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 Friday, November 15th. The shares were sold at an average price of $125.98, for a total value of $1,763,720.00. Following the sale, the chief executive officer now owns 651,775 shares of the company’s stock, valued at $82,110,614.50. This trade represents a 2.10 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link.

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

• 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 value 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 value of $1,056,020.00.
• 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 value 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.

Reddit Stock Performance

RDDT opened at $137.14 on Wednesday. The business has a 50 day moving average price of $86.83 and a 200 day moving average price of $69.49. Reddit, Inc. has a twelve month low of $37.35 and a twelve month high of $139.04.

Reddit (NYSE:RDDT) last issued its quarterly earnings data on Tuesday, October 29th. The company reported $0.16 earnings per share for the quarter, topping analysts’ consensus estimates 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 business had revenue of $348.40 million during the quarter, compared to analysts’ expectations of $313.61 million. Reddit’s revenue was up 67.9% compared to the same quarter last year. On average, research analysts expect that Reddit, Inc. will post -3.63 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Reddit

A number of hedge funds have recently bought and sold shares of RDDT. FMR LLC increased its stake in shares of Reddit by 302.8% in the third quarter. FMR LLC now owns 12,157,591 shares of the company’s stock worth $801,428,000 after purchasing an additional 9,139,196 shares during the period. VY Capital Management Co. Ltd. acquired a new stake in Reddit in the 3rd quarter valued at approximately $474,403,000. Holocene Advisors LP grew its holdings in Reddit by 177.6% in the 3rd 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 during the last quarter. Point72 Asset Management L.P. increased its position in Reddit by 3,172.0% in the 3rd quarter. Point72 Asset Management L.P. now owns 2,296,068 shares of the company’s stock worth $151,357,000 after buying an additional 2,225,895 shares during the period. Finally, Inclusive Capital Partners L.P. acquired a new position in shares of Reddit during the first quarter worth approximately $103,051,000.

Wall Street Analyst Weigh In

RDDT has been the subject of a number of recent analyst reports. Citigroup raised their price objective on shares of Reddit from $70.00 to $120.00 and gave the stock a “buy” rating in a research note on Wednesday, October 30th. Jefferies Financial Group raised their target price on Reddit from $90.00 to $100.00 and gave the stock a “buy” rating in a research report on Tuesday, October 22nd. JMP Securities raised their price objective on Reddit from $84.00 to $118.00 and gave the stock a “market outperform” rating in a research report on Wednesday, October 30th. JPMorgan Chase & Co. lifted their target price on Reddit from $59.00 to $77.00 and gave the company a “neutral” rating in a research note on Monday, October 7th. Finally, Raymond James increased their price target on shares of Reddit from $70.00 to $80.00 and gave the stock a “strong-buy” rating in a research report on Thursday, October 10th. One investment analyst has rated the stock with a sell rating, six have issued a hold rating, eleven have given a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $91.67.

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.