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

Reddit, Inc. (NYSE:RDDT) CEO Steve Ladd Huffman sold 14,000 shares of the stock in a transaction dated Tuesday, October 15th. The shares were sold at an average price of $75.43, for a total value of $1,056,020.00. Following the completion of the transaction, the chief executive officer now directly owns 651,775 shares in the company, valued at $49,163,388.25. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink.

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

• On Monday, September 30th, Steve Ladd Huffman sold 14,000 shares of Reddit stock. The stock was sold at an average price of $66.20, for a total transaction of $926,800.00.
• On Monday, September 16th, Steve Ladd Huffman sold 14,000 shares of Reddit stock. The shares were sold at an average price of $59.19, for a total transaction of $828,660.00.
• On Friday, August 30th, Steve Ladd Huffman sold 6,714 shares of Reddit stock. The stock was sold at an average price of $59.84, for a total transaction of $401,765.76.
• On Tuesday, August 20th, Steve Ladd Huffman sold 14,000 shares of Reddit stock. The shares were sold at an average price of $53.98, for a total transaction of $755,720.00.

Reddit Price Performance

Shares of Reddit stock opened at $76.31 on Friday. The business has a 50 day simple moving average of $62.59 and a two-hundred day simple moving average of $58.74. Reddit, Inc. has a 12 month low of $37.35 and a 12 month high of $78.74.

Reddit (NYSE:RDDT) last announced its earnings results on Tuesday, August 6th. The company reported ($0.06) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.31) by $0.25. The business had revenue of $281.20 million for the quarter, compared to analyst estimates of $253.86 million. The company’s revenue for the quarter was up 53.6% compared to the same quarter last year. During the same period last year, the firm earned ($0.70) EPS. On average, research analysts predict that Reddit, Inc. will post -4.1 EPS for the current fiscal year.

Analyst Ratings Changes

RDDT has been the subject of several analyst reports. JMP Securities reissued a “market outperform” rating and issued a $84.00 price objective on shares of Reddit in a report on Tuesday, July 30th. Jefferies Financial Group initiated coverage on Reddit in a report on Wednesday, October 9th. They issued a “buy” rating and a $90.00 price target for the company. Cannonball Research assumed coverage on shares of Reddit in a research note on Tuesday, August 6th. They set a “buy” rating and a $67.00 price objective on the stock. Bank of America boosted their target price on shares of Reddit from $57.00 to $60.00 and gave the company a “neutral” rating in a research note on Wednesday, August 7th. Finally, Loop Capital upgraded shares of Reddit from a “hold” rating to a “buy” rating and set a $75.00 price target on the stock in a research report on Thursday, August 1st. One analyst has rated the stock with a sell rating, six have issued a hold rating, ten have given a buy rating and two have given a strong buy rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $70.28.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in RDDT. DekaBank Deutsche Girozentrale acquired a new stake in shares of Reddit in the first quarter valued at approximately $7,363,000. Commonwealth Equity Services LLC purchased a new stake in Reddit in the 1st quarter valued at $1,111,000. VY Capital Management Co. Ltd. acquired a new stake in shares of Reddit in the 3rd quarter worth $474,403,000. BNP Paribas Financial Markets acquired a new stake in shares of Reddit in the 1st quarter worth $37,000. Finally, Vanguard Group Inc. purchased a new position in shares of Reddit during the 1st quarter worth $82,167,000.

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.