Reddit, Inc. (NYSE:RDDT) CEO Steve Ladd Huffman Sells 14,000 Shares of Stock

Reddit, Inc. (NYSE:RDDT) CEO Steve Ladd Huffman sold 14,000 shares of the company’s stock in a transaction that occurred on Monday, December 16th. The stock was sold at an average price of $176.20, for a total value of $2,466,800.00. Following the completion of the sale, the chief executive officer now owns 620,971 shares in the company, valued at approximately $109,415,090.20. This represents a 2.20 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink.

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

• On Friday, November 29th, Steve Ladd Huffman sold 14,000 shares of Reddit stock. The stock was 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 shares were 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 stock was 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 shares were sold at an average price of $75.43, for a total transaction of $1,056,020.00.
• On Monday, September 30th, Steve Ladd Huffman sold 14,000 shares of Reddit stock. The shares were sold at an average price of $66.20, for a total transaction of $926,800.00.

Reddit Stock Down 4.8 %

NYSE:RDDT opened at $160.65 on Thursday. The firm’s 50 day moving average is $123.90 and its two-hundred day moving average is $83.78. Reddit, Inc. has a fifty-two week low of $37.35 and a fifty-two week high of $180.74.

Reddit (NYSE:RDDT) last issued its 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 return on equity of 40.54% and a negative net margin of 47.83%. The business had revenue of $348.40 million for the quarter, compared to analyst estimates of $313.61 million. The firm’s revenue for the quarter was up 67.9% compared to the same quarter last year. On average, analysts forecast that Reddit, Inc. will post -3.46 EPS for the current year.

Hedge Funds Weigh In On Reddit

Several hedge funds and other institutional investors have recently modified their holdings of RDDT. FMR LLC lifted its holdings in shares of Reddit by 302.8% during the 3rd 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 in the last quarter. VY Capital Management Co. Ltd. acquired a new stake in Reddit in the 3rd quarter valued at $474,403,000. Point72 Asset Management L.P. raised its position 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 purchasing an additional 2,225,895 shares during the period. Holocene Advisors LP lifted its stake in shares of Reddit by 177.6% during the third quarter. Holocene Advisors LP now owns 3,005,977 shares of the company’s stock worth $198,154,000 after purchasing an additional 1,923,109 shares in the last quarter. Finally, Lord Abbett & CO. LLC grew its stake in shares of Reddit by 1,519.4% in the third quarter. Lord Abbett & CO. LLC now owns 1,650,362 shares of the company’s stock valued at $108,792,000 after buying an additional 1,548,450 shares in the last quarter.

Wall Street Analysts Forecast Growth

Several research analysts recently issued reports on the company. Piper Sandler restated an “overweight” rating and set a $150.00 price objective (up from $115.00) on shares of Reddit in a research report on Tuesday, November 19th. Wells Fargo & Company assumed coverage on Reddit in a report on Wednesday, December 11th. They issued an “overweight” rating and a $206.00 price target for the company. B. Riley restated a “buy” rating and issued a $112.00 price objective (up from $87.00) on shares of Reddit in a research report on Wednesday, October 30th. JMP Securities lifted their price objective on Reddit from $118.00 to $160.00 and gave the stock a “market outperform” rating in a research report on Monday, November 25th. Finally, Jefferies Financial Group boosted their target price on shares of Reddit from $120.00 to $175.00 and gave the company a “buy” rating in a research note on Monday, November 25th. One research analyst has rated the stock with a sell rating, five have assigned a hold rating, thirteen have assigned a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, Reddit presently has an average rating of “Moderate Buy” and an average target price of $124.42.

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.