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

Key Points

• Reddit CEO Steve Huffman sold 18,000 shares on June 30 at an average price of $173.13, for proceeds of about $3.12 million. The sale was made under a pre-arranged Rule 10b5-1 trading plan, and his ownership fell by 4.59%.
• Huffman has repeatedly sold 18,000-share blocks in recent weeks, including transactions on June 15, May 29, May 15, May 5, and April 15. The article suggests a steady pattern of insider selling rather than a one-off trade.
• Reddit’s latest reported quarter showed strong earnings and revenue growth, with EPS of $1.01 versus $0.62 expected and revenue up 69.1% year over year. Analysts currently have a consensus rating of Moderate Buy with a target price of $230.75.

Reddit Inc. (NYSE:RDDT - Get Free Report) CEO Steve Ladd Huffman sold 18,000 shares of the stock in a transaction that occurred on Tuesday, June 30th. The stock was sold at an average price of $173.13, for a total value of $3,116,340.00. Following the completion of the transaction, the chief executive officer owned 373,814 shares of the company's stock, valued at $64,718,417.82. The trade was a 4.59% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed 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 Monday, June 15th, Steve Ladd Huffman sold 18,000 shares of Reddit stock. The shares were sold at an average price of $178.26, for a total value of $3,208,680.00.
• On Friday, May 29th, Steve Ladd Huffman sold 18,000 shares of Reddit stock. The stock was sold at an average price of $174.13, for a total value of $3,134,340.00.
• On Friday, May 15th, Steve Ladd Huffman sold 18,000 shares of Reddit stock. The stock was 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 stock was sold at an average price of $171.80, for a total transaction 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 transaction of $2,851,200.00.

Reddit Price Performance

Shares of RDDT stock traded down $3.19 during trading hours on Thursday, hitting $194.57. The company had a trading volume of 4,459,573 shares, compared to its average volume of 5,221,260. The stock has a market capitalization of $37.46 billion, a PE ratio of 55.59 and a beta of 1.91. The company's fifty day moving average is $163.57 and its 200 day moving average is $171.96. Reddit Inc. has a fifty-two week low of $119.27 and a fifty-two week high of $282.95.

Reddit (NYSE:RDDT - Get Free Report) last posted its earnings results on Thursday, April 30th. The company reported $1.01 earnings per share (EPS) for the quarter, topping 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 analyst estimates of $607.74 million. During the same quarter in the prior year, the company earned $0.13 EPS. Reddit's revenue was up 69.1% on a year-over-year basis. Equities analysts forecast that Reddit Inc. will post 4.83 earnings per share for the current year.

Institutional Trading of Reddit

Institutional investors and hedge funds have recently bought and sold shares of the business. Vanguard Group Inc. increased its position in Reddit by 8.9% in the 4th quarter. Vanguard Group Inc. now owns 13,322,048 shares of the company's stock valued at $3,062,339,000 after acquiring an additional 1,083,540 shares during the period. Capital World Investors purchased a new position in Reddit during the fourth quarter worth about $1,293,258,000. State Street Corp lifted its position in Reddit by 6.0% in the fourth quarter. State Street Corp now owns 2,631,332 shares of the company's stock valued at $604,864,000 after purchasing an additional 149,401 shares during the period. Geode Capital Management LLC lifted its position in Reddit by 4.7% in the fourth quarter. Geode Capital Management LLC now owns 2,382,712 shares of the company's stock valued at $546,789,000 after purchasing an additional 106,821 shares during the period. Finally, Morgan Stanley boosted its holdings in Reddit by 11.4% in the 4th quarter. Morgan Stanley now owns 2,372,443 shares of the company's stock valued at $545,354,000 after purchasing an additional 242,709 shares in the last quarter.

Analyst Ratings Changes

Several equities research analysts have recently weighed in on the company. The Goldman Sachs Group reissued a "neutral" rating and set a $200.00 target price on shares of Reddit in a research report on Friday, May 1st. Weiss Ratings reiterated a "hold (c)" rating on shares of Reddit in a research note on Friday, May 8th. Needham & Company LLC reissued a "buy" rating and set a $300.00 price objective on shares of Reddit in a report on Wednesday, June 24th. Rothschild & Co Redburn set a $110.00 price objective on shares of Reddit in a research report on Monday, April 27th. Finally, Jefferies Financial Group lowered their target price on shares of Reddit from $285.00 to $250.00 and set a "buy" rating for the company in a report on Tuesday, March 10th. Eighteen research analysts have rated the stock with a Buy rating and twelve have given a Hold rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of $230.75.

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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