Reddit, Inc. (NYSE:RDDT) CEO Sells $828,660.00 in Stock

Reddit, Inc. (NYSE:RDDT) CEO Steve Ladd Huffman sold 14,000 shares of the stock in a transaction on Monday, September 16th. The stock was sold at an average price of $59.19, for a total value of $828,660.00. Following the transaction, the chief executive officer now owns 651,775 shares of the company’s stock, valued at $38,578,562.25. The transaction was disclosed in a filing with the SEC, which is available at the SEC website.

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

• 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 value of $401,765.76.
• On Tuesday, August 20th, Steve Ladd Huffman sold 14,000 shares of Reddit stock. The stock was sold at an average price of $53.98, for a total value of $755,720.00.

Reddit Trading Up 2.2 %

RDDT stock opened at $65.99 on Friday. Reddit, Inc. has a 1 year low of $37.35 and a 1 year high of $78.08. The firm has a 50-day moving average of $59.47.

Reddit (NYSE:RDDT) last released its quarterly earnings data on Tuesday, August 6th. The company reported ($0.06) EPS for the quarter, beating analysts’ consensus estimates of ($0.31) by $0.25. The business had revenue of $281.20 million during the quarter, compared to analysts’ expectations of $253.86 million. During the same quarter in the previous year, the company posted ($0.70) EPS. The company’s revenue was up 53.6% compared to the same quarter last year. Equities analysts forecast that Reddit, Inc. will post -4.17 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

A number of research firms have recently weighed in on RDDT. Raymond James increased their price target on Reddit from $65.00 to $70.00 and gave the stock a “strong-buy” rating in a report on Wednesday, July 31st. Needham & Company LLC reissued a “buy” rating and set a $75.00 target price on shares of Reddit in a research note on Wednesday. Roth Mkm decreased their target price on Reddit from $67.00 to $66.00 and set a “buy” rating on the stock in a research note on Wednesday, August 7th. JPMorgan Chase & Co. decreased their target price on Reddit from $67.00 to $59.00 and set a “neutral” rating on the stock in a research note on Wednesday, August 7th. Finally, Bank of America increased their target price on Reddit from $57.00 to $60.00 and gave the stock a “neutral” rating in a research note on Wednesday, August 7th. One equities research analyst has rated the stock with a sell rating, six have assigned a hold rating, ten have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $66.12.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in RDDT. BNP Paribas Financial Markets purchased a new position in shares of Reddit in the 1st quarter valued at about $37,000. ANTIPODES PARTNERS Ltd purchased a new position in shares of Reddit in the 1st quarter valued at about $63,000. SOA Wealth Advisors LLC. purchased a new position in shares of Reddit in the 2nd quarter valued at about $78,000. Sandia Investment Management LP purchased a new position in shares of Reddit in the 1st quarter valued at about $79,000. Finally, UMB Bank n.a. purchased a new position in shares of Reddit in the 2nd quarter valued at about $88,000.

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.