Reddit, Inc. (NYSE:RDDT) CEO Sells $2,244,200.00 in Stock

Reddit, Inc. (NYSE:RDDT) CEO Steve Ladd Huffman sold 14,000 shares of the stock in a transaction dated Friday, February 28th. The shares were sold at an average price of $160.30, for a total transaction of $2,244,200.00. Following the completion of the sale, the chief executive officer now owns 597,515 shares of the company’s stock, valued at approximately $95,781,654.50. The trade was a 2.29 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink.

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

• On Tuesday, February 18th, Steve Ladd Huffman sold 14,000 shares of Reddit stock. The stock was sold at an average price of $187.78, for a total transaction of $2,628,920.00.
• On Friday, January 31st, Steve Ladd Huffman sold 14,000 shares of Reddit stock. The stock was sold at an average price of $201.96, for a total transaction of $2,827,440.00.
• On Wednesday, January 15th, Steve Ladd Huffman sold 14,000 shares of Reddit stock. The stock was sold at an average price of $172.79, for a total transaction of $2,419,060.00.
• On Tuesday, December 31st, Steve Ladd Huffman sold 14,000 shares of Reddit stock. The stock was sold at an average price of $165.33, for a total transaction 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 transaction of $2,466,800.00.

Reddit Stock Down 1.8 %

NYSE:RDDT traded down $2.89 during mid-day trading on Tuesday, reaching $159.56. The company’s stock had a trading volume of 7,771,959 shares, compared to its average volume of 5,449,303. The firm has a market capitalization of $28.87 billion and a PE ratio of -20.64. The stock has a fifty day moving average of $183.09 and a 200-day moving average of $129.49. Reddit, Inc. has a 1 year low of $37.35 and a 1 year high of $230.41.

Reddit (NYSE:RDDT) last released its quarterly earnings data 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%. On average, analysts expect that Reddit, Inc. will post 1.12 earnings per share for the current year.

Analysts Set New Price Targets

A number of brokerages recently weighed in on RDDT. B. Riley raised their price target on shares of Reddit from $112.00 to $187.00 and gave the company a “buy” rating in a report on Tuesday, January 14th. Guggenheim assumed coverage on shares of Reddit in a research note on Friday, December 20th. They set a “buy” rating and a $210.00 price objective on the stock. Needham & Company LLC upped their price target on shares of Reddit from $190.00 to $220.00 and gave the company a “buy” rating in a research note on Thursday, February 13th. Raymond James upped their price target on shares of Reddit from $200.00 to $250.00 and gave the stock a “strong-buy” rating in a report on Monday, February 10th. Finally, JMP Securities increased their price objective on shares of Reddit from $190.00 to $200.00 and gave the company a “market outperform” rating in a research note on Thursday, February 13th. One equities research analyst has rated the stock with a sell rating, nine have issued a hold rating, eleven have issued a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $175.95.

Institutional Trading of Reddit

A number of hedge funds and other institutional investors have recently modified their holdings of RDDT. Vestor Capital LLC increased its stake in shares of Reddit by 1.1% in the 3rd quarter. Vestor Capital LLC now owns 84,787 shares of the company’s stock worth $5,589,000 after acquiring an additional 922 shares during the last quarter. Concurrent Investment Advisors LLC purchased a new position in shares of Reddit in the 3rd quarter valued at about $372,000. ARK Investment Management LLC boosted its stake in shares of Reddit by 120.5% in the 3rd quarter. ARK Investment Management LLC now owns 352,721 shares of the company’s stock valued at $23,251,000 after buying an additional 192,785 shares during the period. SpiderRock Advisors LLC purchased a new position in shares of Reddit in the 3rd quarter valued at about $3,485,000. Finally, Objective Capital Management LLC purchased a new stake in Reddit during the third quarter worth approximately $391,000.

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.