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

Key Points

• Steve Ladd Huffman, CEO of Reddit Inc., sold 14,000 shares of the company's stock for a total of approximately $2.84 million, decreasing his ownership stake by 2.53% to 539,631 shares.
• Reddit's stock recently experienced a slight decline of 0.4%, trading at $211.90 with a market cap of $39.10 billion.
• The company reported a significant quarterly increase in revenue, with a 77.9% year-over-year growth and an earnings per share (EPS) of $0.45, surpassing analyst expectations.

Reddit Inc. (NYSE:RDDT - Get Free Report) CEO Steve Ladd Huffman sold 14,000 shares of the company's stock in a transaction on Tuesday, August 5th. The shares were sold at an average price of $202.70, for a total transaction of $2,837,800.00. Following the completion of the sale, the chief executive officer owned 539,631 shares of the company's stock, valued at approximately $109,383,203.70. This represents a 2.53% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link.

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

• On Tuesday, July 15th, Steve Ladd Huffman sold 14,000 shares of Reddit stock. The stock was sold at an average price of $145.63, for a total transaction of $2,038,820.00.
• On Monday, June 30th, Steve Ladd Huffman sold 14,000 shares of Reddit stock. The stock was sold at an average price of $151.35, for a total transaction of $2,118,900.00.
• On Monday, June 16th, Steve Ladd Huffman sold 124,409 shares of Reddit stock. The stock was sold at an average price of $124.45, for a total transaction of $15,482,700.05.
• On Friday, May 30th, Steve Ladd Huffman sold 14,000 shares of Reddit stock. The stock was 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.

Reddit Stock Down 0.4%

Shares of Reddit stock traded down $0.92 during trading on Thursday, reaching $211.90. The company's stock had a trading volume of 6,011,247 shares, compared to its average volume of 7,806,679. Reddit Inc. has a 52-week low of $50.80 and a 52-week high of $230.41. The company has a market cap of $39.10 billion, a price-to-earnings ratio of 193.46, a PEG ratio of 3.37 and a beta of 2.30. The firm's 50-day moving average is $143.00 and its two-hundred day moving average is $139.31.

Reddit (NYSE:RDDT - Get Free Report) last issued its quarterly earnings data on Thursday, July 31st. The company reported $0.45 EPS for the quarter, topping the consensus estimate of $0.20 by $0.25. The business had revenue of $499.63 million during the quarter, compared to analyst estimates of $424.07 million. Reddit had a net margin of 12.97% and a return on equity of 9.93%. The company's revenue for the quarter was up 77.9% on a year-over-year basis. During the same period in the prior year, the business earned ($0.06) EPS. On average, equities research analysts anticipate that Reddit Inc. will post 1.12 EPS for the current year.

Wall Street Analysts Forecast Growth

Several research analysts have weighed in on RDDT shares. Roth Mkm increased their price target on shares of Reddit from $120.00 to $130.00 and gave the company a "neutral" rating in a report on Friday, May 2nd. Loop Capital lowered their price target on shares of Reddit from $210.00 to $200.00 and set a "buy" rating on the stock in a report on Thursday, June 12th. JPMorgan Chase & Co. raised their target price on shares of Reddit from $145.00 to $190.00 and gave the stock a "neutral" rating in a report on Friday, August 1st. JMP Securities raised their target price on shares of Reddit from $180.00 to $225.00 and gave the stock a "market outperform" rating in a report on Friday, August 1st. Finally, Wall Street Zen raised shares of Reddit from a "hold" rating to a "buy" rating in a report on Saturday, June 14th. One investment analyst has rated the stock with a sell rating, nine have issued a hold rating, thirteen have given a buy rating and two have given a strong buy rating to the company. According to data from MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus target price of $168.43.

Institutional Trading of Reddit

A number of institutional investors and hedge funds have recently bought and sold shares of the company. Alliancebernstein L.P. boosted its holdings in shares of Reddit by 103.0% in the first quarter. Alliancebernstein L.P. now owns 5,659,990 shares of the company's stock worth $593,733,000 after buying an additional 2,871,232 shares during the last quarter. Whale Rock Capital Management LLC purchased a new position in Reddit during the fourth quarter valued at approximately $204,054,000. Nordea Investment Management AB lifted its holdings in Reddit by 21,703.0% during the second quarter. Nordea Investment Management AB now owns 1,060,935 shares of the company's stock valued at $164,021,000 after purchasing an additional 1,056,069 shares in the last quarter. Vanguard Group Inc. lifted its holdings in Reddit by 11.1% during the first quarter. Vanguard Group Inc. now owns 10,198,552 shares of the company's stock valued at $1,069,828,000 after purchasing an additional 1,017,162 shares in the last quarter. Finally, Voya Investment Management LLC purchased a new position in Reddit during the fourth quarter valued at approximately $157,984,000.

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.

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