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 that occurred on Wednesday, January 15th. The stock was sold at an average price of $172.79, for a total value of $2,419,060.00. Following the completion of the sale, the chief executive officer now owns 614,394 shares in the company, valued at approximately $106,161,139.26. The trade was a 2.23 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at 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

Shares of NYSE RDDT traded up $0.70 during mid-day trading on Friday, hitting $175.57. The stock had a trading volume of 3,370,030 shares, compared to its average volume of 4,772,176. The company has a 50 day moving average of $157.24 and a two-hundred 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 announced its quarterly earnings data on Tuesday, October 29th. The company reported $0.16 earnings per share (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% on a year-over-year basis. As a group, equities research analysts forecast that Reddit, Inc. will post -3.46 earnings per share for the current year.

Institutional Trading of Reddit

Several large investors have recently made changes to their positions in RDDT. Renaissance Technologies LLC acquired a new position in Reddit during the second quarter valued at $13,411,000. Hsbc Holdings PLC purchased a new stake in shares of Reddit in the second quarter worth about $203,000. Marshall Wace LLP grew its holdings in Reddit by 117.2% during the second quarter. Marshall Wace LLP now owns 847,929 shares of the company’s stock worth $54,174,000 after acquiring an additional 457,588 shares during the period. Alight Capital Management LP purchased a new position in Reddit during the second quarter valued at approximately $3,194,000. Finally, Maverick Capital Ltd. lifted its holdings in Reddit by 147.4% in the second quarter. Maverick Capital Ltd. now owns 742,145 shares of the company’s stock valued at $47,416,000 after acquiring an additional 442,145 shares during the period.

Analyst Upgrades and Downgrades

RDDT has been the subject of a number of research reports. JPMorgan Chase & Co. boosted their price target on Reddit from $59.00 to $77.00 and gave the company a “neutral” rating in a report on Monday, October 7th. Needham & Company LLC upped their target price on Reddit from $120.00 to $190.00 and gave the stock a “buy” rating in a report on Wednesday, December 11th. Raymond James raised their price target on Reddit from $70.00 to $80.00 and gave the company a “strong-buy” rating in a research note on Thursday, October 10th. Morgan Stanley upgraded Reddit from an “equal weight” rating to an “overweight” rating and lifted their price objective for the company from $70.00 to $200.00 in a report on Monday, December 9th. Finally, Roth Mkm increased their target price on shares of Reddit from $89.00 to $116.00 and gave the stock a “buy” rating in a report on Wednesday, October 30th. One investment analyst has rated the stock with a sell rating, five have assigned a hold rating, fourteen have assigned a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, Reddit currently has a consensus rating of “Moderate Buy” and a consensus target price of $148.25.

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.