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 the business’s stock in a transaction that occurred on Tuesday, December 31st. The stock was sold at an average price of $165.33, for a total transaction of $2,314,620.00. Following the transaction, the chief executive officer now owns 614,394 shares of the company’s stock, valued at $101,577,760.02. This trade represents a 2.23 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink.

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 transaction of $2,466,800.00.
• On Friday, November 29th, Steve Ladd Huffman sold 14,000 shares of Reddit stock. The shares were 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 stock was 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 stock was 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 stock was sold at an average price of $75.43, for a total transaction of $1,056,020.00.

Reddit Trading Up 7.1 %

NYSE RDDT opened at $177.74 on Friday. The business’s 50 day moving average is $146.37 and its two-hundred day moving average is $92.77. Reddit, Inc. has a 12-month low of $37.35 and a 12-month high of $182.20.

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

Wall Street Analysts Forecast Growth

Several research analysts have recently issued reports on the stock. Robert W. Baird increased their target price on shares of Reddit from $100.00 to $160.00 and gave the company a “neutral” rating in a research report on Wednesday, December 11th. Roth Mkm raised their price objective on Reddit from $89.00 to $116.00 and gave the stock a “buy” rating in a report on Wednesday, October 30th. JPMorgan Chase & Co. boosted their target price on Reddit from $59.00 to $77.00 and gave the company a “neutral” rating in a report on Monday, October 7th. Morgan Stanley upgraded Reddit from an “equal weight” rating to an “overweight” rating and raised their price target for the stock from $70.00 to $200.00 in a research note on Monday, December 9th. Finally, Citigroup boosted their price objective on Reddit from $120.00 to $200.00 and gave the company a “buy” rating in a research note on Friday, December 20th. One analyst has rated the stock with a sell rating, five have issued a hold rating, fourteen have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $132.70.

Hedge Funds Weigh In On Reddit

Large investors have recently made changes to their positions in the stock. Cambridge Investment Research Advisors Inc. acquired a new position in Reddit during the second quarter worth about $1,201,000. Commonwealth Equity Services LLC grew its holdings in shares of Reddit by 11.8% in the 2nd quarter. Commonwealth Equity Services LLC now owns 25,185 shares of the company’s stock worth $1,609,000 after acquiring an additional 2,659 shares during the period. TD Asset Management Inc purchased a new position in Reddit in the 2nd quarter valued at approximately $6,566,000. Victory Capital Management Inc. acquired a new position in Reddit during the second quarter worth $3,209,000. Finally, Pier Capital LLC purchased a new stake in Reddit during the second quarter worth $8,213,000.

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.