Reddit, Inc. (NYSE:RDDT) CEO Sells $926,800.00 in Stock

Reddit, Inc. (NYSE:RDDT) CEO Steve Ladd Huffman sold 14,000 shares of the company’s stock in a transaction that occurred on Monday, September 30th. The shares were sold at an average price of $66.20, for a total value of $926,800.00. Following the completion of the transaction, the chief executive officer now directly owns 651,775 shares in the company, valued at $43,147,505. The transaction was disclosed in a filing with the SEC, which is available at this link.

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

• On Monday, September 16th, Steve Ladd Huffman sold 14,000 shares of Reddit stock. The shares were sold at an average price of $59.19, for a total value of $828,660.00.
• On Friday, August 30th, Steve Ladd Huffman sold 6,714 shares of Reddit stock. The shares were 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 shares were sold at an average price of $53.98, for a total value of $755,720.00.

Reddit Stock Down 0.5 %

Shares of RDDT stock opened at $67.47 on Friday. Reddit, Inc. has a 12-month low of $37.35 and a 12-month high of $78.08. The stock’s 50-day moving average price is $59.48 and its 200-day moving average price is $57.48.

Reddit (NYSE:RDDT) last issued its earnings results on Tuesday, August 6th. The company reported ($0.06) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.31) by $0.25. The firm had revenue of $281.20 million during the quarter, compared to the consensus estimate of $253.86 million. During the same period last year, the firm posted ($0.70) earnings per share. The company’s revenue for the quarter was up 53.6% compared to the same quarter last year. Equities research analysts predict that Reddit, Inc. will post -4.13 earnings per share for the current year.

Institutional Investors Weigh In On Reddit

Several large investors have recently made changes to their positions in the company. Congress Park Capital LLC purchased a new position in Reddit in the first quarter worth about $279,000. Commonwealth Equity Services LLC purchased a new position in shares of Reddit during the first quarter valued at approximately $1,111,000. BNP Paribas Financial Markets purchased a new position in shares of Reddit during the first quarter valued at approximately $37,000. SG Americas Securities LLC purchased a new position in shares of Reddit during the first quarter valued at approximately $265,000. Finally, ANTIPODES PARTNERS Ltd purchased a new position in shares of Reddit during the first quarter valued at approximately $63,000.

Wall Street Analysts Forecast Growth

RDDT has been the topic of several research analyst reports. Needham & Company LLC reissued a “buy” rating and set a $75.00 price target on shares of Reddit in a report on Wednesday, September 18th. Roth Mkm lowered their price target on Reddit from $67.00 to $66.00 and set a “buy” rating on the stock in a report on Wednesday, August 7th. Raymond James increased their price target on Reddit from $65.00 to $70.00 and gave the company a “strong-buy” rating in a report on Wednesday, July 31st. Cannonball Research initiated coverage on Reddit in a research note on Tuesday, August 6th. They issued a “buy” rating and a $67.00 price objective for the company. Finally, JPMorgan Chase & Co. reduced their price objective on Reddit from $67.00 to $59.00 and set a “neutral” rating for the company 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, nine have assigned a buy rating and two have issued a strong buy rating to the stock. Based on data from MarketBeat, Reddit has an average rating of “Moderate Buy” and a consensus target price of $66.12.

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.