Reddit, Inc. (NYSE:RDDT) CEO Sells $1,445,920.00 in Stock

Reddit, Inc. (NYSE:RDDT) CEO Steve Ladd Huffman sold 14,000 shares of the business’s stock in a transaction on Monday, March 31st. The shares were sold at an average price of $103.28, for a total transaction of $1,445,920.00. Following the completion of the sale, the chief executive officer now directly owns 577,013 shares of the company’s stock, valued at approximately $59,593,902.64. This trade represents a 2.37 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link.

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

• On Friday, March 14th, Steve Ladd Huffman sold 124,408 shares of Reddit stock. The stock was sold at an average price of $127.36, for a total transaction of $15,844,602.88.
• On Friday, February 28th, Steve Ladd Huffman sold 14,000 shares of Reddit stock. The stock was sold at an average price of $160.30, for a total value of $2,244,200.00.
• On Tuesday, February 18th, Steve Ladd Huffman sold 14,000 shares of Reddit stock. The shares were sold at an average price of $187.78, for a total value of $2,628,920.00.
• On Friday, January 31st, Steve Ladd Huffman sold 14,000 shares of Reddit stock. The shares were sold at an average price of $201.96, for a total value of $2,827,440.00.
• On Wednesday, January 15th, Steve Ladd Huffman sold 14,000 shares of Reddit stock. The stock was sold at an average price of $172.79, for a total value of $2,419,060.00.

Reddit Trading Down 0.7 %

Shares of Reddit stock opened at $109.33 on Thursday. The business’s fifty day moving average price is $161.47 and its 200 day moving average price is $138.29. Reddit, Inc. has a twelve month low of $37.35 and a twelve month high of $230.41. The stock has a market capitalization of $19.78 billion and a P/E ratio of -14.14.

Reddit (NYSE:RDDT) last released its quarterly earnings data on Wednesday, February 12th. The company reported $0.36 earnings per share for the quarter, beating the consensus estimate of $0.24 by $0.12. Reddit had a negative return on equity of 24.71% and a negative net margin of 37.25%. As a group, sell-side analysts predict that Reddit, Inc. will post 1.12 EPS for the current year.

Analysts Set New Price Targets

A number of equities analysts have commented on the stock. Redburn Atlantic assumed coverage on shares of Reddit in a research report on Monday, March 17th. They set a “sell” rating and a $75.00 price objective for the company. Roth Mkm cut shares of Reddit from a “buy” rating to a “neutral” rating and increased their price target for the stock from $116.00 to $195.00 in a report on Wednesday, January 22nd. JMP Securities set a $155.00 price objective on Reddit in a report on Friday, March 28th. Needham & Company LLC reissued a “buy” rating and set a $220.00 target price on shares of Reddit in a research note on Friday, March 21st. Finally, Wells Fargo & Company reduced their price target on Reddit from $215.00 to $158.00 and set an “overweight” rating for the company in a report on Monday. Two equities research analysts have rated the stock with a sell rating, seven have assigned a hold rating, twelve have assigned a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $163.00.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently modified their holdings of the stock. Charles Schwab Investment Management Inc. grew its stake in shares of Reddit by 194.8% in the third quarter. Charles Schwab Investment Management Inc. now owns 503,321 shares of the company’s stock valued at $33,179,000 after buying an additional 332,604 shares in the last quarter. Cerity Partners LLC purchased a new stake in shares of Reddit during the third quarter valued at approximately $446,000. The Manufacturers Life Insurance Company acquired a new position in shares of Reddit during the third quarter worth $1,053,000. Zurcher Kantonalbank Zurich Cantonalbank acquired a new position in shares of Reddit during the third quarter worth $349,000. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC purchased a new position in shares of Reddit in the third quarter valued at $2,724,000.

Reddit Company Profile

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.