Reddit Inc. (NYSE:RDDT) CEO Sells $15,482,700.05 in Stock

Reddit Inc. (NYSE:RDDT - Get Free Report) CEO Steve Ladd Huffman sold 124,409 shares of the business's stock in a transaction dated Monday, June 16th. The stock was sold at an average price of $124.45, for a total transaction of $15,482,700.05. Following the sale, the chief executive officer now directly owns 546,133 shares in the company, valued at approximately $67,966,251.85. This represents a 18.55% decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink.

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

• On Friday, May 30th, Steve Ladd Huffman sold 14,000 shares of Reddit stock. The shares were sold at an average price of $110.05, for a total transaction of $1,540,700.00.
• On Thursday, May 15th, Steve Ladd Huffman sold 124,408 shares of Reddit stock. The shares were sold at an average price of $114.98, for a total transaction of $14,304,431.84.
• On Tuesday, May 6th, Steve Ladd Huffman sold 14,000 shares of Reddit stock. The shares were sold at an average price of $110.67, for a total transaction of $1,549,380.00.
• 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 transaction 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.

Reddit Stock Performance

Shares of RDDT stock traded up $7.44 during trading hours on Thursday, hitting $141.28. 12,160,277 shares of the company were exchanged, compared to its average volume of 6,416,557. Reddit Inc. has a one year low of $49.13 and a one year high of $230.41. The business's 50-day simple moving average is $111.48 and its two-hundred day simple moving average is $142.64. The stock has a market capitalization of $26.07 billion, a price-to-earnings ratio of 239.46, a P/E/G ratio of 3.62 and a beta of 1.99.

Reddit (NYSE:RDDT - Get Free Report) last issued its quarterly earnings results 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 net margin of 8.07% and a return on equity of 5.69%. The business had revenue of $392.36 million for the quarter, compared to analysts' expectations of $370.55 million. During the same quarter last year, the company posted ($8.19) earnings per share. The company's quarterly revenue was up 61.5% compared to the same quarter last year. As a group, analysts anticipate that Reddit Inc. will post 1.12 EPS for the current fiscal year.

Wall Street Analyst Weigh In

Several analysts have issued reports on RDDT shares. Truist Financial started coverage on shares of Reddit in a report on Monday, April 7th. They issued a "buy" rating and a $150.00 price target on the stock. The Goldman Sachs Group boosted their price objective on shares of Reddit from $124.00 to $140.00 and gave the company a "neutral" rating in a research report on Friday, May 2nd. JMP Securities reissued a "market outperform" rating and issued a $180.00 price objective on shares of Reddit in a research report on Friday, May 2nd. Raymond James Financial cut their price objective on shares of Reddit from $250.00 to $200.00 and set a "strong-buy" rating for the company in a research report on Wednesday, March 12th. Finally, B. Riley reissued a "buy" rating and issued a $220.00 price objective (down previously from $222.00) on shares of Reddit in a research report on Friday, May 2nd. One analyst has rated the stock with a sell rating, nine have given a hold rating, thirteen have given a buy rating and two have issued a strong buy rating to the company's stock. According to MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $139.35.

Hedge Funds Weigh In On Reddit

Large investors have recently modified their holdings of the stock. Plato Investment Management Ltd acquired a new stake in Reddit during the fourth quarter worth about $27,000. CWM LLC raised its stake in Reddit by 100.0% during the first quarter. CWM LLC now owns 256 shares of the company's stock worth $27,000 after acquiring an additional 128 shares during the period. EverSource Wealth Advisors LLC acquired a new stake in Reddit during the fourth quarter worth about $28,000. Stone House Investment Management LLC acquired a new stake in Reddit during the first quarter worth about $31,000. Finally, Allworth Financial LP raised its stake in Reddit by 970.0% during the fourth quarter. Allworth Financial LP now owns 214 shares of the company's stock worth $35,000 after acquiring an additional 194 shares during the period.

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.