Reddit (NYSE:RDDT) CEO Steve Ladd Huffman Sells 18,000 Shares

Key Points

• Reddit CEO Steve Ladd Huffman sold 18,000 shares on May 29 at an average price of $174.13, totaling about $3.13 million. The sale was made under a pre-arranged Rule 10b5-1 plan, and he still held 373,814 shares afterward.
• Reddit’s stock fell 5.1% in Tuesday trading to $168.85, with volume below its average. The shares remain volatile, trading between a 12-month low of $109.92 and high of $282.95.
• The company’s latest earnings were strong, with Q1 EPS of $1.01 beating estimates and revenue rising 69.1% year over year to $663.41 million. Analysts currently have a Moderate Buy consensus rating with an average target price of $228.61.

Reddit Inc. (NYSE:RDDT - Get Free Report) CEO Steve Ladd Huffman sold 18,000 shares of Reddit stock in a transaction on Friday, May 29th. The shares were sold at an average price of $174.13, for a total value of $3,134,340.00. Following the completion of the transaction, the chief executive officer owned 373,814 shares of the company's stock, valued at approximately $65,092,231.82. The trade was a 4.59% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

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

• On Friday, May 15th, Steve Ladd Huffman sold 18,000 shares of Reddit stock. The shares were sold at an average price of $157.15, for a total value of $2,828,700.00.
• On Tuesday, May 5th, Steve Ladd Huffman sold 18,000 shares of Reddit stock. The shares were sold at an average price of $171.80, for a total value of $3,092,400.00.
• 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.

Reddit Stock Down 5.1%

RDDT traded down $9.00 during trading on Tuesday, hitting $168.85. The company's stock had a trading volume of 4,291,402 shares, compared to its average volume of 5,359,596. The firm's 50 day moving average price is $150.34 and its two-hundred day moving average price is $177.84. Reddit Inc. has a 12 month low of $109.92 and a 12 month high of $282.95. The stock has a market capitalization of $32.51 billion, a price-to-earnings ratio of 48.24 and a beta of 1.85.

Reddit (NYSE:RDDT - Get Free Report) last issued its quarterly earnings data on Thursday, April 30th. The company reported $1.01 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.62 by $0.39. The firm had revenue of $663.41 million during the quarter, compared to the consensus estimate of $607.74 million. Reddit had a return on equity of 25.48% and a net margin of 28.60%.The business's revenue for the quarter was up 69.1% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.13 EPS. On average, sell-side analysts forecast that Reddit Inc. will post 4.83 earnings per share for the current year.

Institutional Investors Weigh In On Reddit

A number of institutional investors have recently made changes to their positions in the stock. Huntington National Bank grew its stake in shares of Reddit by 25.6% during the third quarter. Huntington National Bank now owns 270 shares of the company's stock worth $62,000 after purchasing an additional 55 shares during the period. Institute for Wealth Management LLC. grew its stake in shares of Reddit by 6.1% during the fourth quarter. Institute for Wealth Management LLC. now owns 1,071 shares of the company's stock worth $246,000 after purchasing an additional 62 shares during the period. Roxbury Financial LLC grew its stake in shares of Reddit by 7.4% during the fourth quarter. Roxbury Financial LLC now owns 929 shares of the company's stock worth $214,000 after purchasing an additional 64 shares during the period. Florida Financial Advisors LLC grew its stake in shares of Reddit by 6.7% during the fourth quarter. Florida Financial Advisors LLC now owns 1,087 shares of the company's stock worth $250,000 after purchasing an additional 68 shares during the period. Finally, Diversified Trust Co grew its stake in shares of Reddit by 2.1% during the first quarter. Diversified Trust Co now owns 3,271 shares of the company's stock worth $440,000 after purchasing an additional 68 shares during the period.

Analysts Set New Price Targets

RDDT has been the subject of several research reports. B. Riley Financial lifted their target price on Reddit from $245.00 to $250.00 and gave the company a "buy" rating in a research note on Friday, February 6th. Raymond James Financial set a $180.00 target price on Reddit and gave the company a "market perform" rating in a research note on Friday, May 1st. Piper Sandler reissued 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. Oppenheimer reissued an "outperform" rating and issued a $225.00 target price on shares of Reddit in a research note on Friday, May 1st. Finally, DA Davidson reissued a "buy" rating and issued a $200.00 target price on shares of Reddit in a research note on Friday, May 1st. One investment analyst has rated the stock with a Strong Buy rating, eighteen have assigned a Buy rating and eleven have assigned a Hold rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $228.61.

Reddit Company Profile

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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