Reddit (NYSE:RDDT) CEO Sells $3,092,400.00 in Stock

Key Points

• Steve Ladd Huffman sold 18,000 shares on May 5 at an average price of $171.80 for a total of $3,092,400, executed under a Rule 10b5-1 trading plan and reducing his stake by 4.19% to 411,195 shares.
• Huffman has repeatedly sold 18,000-share blocks earlier this year (Feb–Apr), indicating a pattern of ongoing insider selling.
• Reddit beat quarterly expectations with EPS $1.01 vs. $0.62 expected and revenue of $663.41M (+69.1% YoY). The stock trades below its 200‑day moving average and carries a MarketBeat consensus of "Moderate Buy" with an average target of $228.61.

Reddit Inc. (NYSE:RDDT - Get Free Report) CEO Steve Ladd Huffman sold 18,000 shares of the business's stock in a transaction on Tuesday, May 5th. The stock was sold at an average price of $171.80, for a total value of $3,092,400.00. Following the completion of the transaction, the chief executive officer directly owned 411,195 shares in the company, valued at approximately $70,643,301. This represents a 4.19% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

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

• On Wednesday, April 15th, Steve Ladd Huffman sold 18,000 shares of Reddit stock. The shares were sold at an average price of $158.40, for a total value of $2,851,200.00.
• On Tuesday, March 31st, Steve Ladd Huffman sold 18,000 shares of Reddit stock. The shares were sold at an average price of $132.77, for a total value of $2,389,860.00.
• On Friday, March 13th, Steve Ladd Huffman sold 18,000 shares of Reddit stock. The shares were sold at an average price of $132.86, for a total value of $2,391,480.00.
• On Friday, February 27th, Steve Ladd Huffman sold 18,000 shares of Reddit stock. The stock was sold at an average price of $145.12, for a total value of $2,612,160.00.
• On Friday, February 13th, Steve Ladd Huffman sold 18,000 shares of Reddit stock. The shares were sold at an average price of $138.81, for a total value of $2,498,580.00.

Reddit Price Performance

Shares of RDDT traded down $2.86 during midday trading on Thursday, hitting $163.70. 5,418,996 shares of the company traded hands, compared to its average volume of 5,350,461. The stock has a 50-day moving average of $145.02 and a 200-day moving average of $183.65. Reddit Inc. has a one year low of $94.89 and a one year high of $282.95. The firm has a market cap of $31.27 billion, a P/E ratio of 46.77, a PEG ratio of 1.18 and a beta of 1.85.

Reddit (NYSE:RDDT - Get Free Report) last announced its quarterly earnings results on Thursday, April 30th. The company reported $1.01 earnings per share for the quarter, beating the consensus estimate of $0.62 by $0.39. Reddit had a return on equity of 25.48% and a net margin of 28.60%.The firm had revenue of $663.41 million for the quarter, compared to analysts' expectations of $607.74 million. During the same period in the prior year, the business posted $0.13 earnings per share. The company's revenue was up 69.1% on a year-over-year basis. Sell-side analysts forecast that Reddit Inc. will post 4.26 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

A number of brokerages have weighed in on RDDT. Morgan Stanley set a $240.00 target price on Reddit in a research note on Friday, February 6th. Needham & Company LLC restated a "buy" rating and issued a $300.00 target price on shares of Reddit in a research note on Friday, May 1st. Citigroup restated an "outperform" rating on shares of Reddit in a research note on Friday, May 1st. Piper Sandler restated an "overweight" rating and issued a $215.00 target price (up from $205.00) on shares of Reddit in a research note on Friday, May 1st. Finally, Roth Mkm upped their target price on Reddit from $210.00 to $215.00 and gave the stock a "neutral" rating in a research note on Friday, January 30th. One research analyst has rated the stock with a Strong Buy rating, eighteen have issued a Buy rating and eleven have assigned a Hold rating to the company. According to data from MarketBeat, Reddit currently has a consensus rating of "Moderate Buy" and an average price target of $228.61.

Institutional Investors Weigh In On Reddit

Several institutional investors have recently bought and sold shares of the stock. Dimensional Fund Advisors LP boosted its holdings in Reddit by 5.6% during the 1st quarter. Dimensional Fund Advisors LP now owns 411,802 shares of the company's stock valued at $55,409,000 after acquiring an additional 21,906 shares during the period. Momentum Wealth Planning LLC boosted its holdings in Reddit by 203.1% during the 1st quarter. Momentum Wealth Planning LLC now owns 15,338 shares of the company's stock valued at $2,065,000 after acquiring an additional 10,278 shares during the period. SEB Asset Management AB purchased a new stake in Reddit during the 1st quarter valued at about $7,590,000. Swiss National Bank boosted its holdings in Reddit by 7.1% during the 1st quarter. Swiss National Bank now owns 296,600 shares of the company's stock valued at $39,937,000 after acquiring an additional 19,700 shares during the period. Finally, Mediolanum International Funds Ltd boosted its holdings in Reddit by 67.4% during the 1st quarter. Mediolanum International Funds Ltd now owns 30,019 shares of the company's stock valued at $3,726,000 after acquiring an additional 12,089 shares during the period.

About Reddit

Reddit is an online social news aggregation, discussion and content-sharing platform organized around user-created communities called "subreddits," each focused on a particular topic or interest. Registered users submit links, text posts, images and video, and community members vote and comment to surface popular content. The site is accessed via its web platform and mobile apps for iOS and Android, and it supports live events such as Ask Me Anything (AMA) sessions and community-driven discussions.

Founded in 2005 by Steve Huffman and Alexis Ohanian, Reddit is headquartered in San Francisco and serves a global audience with particularly large user bases in the United States and other English-speaking markets.

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