Insider Selling: Reddit, Inc. (NYSE:RDDT) CEO Sells 14,000 Shares of Stock

Reddit, Inc. (NYSE:RDDT) CEO Steve Ladd Huffman sold 14,000 shares of Reddit stock in a transaction that occurred on Friday, November 29th. The shares were sold at an average price of $141.79, for a total value of $1,985,060.00. Following the completion of the transaction, the chief executive officer now owns 634,971 shares of the company’s stock, valued at approximately $90,032,538.09. The trade was a 2.16 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link.

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

• On Friday, November 15th, Steve Ladd Huffman sold 14,000 shares of Reddit stock. The stock was sold at an average price of $125.98, for a total transaction of $1,763,720.00.
• On Friday, November 1st, Steve Ladd Huffman sold 14,000 shares of Reddit stock. The stock was sold at an average price of $113.13, for a total transaction of $1,583,820.00.
• On Tuesday, October 15th, Steve Ladd Huffman sold 14,000 shares of Reddit stock. The stock was sold at an average price of $75.43, for a total transaction of $1,056,020.00.
• On Monday, September 30th, Steve Ladd Huffman sold 14,000 shares of Reddit stock. The stock was sold at an average price of $66.20, for a total transaction of $926,800.00.
• On Monday, September 16th, Steve Ladd Huffman sold 14,000 shares of Reddit stock. The stock was sold at an average price of $59.19, for a total transaction of $828,660.00.

Reddit Stock Performance

Shares of RDDT stock traded up $8.28 during trading on Tuesday, hitting $149.92. 5,958,729 shares of the company were exchanged, compared to its average volume of 5,024,131. Reddit, Inc. has a twelve month low of $37.35 and a twelve month high of $158.49. The business’s 50-day simple moving average is $102.91 and its 200 day simple moving average is $75.68.

Reddit (NYSE:RDDT) last issued its earnings results on Tuesday, October 29th. The company reported $0.16 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.07) by $0.23. The business had revenue of $348.40 million during the quarter, compared to analysts’ expectations of $313.61 million. Reddit had a negative return on equity of 40.54% and a negative net margin of 47.83%. The firm’s revenue was up 67.9% on a year-over-year basis. Research analysts anticipate that Reddit, Inc. will post -3.63 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

RDDT has been the topic of a number of analyst reports. B. Riley reissued a “buy” rating and issued a $112.00 price target (up previously from $87.00) on shares of Reddit in a research note on Wednesday, October 30th. JPMorgan Chase & Co. upped their price target on shares of Reddit from $59.00 to $77.00 and gave the company a “neutral” rating in a research note on Monday, October 7th. Roth Mkm lifted their price objective on shares of Reddit from $89.00 to $116.00 and gave the company a “buy” rating in a research note on Wednesday, October 30th. Sanford C. Bernstein raised their price objective on shares of Reddit from $65.00 to $85.00 and gave the company an “underperform” rating in a report on Wednesday, October 30th. Finally, Cannonball Research assumed coverage on shares of Reddit in a research report on Tuesday, August 6th. They set a “buy” rating and a $67.00 price objective for the company. One equities research analyst has rated the stock with a sell rating, six have given a hold rating, eleven have issued a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $103.17.

Institutional Trading of Reddit

A number of institutional investors have recently modified their holdings of the company. Whittier Trust Co. acquired a new position in Reddit in the 3rd quarter valued at about $42,000. SOA Wealth Advisors LLC. bought a new stake in Reddit during the 2nd quarter worth approximately $78,000. Daiwa Securities Group Inc. bought a new stake in shares of Reddit in the 3rd quarter valued at $85,000. UMB Bank n.a. acquired a new position in shares of Reddit during the 2nd quarter valued at $88,000. Finally, Sanctuary Advisors LLC bought a new stake in Reddit during the 3rd quarter valued at $144,000.

About Reddit

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.