Steve Ladd Huffman Sells 14,000 Shares of Reddit, Inc. (NYSE:RDDT) Stock

Reddit, Inc. (NYSE:RDDT) CEO Steve Ladd Huffman sold 14,000 shares of the business’s stock in a transaction dated Monday, September 30th. The stock was sold at an average price of $66.20, for a total value of $926,800.00. Following the sale, the chief executive officer now owns 651,775 shares in the company, valued at approximately $43,147,505. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website.

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

• 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.
• On Friday, August 30th, Steve Ladd Huffman sold 6,714 shares of Reddit stock. The shares were sold at an average price of $59.84, for a total transaction of $401,765.76.
• On Tuesday, August 20th, Steve Ladd Huffman sold 14,000 shares of Reddit stock. The stock was sold at an average price of $53.98, for a total transaction of $755,720.00.

Reddit Stock Performance

Shares of RDDT stock traded up $1.81 during trading on Wednesday, reaching $67.78. The company had a trading volume of 3,709,754 shares, compared to its average volume of 4,404,212. The stock has a 50 day moving average price of $59.37. Reddit, Inc. has a one year low of $37.35 and a one year high of $78.08.

Reddit (NYSE:RDDT) last issued its quarterly earnings data on Tuesday, August 6th. The company reported ($0.06) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.31) by $0.25. The firm had revenue of $281.20 million during the quarter, compared to analyst estimates of $253.86 million. Reddit’s quarterly revenue was up 53.6% compared to the same quarter last year. During the same quarter in the previous year, the firm posted ($0.70) earnings per share. On average, analysts forecast that Reddit, Inc. will post -4.13 EPS for the current fiscal year.

Institutional Investors Weigh In On Reddit

Hedge funds have recently bought and sold shares of the company. BNP Paribas Financial Markets acquired a new position in shares of Reddit during the first quarter worth approximately $37,000. SOA Wealth Advisors LLC. bought a new position in Reddit during the second quarter worth $78,000. ANTIPODES PARTNERS Ltd acquired a new position in Reddit during the 1st quarter valued at $63,000. UMB Bank n.a. bought a new stake in Reddit in the 2nd quarter valued at $88,000. Finally, Sandia Investment Management LP acquired a new stake in Reddit in the 1st quarter worth $79,000.

Analyst Upgrades and Downgrades

RDDT has been the subject of a number of research analyst reports. Cannonball Research began coverage on Reddit in a report on Tuesday, August 6th. They issued a “buy” rating and a $67.00 target price for the company. Needham & Company LLC reissued a “buy” rating and issued a $75.00 price objective on shares of Reddit in a research note on Wednesday, September 18th. Bank of America lifted their target price on Reddit from $57.00 to $60.00 and gave the company a “neutral” rating in a research note on Wednesday, August 7th. Piper Sandler increased their price target on shares of Reddit from $65.00 to $70.00 and gave the stock an “overweight” rating in a research report on Wednesday, August 7th. Finally, JMP Securities reiterated a “market outperform” rating and issued a $84.00 price objective on shares of Reddit in a research note on Tuesday, July 30th. One investment analyst has rated the stock with a sell rating, six have given a hold rating, nine have issued a buy rating and two have assigned a strong buy rating to the company’s stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $66.12.

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.