Insider Selling: Reddit, Inc. (NYSE:RDDT) CEO Sells $2,628,920.00 in Stock

Reddit, Inc. (NYSE:RDDT) CEO Steve Ladd Huffman sold 14,000 shares of the stock in a transaction that occurred on Tuesday, February 18th. The shares were sold at an average price of $187.78, for a total value of $2,628,920.00. Following the transaction, the chief executive officer now directly owns 614,394 shares of the company’s stock, valued at $115,370,905.32. The trade was a 2.23 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink.

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

• On Friday, January 31st, Steve Ladd Huffman sold 14,000 shares of Reddit stock. The shares were sold at an average price of $201.96, for a total value of $2,827,440.00.
• On Wednesday, January 15th, Steve Ladd Huffman sold 14,000 shares of Reddit stock. The shares were sold at an average price of $172.79, for a total value of $2,419,060.00.
• 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 shares were 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 value of $1,985,060.00.

Reddit Stock Down 5.2 %

RDDT opened at $166.27 on Friday. Reddit, Inc. has a 52 week low of $37.35 and a 52 week high of $230.41. The business has a fifty day simple moving average of $184.13 and a 200-day simple moving average of $123.65. The firm has a market cap of $30.08 billion and a P/E ratio of -21.51.

Reddit (NYSE:RDDT) last released its quarterly earnings results on Wednesday, February 12th. The company reported $0.36 EPS for the quarter, topping the consensus estimate of $0.24 by $0.12. Reddit had a negative return on equity of 24.71% and a negative net margin of 37.25%. Sell-side analysts expect that Reddit, Inc. will post 1.12 earnings per share for the current year.

Analyst Ratings Changes

A number of equities research analysts have recently issued reports on RDDT shares. Loop Capital upped their price target on Reddit from $180.00 to $210.00 and gave the company a “buy” rating in a research report on Thursday, February 13th. Robert W. Baird upped their price target on Reddit from $160.00 to $185.00 and gave the company a “neutral” rating in a research report on Thursday, February 13th. The Goldman Sachs Group upped their price target on Reddit from $105.00 to $176.00 and gave the company a “neutral” rating in a research report on Tuesday, January 14th. Roth Mkm lowered Reddit from a “buy” rating to a “neutral” rating and increased their price objective for the stock from $116.00 to $195.00 in a research report on Wednesday, January 22nd. Finally, Raymond James increased their price objective on Reddit from $200.00 to $250.00 and gave the stock a “strong-buy” rating in a research report on Monday, February 10th. One research analyst has rated the stock with a sell rating, nine have issued a hold rating, eleven have assigned a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $175.95.

Institutional Trading of Reddit

Hedge funds have recently modified their holdings of the stock. Plato Investment Management Ltd acquired a new stake in shares of Reddit in the fourth quarter valued at $27,000. EverSource Wealth Advisors LLC acquired a new stake in shares of Reddit in the fourth quarter valued at $28,000. Ridgewood Investments LLC raised its stake in shares of Reddit by 100.0% in the fourth quarter. Ridgewood Investments LLC now owns 200 shares of the company’s stock valued at $33,000 after acquiring an additional 100 shares in the last quarter. Farmers & Merchants Investments Inc. acquired a new stake in shares of Reddit in the fourth quarter valued at $33,000. Finally, Bogart Wealth LLC acquired a new stake in shares of Reddit in the fourth quarter valued at $33,000.

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.