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 business’s stock in a transaction that occurred on Tuesday, February 18th. The shares were sold at an average price of $187.78, for a total transaction of $2,628,920.00. Following the sale, the chief executive officer now owns 614,394 shares of the company’s stock, valued at $115,370,905.32. This trade represents a 2.23 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this link.

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

• On Friday, January 31st, Steve Ladd Huffman sold 14,000 shares of Reddit stock. The shares were sold at an average price of $201.96, for a total transaction of $2,827,440.00.
• On Wednesday, January 15th, Steve Ladd Huffman sold 14,000 shares of Reddit stock. The shares were sold at an average price of $172.79, for a total transaction of $2,419,060.00.
• 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 transaction of $2,314,620.00.
• On Monday, December 16th, Steve Ladd Huffman sold 14,000 shares of Reddit stock. The shares were sold at an average price of $176.20, for a total transaction 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.

Reddit Stock Down 7.6 %

Reddit stock traded down $14.48 during mid-day trading on Thursday, reaching $175.18. 10,604,237 shares of the company’s stock traded hands, compared to its average volume of 5,912,361. Reddit, Inc. has a 12-month low of $37.35 and a 12-month high of $230.41. The company has a market cap of $30.76 billion and a price-to-earnings ratio of -22.66. The stock has a 50 day moving average of $184.25 and a two-hundred day moving average of $122.41.

Reddit (NYSE:RDDT) last posted its quarterly earnings data on Wednesday, February 12th. The company reported $0.36 earnings per share for the quarter, beating analysts’ consensus estimates of $0.24 by $0.12. Reddit had a negative net margin of 37.25% and a negative return on equity of 24.71%. As a group, sell-side analysts forecast that Reddit, Inc. will post 1.12 earnings per share for the current year.

Analyst Upgrades and Downgrades

Several brokerages have weighed in on RDDT. Roth Capital downgraded shares of Reddit from a “strong-buy” rating to a “hold” rating in a report on Wednesday, January 22nd. Morgan Stanley lifted their price target on shares of Reddit from $200.00 to $210.00 and gave the company an “overweight” rating in a report on Thursday, February 13th. B. Riley lifted their price target on shares of Reddit from $112.00 to $187.00 and gave the company a “buy” rating in a report on Tuesday, January 14th. Raymond James boosted their target price on shares of Reddit from $200.00 to $250.00 and gave the stock a “strong-buy” rating in a report on Monday, February 10th. Finally, Roth Mkm downgraded shares of Reddit from a “buy” rating to a “neutral” rating and boosted their target price for the stock from $116.00 to $195.00 in a report on Wednesday, January 22nd. One analyst has rated the stock with a sell rating, eight have assigned a hold rating, twelve have given a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat.com, Reddit currently has a consensus rating of “Moderate Buy” and a consensus target price of $175.45.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of RDDT. FMR LLC increased its position in Reddit by 302.8% during the third quarter. FMR LLC now owns 12,157,591 shares of the company’s stock valued at $801,428,000 after acquiring an additional 9,139,196 shares during the last quarter. Vanguard Group Inc. increased its position in Reddit by 184.2% during the fourth quarter. Vanguard Group Inc. now owns 9,181,390 shares of the company’s stock valued at $1,500,606,000 after acquiring an additional 5,950,909 shares during the last quarter. Jennison Associates LLC bought a new position in Reddit during the fourth quarter valued at $494,861,000. Alliancebernstein L.P. grew its holdings in shares of Reddit by 1,011.1% in the fourth quarter. Alliancebernstein L.P. now owns 2,788,758 shares of the company’s stock worth $455,795,000 after purchasing an additional 2,537,768 shares during the last quarter. Finally, Point72 Asset Management L.P. grew its holdings in shares of 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 worth $151,357,000 after purchasing an additional 2,225,895 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.