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

Reddit, Inc. (NYSE:RDDT - Get Free Report) CEO Steve Ladd Huffman sold 14,000 shares of Reddit stock in a transaction dated Tuesday, May 6th. The shares were sold at an average price of $110.67, for a total transaction of $1,549,380.00. Following the sale, the chief executive officer now directly owns 577,013 shares in the company, valued at $63,858,028.71. The trade was a 2.37% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at the SEC website.

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

• On Tuesday, April 15th, Steve Ladd Huffman sold 124,408 shares of Reddit stock. The shares were sold at an average price of $96.65, for a total value of $12,024,033.20.
• On Monday, March 31st, Steve Ladd Huffman sold 14,000 shares of Reddit stock. The shares were sold at an average price of $103.28, for a total transaction of $1,445,920.00.
• On Friday, March 14th, Steve Ladd Huffman sold 124,408 shares of Reddit stock. The shares were sold at an average price of $127.36, for a total transaction of $15,844,602.88.
• On Friday, February 28th, Steve Ladd Huffman sold 14,000 shares of Reddit stock. The stock was sold at an average price of $160.30, for a total transaction 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 value of $2,628,920.00.

Reddit Stock Up 2.4%

Shares of RDDT traded up $2.59 during mid-day trading on Monday, reaching $111.05. The company had a trading volume of 7,058,739 shares, compared to its average volume of 5,870,846. Reddit, Inc. has a 52-week low of $49.13 and a 52-week high of $230.41. The stock has a market capitalization of $20.09 billion, a P/E ratio of -14.37, a PEG ratio of 4.72 and a beta of 2.90. The stock has a 50 day moving average of $111.54 and a two-hundred day moving average of $145.23.

Reddit (NYSE:RDDT - Get Free Report) last released its quarterly earnings data on Thursday, May 1st. The company reported $0.13 EPS for the quarter, topping the consensus estimate of $0.02 by $0.11. Reddit had a negative return on equity of 24.71% and a negative net margin of 37.25%. The business had revenue of $392.36 million for the quarter, compared to analyst estimates of $370.55 million. During the same quarter in the prior year, the firm posted ($8.19) EPS. The business's quarterly revenue was up 61.5% compared to the same quarter last year. On average, sell-side analysts expect that Reddit, Inc. will post 1.12 earnings per share for the current year.

Wall Street Analysts Forecast Growth

Several brokerages have recently issued reports on RDDT. Robert W. Baird set a $140.00 target price on shares of Reddit in a research note on Monday, May 5th. The Goldman Sachs Group upped their price objective on Reddit from $124.00 to $140.00 and gave the company a "neutral" rating in a research report on Friday, May 2nd. Raymond James lowered their price target on Reddit from $250.00 to $200.00 and set a "strong-buy" rating on the stock in a report on Wednesday, March 12th. Wells Fargo & Company upped their price target on Reddit from $158.00 to $168.00 and gave the company an "overweight" rating in a report on Friday, May 2nd. Finally, Guggenheim lowered their target price on shares of Reddit from $170.00 to $165.00 and set a "buy" rating on the stock in a research note on Friday, May 2nd. One analyst has rated the stock with a sell rating, seven have given a hold rating, fourteen have assigned a buy rating and two have given a strong buy rating to the company. According to MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average target price of $140.35.

Institutional Investors Weigh In On Reddit

Hedge funds have recently modified their holdings of the company. FMR LLC boosted its position in Reddit by 7.5% during the fourth quarter. FMR LLC now owns 13,070,780 shares of the company's stock worth $2,136,288,000 after purchasing an additional 913,189 shares in the last quarter. Vanguard Group Inc. lifted its position in shares of Reddit by 11.1% during the 1st quarter. Vanguard Group Inc. now owns 10,198,552 shares of the company's stock valued at $1,069,828,000 after buying an additional 1,017,162 shares in the last quarter. Jennison Associates LLC purchased a new position in Reddit during the fourth quarter valued at $494,861,000. Alliancebernstein L.P. lifted its holdings in Reddit by 1,011.1% during the fourth 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, JPMorgan Chase & Co. lifted its holdings in Reddit by 98.2% during the first quarter. JPMorgan Chase & Co. now owns 1,907,495 shares of the company's stock valued at $200,096,000 after purchasing an additional 944,847 shares in 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.