Insider Selling: Reddit, Inc. (NYSE:RDDT) CEO Sells $2,314,620.00 in Stock

Reddit, Inc. (NYSE:RDDT) CEO Steve Ladd Huffman sold 14,000 shares of the company’s stock in a transaction dated Tuesday, December 31st. The stock was sold at an average price of $165.33, for a total value of $2,314,620.00. Following the completion of the transaction, the chief executive officer now owns 614,394 shares of the company’s stock, valued at $101,577,760.02. The trade was a 2.23 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website.

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

• On Monday, December 16th, Steve Ladd Huffman sold 14,000 shares of Reddit stock. The stock was sold at an average price of $176.20, for a total value of $2,466,800.00.
• On Friday, November 29th, Steve Ladd Huffman sold 14,000 shares of Reddit stock. The stock was sold at an average price of $141.79, for a total value of $1,985,060.00.
• On Friday, November 15th, Steve Ladd Huffman sold 14,000 shares of Reddit stock. The shares were sold at an average price of $125.98, for a total value of $1,763,720.00.
• On Friday, November 1st, Steve Ladd Huffman sold 14,000 shares of Reddit stock. The shares were sold at an average price of $113.13, for a total value of $1,583,820.00.
• On Tuesday, October 15th, Steve Ladd Huffman sold 14,000 shares of Reddit stock. The shares were sold at an average price of $75.43, for a total value of $1,056,020.00.

Reddit Price Performance

Shares of NYSE:RDDT opened at $177.74 on Monday. Reddit, Inc. has a 52-week low of $37.35 and a 52-week high of $182.20. The stock has a 50 day moving average price of $146.37 and a 200-day moving average price of $93.23.

Reddit (NYSE:RDDT) last posted its quarterly earnings results on Tuesday, October 29th. The company reported $0.16 earnings per share for the quarter, topping the consensus estimate of ($0.07) by $0.23. The company had revenue of $348.40 million for the quarter, compared to the consensus estimate of $313.61 million. Reddit had a negative return on equity of 40.54% and a negative net margin of 47.83%. The business’s revenue was up 67.9% compared to the same quarter last year. On average, equities analysts anticipate that Reddit, Inc. will post -3.46 earnings per share for the current fiscal year.

Institutional Trading of Reddit

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Whittier Trust Co. purchased a new stake in shares of Reddit in the 3rd quarter worth approximately $42,000. Daiwa Securities Group Inc. purchased a new stake in Reddit during the 3rd quarter valued at $85,000. SOA Wealth Advisors LLC. boosted its stake in Reddit by 56.3% during the 3rd quarter. SOA Wealth Advisors LLC. now owns 1,919 shares of the company’s stock valued at $126,000 after purchasing an additional 691 shares during the last quarter. Sanctuary Advisors LLC purchased a new stake in Reddit during the 3rd quarter valued at $144,000. Finally, Hsbc Holdings PLC purchased a new stake in Reddit during the 2nd quarter valued at $203,000.

Analysts Set New Price Targets

RDDT has been the subject of several analyst reports. Jefferies Financial Group increased their target price on Reddit from $120.00 to $175.00 and gave the company a “buy” rating in a report on Monday, November 25th. Piper Sandler restated an “overweight” rating and set a $150.00 target price (up from $115.00) on shares of Reddit in a report on Tuesday, November 19th. The Goldman Sachs Group increased their target price on Reddit from $60.00 to $68.00 and gave the company a “neutral” rating in a report on Monday, October 14th. Wells Fargo & Company began coverage on Reddit in a research report on Wednesday, December 11th. They set an “overweight” rating and a $206.00 price target for the company. Finally, Raymond James upped their price target on Reddit from $70.00 to $80.00 and gave the company a “strong-buy” rating in a research report on Thursday, October 10th. One investment analyst has rated the stock with a sell rating, five have given a hold rating, fourteen have issued a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $132.70.

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.