Reddit, Inc. (NYSE:RDDT) CEO Sells $1,540,700.00 in Stock

Reddit, Inc. (NYSE:RDDT - Get Free Report) CEO Steve Ladd Huffman sold 14,000 shares of the stock in a transaction on Friday, May 30th. The stock was sold at an average price of $110.05, for a total value of $1,540,700.00. Following the completion of the sale, the chief executive officer now directly owns 560,133 shares in the company, valued at approximately $61,642,636.65. This represents a 2.44% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link.

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

• 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 stock was 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 stock was 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.
• 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 value of $15,844,602.88.

Reddit Price Performance

Shares of NYSE RDDT traded down $5.98 during mid-day trading on Thursday, reaching $112.23. The company's stock had a trading volume of 6,157,280 shares, compared to its average volume of 6,192,707. The firm has a market capitalization of $20.71 billion, a PE ratio of -14.52, a P/E/G ratio of 4.72 and a beta of 2.90. Reddit, Inc. has a 52 week low of $49.13 and a 52 week high of $230.41. The stock has a fifty day moving average of $106.30 and a two-hundred day moving average of $143.93.

Reddit (NYSE:RDDT - Get Free Report) last issued its earnings results on Thursday, May 1st. The company reported $0.13 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.02 by $0.11. The firm had revenue of $392.36 million for the quarter, compared to analysts' expectations of $370.55 million. Reddit had a negative return on equity of 24.71% and a negative net margin of 37.25%. The business's revenue was up 61.5% compared to the same quarter last year. During the same period in the previous year, the firm posted ($8.19) earnings per share. Analysts anticipate that Reddit, Inc. will post 1.12 EPS for the current fiscal year.

Analysts Set New Price Targets

RDDT has been the subject of several recent analyst reports. Royal Bank of Canada began coverage on Reddit in a research note on Tuesday. They issued a "sector perform" rating and a $125.00 price target for the company. The Goldman Sachs Group lifted their price objective on Reddit from $124.00 to $140.00 and gave the stock a "neutral" rating in a report on Friday, May 2nd. Roth Mkm upped their target price on shares of Reddit from $120.00 to $130.00 and gave the company a "neutral" rating in a research note on Friday, May 2nd. JMP Securities reaffirmed a "market outperform" rating and set a $180.00 price target on shares of Reddit in a report on Friday, May 2nd. Finally, Wall Street Zen cut shares of Reddit from a "buy" rating to a "hold" rating in a report on Friday, May 30th. One analyst has rated the stock with a sell rating, ten have given a hold rating, twelve have issued a buy rating and two have given a strong buy rating to the stock. According to MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and a consensus price target of $139.78.

Hedge Funds Weigh In On Reddit

A number of institutional investors and hedge funds have recently made changes to their positions in RDDT. Janney Montgomery Scott LLC increased its holdings in shares of Reddit by 31.3% in the 4th quarter. Janney Montgomery Scott LLC now owns 8,786 shares of the company's stock worth $1,436,000 after buying an additional 2,096 shares during the last quarter. Blue Trust Inc. purchased a new position in Reddit in the fourth quarter worth about $59,000. KBC Group NV bought a new stake in Reddit during the fourth quarter worth approximately $391,000. Heck Capital Advisors LLC purchased a new stake in Reddit during the fourth quarter valued at approximately $125,000. Finally, Spire Wealth Management purchased a new stake in Reddit during the fourth quarter valued at approximately $35,000.

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.