Reddit, Inc. (NYSE:RDDT) CEO Steve Ladd Huffman Sells 14,000 Shares of Stock

Reddit, Inc. (NYSE:RDDT) CEO Steve Ladd Huffman sold 14,000 shares of the business’s stock in a transaction dated Friday, November 15th. The stock was sold at an average price of $125.98, for a total value of $1,763,720.00. Following the completion of the transaction, the chief executive officer now owns 651,775 shares in the company, valued at approximately $82,110,614.50. This trade represents a 2.10 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink.

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

• On Friday, November 1st, Steve Ladd Huffman sold 14,000 shares of Reddit stock. The stock was sold at an average price of $113.13, for a total value of $1,583,820.00.
• On Tuesday, October 15th, Steve Ladd Huffman sold 14,000 shares of Reddit stock. The shares were sold at an average price of $75.43, for a total value of $1,056,020.00.
• On Monday, September 30th, Steve Ladd Huffman sold 14,000 shares of Reddit stock. The stock was sold at an average price of $66.20, for a total transaction of $926,800.00.
• 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 transaction of $828,660.00.
• 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 transaction of $401,765.76.

Reddit Trading Up 6.0 %

Shares of RDDT stock opened at $137.14 on Wednesday. Reddit, Inc. has a 1 year low of $37.35 and a 1 year high of $139.04. The stock has a fifty day moving average of $86.83 and a two-hundred day moving average of $69.49.

Reddit (NYSE:RDDT) last posted its quarterly earnings data on Tuesday, October 29th. The company reported $0.16 earnings per share for the quarter, topping the consensus estimate of ($0.07) by $0.23. The business had revenue of $348.40 million during the quarter, compared to the consensus estimate of $313.61 million. Reddit had a negative net margin of 47.83% and a negative return on equity of 40.54%. The business’s revenue was up 67.9% compared to the same quarter last year. As a group, research analysts predict that Reddit, Inc. will post -3.63 earnings per share for the current year.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in RDDT. FMR LLC lifted its position in Reddit by 302.8% in the third quarter. FMR LLC now owns 12,157,591 shares of the company’s stock worth $801,428,000 after purchasing an additional 9,139,196 shares during the period. VY Capital Management Co. Ltd. acquired a new stake in shares of Reddit in the third quarter valued at $474,403,000. Point72 Asset Management L.P. boosted its stake 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 valued at $151,357,000 after buying an additional 2,225,895 shares in the last quarter. Inclusive Capital Partners L.P. acquired a new position in Reddit during the first quarter worth about $103,051,000. Finally, Holocene Advisors LP grew its holdings in Reddit by 177.6% during the third quarter. Holocene Advisors LP now owns 3,005,977 shares of the company’s stock worth $198,154,000 after acquiring an additional 1,923,109 shares during the period.

Wall Street Analyst Weigh In

A number of research firms recently commented on RDDT. JPMorgan Chase & Co. lifted their price target on Reddit from $59.00 to $77.00 and gave the stock a “neutral” rating in a research note on Monday, October 7th. Piper Sandler reiterated an “overweight” rating and issued a $150.00 price target (up from $115.00) on shares of Reddit in a report on Tuesday. Bank of America upped their price target on Reddit from $84.00 to $99.00 and gave the company a “neutral” rating in a research report on Wednesday, October 30th. Cannonball Research initiated coverage on shares of Reddit in a research note on Tuesday, August 6th. They set a “buy” rating and a $67.00 target price for the company. Finally, Loop Capital raised their price target on shares of Reddit from $80.00 to $90.00 and gave the stock a “buy” rating in a research report on Friday, October 25th. One equities research analyst has rated the stock with a sell rating, six have given a hold rating, eleven have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $91.67.

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.