Steve Ladd Huffman Sells 124,408 Shares of Reddit, Inc. (NYSE:RDDT) Stock

Reddit, Inc. (NYSE:RDDT) CEO Steve Ladd Huffman sold 124,408 shares of the business’s stock in a transaction on Friday, March 14th. The stock was sold at an average price of $127.36, for a total value of $15,844,602.88. Following the transaction, the chief executive officer now directly owns 583,515 shares of the company’s stock, valued at $74,316,470.40. The trade was a 17.57 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website.

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

• On Friday, February 28th, Steve Ladd Huffman sold 14,000 shares of Reddit stock. The shares were sold at an average price of $160.30, for a total value of $2,244,200.00.
• 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 shares were 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.

Reddit Trading Down 0.4 %

NYSE RDDT opened at $109.62 on Thursday. The stock has a market capitalization of $19.83 billion and a price-to-earnings ratio of -14.18. The business’s 50 day moving average is $173.50 and its two-hundred day moving average is $134.41. Reddit, Inc. has a 12-month low of $37.35 and a 12-month high of $230.41.

Reddit (NYSE:RDDT) last announced its quarterly earnings data on Wednesday, February 12th. The company reported $0.36 earnings per share for the quarter, topping analysts’ consensus estimates of $0.24 by $0.12. Reddit had a negative return on equity of 24.71% and a negative net margin of 37.25%. Equities analysts forecast that Reddit, Inc. will post 1.12 earnings per share for the current fiscal year.

Analyst Ratings Changes

RDDT has been the subject of several analyst reports. JPMorgan Chase & Co. upped their price objective on Reddit from $142.00 to $185.00 and gave the stock a “neutral” rating in a research report on Thursday, February 13th. Piper Sandler raised their price objective on shares of Reddit from $210.00 to $220.00 and gave the stock an “overweight” rating in a report on Friday, February 21st. Citigroup restated a “neutral” rating on shares of Reddit in a report on Thursday, February 13th. JMP Securities lifted their price target on shares of Reddit from $190.00 to $200.00 and gave the stock a “market outperform” rating in a research note on Thursday, February 13th. Finally, The Goldman Sachs Group upped their price objective on shares of Reddit from $105.00 to $176.00 and gave the company a “neutral” rating in a research note on Tuesday, January 14th. Two equities research analysts have rated the stock with a sell rating, nine have given a hold rating, eleven have assigned a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, Reddit has an average rating of “Hold” and a consensus price target of $164.50.

Hedge Funds Weigh In On Reddit

A number of large investors have recently made changes to their positions in the stock. FMR LLC grew its position in Reddit by 302.8% during the third quarter. FMR LLC now owns 12,157,591 shares of the company’s stock worth $801,428,000 after buying an additional 9,139,196 shares during the period. Vanguard Group Inc. boosted its stake in shares of Reddit by 184.2% during the 4th quarter. Vanguard Group Inc. now owns 9,181,390 shares of the company’s stock worth $1,500,606,000 after acquiring an additional 5,950,909 shares in the last quarter. Jennison Associates LLC acquired a new stake in shares of Reddit in the 4th quarter worth approximately $494,861,000. Alliancebernstein L.P. increased its stake in Reddit by 1,011.1% in the 4th quarter. Alliancebernstein L.P. now owns 2,788,758 shares of the company’s stock valued at $455,795,000 after purchasing an additional 2,537,768 shares in the last quarter. Finally, Point72 Asset Management L.P. raised its holdings in Reddit by 3,172.0% during the third quarter. Point72 Asset Management L.P. now owns 2,296,068 shares of the company’s stock worth $151,357,000 after purchasing an additional 2,225,895 shares during the last quarter.

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.