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

Key Points

• Reddit CEO Steve Huffman sold 18,000 shares at an average price of $159.78, generating approximately $2.88 million. The transaction was made under a pre-arranged Rule 10b5-1 plan, leaving him with 373,814 shares.
• Reddit shares fell 2.6% to $151.20, while the company recently reported stronger-than-expected quarterly results: $1.25 in earnings per share and $804.91 million in revenue, up 61% year over year.
• Wall Street maintains a “Moderate Buy” consensus rating, with an average price target of $220.90, although analyst targets range from $145 to $300.

Reddit Inc. (NYSE:RDDT - Get Free Report) CEO Steve Ladd Huffman sold 18,000 shares of the company's stock in a transaction that occurred on Tuesday, August 4th. The stock was sold at an average price of $159.78, for a total value of $2,876,040.00. Following the transaction, the chief executive officer directly owned 373,814 shares in the company, valued at $59,728,000.92. The trade was a 4.59% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available 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 Tuesday, June 30th, Steve Ladd Huffman sold 18,000 shares of Reddit stock. The shares were sold at an average price of $173.13, for a total transaction of $3,116,340.00.
• On Monday, June 15th, Steve Ladd Huffman sold 18,000 shares of Reddit stock. The stock was sold at an average price of $178.26, for a total transaction of $3,208,680.00.
• On Friday, May 29th, Steve Ladd Huffman sold 18,000 shares of Reddit stock. The shares were sold at an average price of $174.13, for a total transaction 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 transaction of $2,828,700.00.

Reddit Trading Down 2.6%

NYSE RDDT traded down $4.06 during trading hours on Thursday, hitting $151.20. The company's stock had a trading volume of 3,453,129 shares, compared to its average volume of 5,300,585. The company has a market capitalization of $29.11 billion, a PE ratio of 35.16, a price-to-earnings-growth ratio of 0.54 and a beta of 2.03. Reddit Inc. has a 52 week low of $119.27 and a 52 week high of $282.95. The company's 50-day simple moving average is $176.97 and its two-hundred day simple moving average is $161.90.

Reddit (NYSE:RDDT - Get Free Report) last issued its quarterly earnings data on Thursday, July 30th. The company reported $1.25 EPS for the quarter, topping analysts' consensus estimates of $0.95 by $0.30. Reddit had a return on equity of 29.02% and a net margin of 31.35%.The firm had revenue of $804.91 million during the quarter, compared to analyst estimates of $731.00 million. During the same period in the previous year, the company posted $0.45 EPS. The company's revenue for the quarter was up 61.0% on a year-over-year basis. Research analysts anticipate that Reddit Inc. will post 5.19 EPS for the current fiscal year.

Institutional Trading of Reddit

Several hedge funds have recently made changes to their positions in the company. NewEdge Advisors LLC increased its holdings in Reddit by 143.3% in the 1st quarter. NewEdge Advisors LLC now owns 7,982 shares of the company's stock worth $837,000 after acquiring an additional 4,701 shares during the last quarter. Empowered Funds LLC purchased a new position in shares of Reddit in the first quarter worth about $213,000. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its position in shares of Reddit by 106.3% in the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 216,960 shares of the company's stock valued at $22,759,000 after purchasing an additional 111,780 shares during the period. Focus Partners Wealth lifted its stake in shares of Reddit by 40.8% during the 1st quarter. Focus Partners Wealth now owns 10,224 shares of the company's stock valued at $1,073,000 after buying an additional 2,965 shares in the last quarter. Finally, Geneos Wealth Management Inc. boosted its holdings in Reddit by 344.6% in the 1st quarter. Geneos Wealth Management Inc. now owns 369 shares of the company's stock worth $39,000 after buying an additional 286 shares during the period.

Wall Street Analyst Weigh In

Several analysts have recently commented on the stock. Deutsche Bank Aktiengesellschaft set a $200.00 target price on shares of Reddit in a report on Friday, July 31st. Roth Capital reissued a "neutral" rating and set a $145.00 target price on shares of Reddit in a research report on Monday. Needham & Company LLC reaffirmed a "buy" rating and issued a $300.00 target price on shares of Reddit in a report on Wednesday, June 24th. Truist Financial lifted their price target on Reddit from $265.00 to $275.00 and gave the stock a "buy" rating in a report on Friday, July 31st. Finally, The Goldman Sachs Group restated a "neutral" rating and issued a $200.00 price objective on shares of Reddit in a research note on Friday, May 1st. Two equities research analysts have rated the stock with a Strong Buy rating, nineteen have issued a Buy rating and eleven have assigned a Hold rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and a consensus target price of $220.90.

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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