of $165.33, for a total value of $2,314,620.00.
• 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 transaction 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 transaction 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.

Reddit Price Performance

Reddit stock traded up $0.70 during mid-day trading on Friday, reaching $175.57. 3,370,030 shares of the company’s stock were exchanged, compared to its average volume of 4,772,176. The company has a fifty day moving average of $157.24 and a 200-day moving average of $99.68. Reddit, Inc. has a twelve month low of $37.35 and a twelve month high of $187.69.

Reddit (NYSE:RDDT) last released its earnings results on Tuesday, October 29th. The company reported $0.16 EPS for the quarter, topping the consensus estimate of ($0.07) by $0.23. The firm had revenue of $348.40 million during the quarter, compared to analysts’ expectations of $313.61 million. Reddit had a negative return on equity of 40.54% and a negative net margin of 47.83%. Reddit’s revenue was up 67.9% compared to the same quarter last year. On average, research analysts expect that Reddit, Inc. will post -3.46 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

RDDT has been the topic of a number of research reports. Sanford C. Bernstein raised their price target on shares of Reddit from $65.00 to $85.00 and gave the company an “underperform” rating in a research note on Wednesday, October 30th. Jefferies Financial Group raised their target price on Reddit from $120.00 to $175.00 and gave the company a “buy” rating in a research report on Monday, November 25th. JPMorgan Chase & Co. boosted their price target on Reddit from $59.00 to $77.00 and gave the stock a “neutral” rating in a research report on Monday, October 7th. Piper Sandler raised their price objective on Reddit from $150.00 to $197.00 and gave the company an “overweight” rating in a report on Tuesday. Finally, B. Riley raised their price target on shares of Reddit from $112.00 to $187.00 and gave the stock a “buy” rating in a research note on Tuesday. One analyst has rated the stock with a sell rating, five have given a hold rating, fourteen have assigned a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $148.25.

Institutional Trading of Reddit

Several hedge funds have recently added to or reduced their stakes in RDDT. FMR LLC increased its position in shares of Reddit by 302.8% in the 3rd quarter. FMR LLC now owns 12,157,591 shares of the company’s stock valued at $801,428,000 after purchasing an additional 9,139,196 shares during the last quarter. VY Capital Management Co. Ltd. purchased a new position in Reddit in the third quarter valued at $474,403,000. Holocene Advisors LP raised its stake in Reddit by 177.6% in the third quarter. Holocene Advisors LP now owns 3,005,977 shares of the company’s stock valued at $198,154,000 after buying an additional 1,923,109 shares in the last quarter. Point72 Asset Management L.P. raised its stake in Reddit by 3,172.0% in the third quarter. Point72 Asset Management L.P. now owns 2,296,068 shares of the company’s stock valued at $151,357,000 after buying an additional 2,225,895 shares in the last quarter. Finally, Lord Abbett & CO. LLC lifted its holdings in Reddit by 1,519.4% during the 3rd quarter. Lord Abbett & CO. LLC now owns 1,650,362 shares of the company’s stock worth $108,792,000 after buying an additional 1,548,450 shares during the last quarter.

Reddit Company Profile

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.