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 company’s stock in a transaction on Monday, December 16th. The shares were sold at an average price of $176.20, for a total transaction of $2,466,800.00. Following the completion of the transaction, the chief executive officer now owns 620,971 shares of the company’s stock, valued at $109,415,090.20. This represents a 2.20 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website.

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

• 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 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 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.

Reddit Price Performance

Shares of NYSE RDDT opened at $170.71 on Friday. The company’s 50-day moving average price is $127.73 and its 200 day moving average price is $85.14. Reddit, Inc. has a 52 week low of $37.35 and a 52 week high of $180.74.

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

Hedge Funds Weigh In On Reddit

Several hedge funds have recently bought and sold shares of RDDT. ARK Investment Management LLC grew its holdings in shares of Reddit by 120.5% during the third quarter. ARK Investment Management LLC now owns 352,721 shares of the company’s stock worth $23,251,000 after buying an additional 192,785 shares in the last quarter. Wellington Management Group LLP grew its stake in Reddit by 3,640.5% in the 3rd quarter. Wellington Management Group LLP now owns 255,325 shares of the company’s stock worth $16,831,000 after acquiring an additional 248,499 shares during the period. Victory Capital Management Inc. grew its stake in Reddit by 903.8% in the 3rd quarter. Victory Capital Management Inc. now owns 504,116 shares of the company’s stock worth $33,231,000 after acquiring an additional 453,894 shares during the period. Mission Creek Capital Partners Inc. acquired a new position in Reddit in the 3rd quarter valued at $7,490,000. Finally, Quadrature Capital Ltd purchased a new position in shares of Reddit during the 3rd quarter worth $3,801,000.

Analyst Upgrades and Downgrades

RDDT has been the subject of several recent research reports. Wells Fargo & Company began coverage on shares of Reddit in a research note on Wednesday, December 11th. They set an “overweight” rating and a $206.00 target price for the company. Loop Capital lifted their target price on Reddit from $120.00 to $180.00 and gave the company a “buy” rating in a research note on Monday, December 2nd. Raymond James upped their price target on Reddit from $70.00 to $80.00 and gave the stock a “strong-buy” rating in a research note on Thursday, October 10th. Sanford C. Bernstein increased their price target on shares of Reddit from $65.00 to $85.00 and gave the stock an “underperform” rating in a report on Wednesday, October 30th. Finally, Needham & Company LLC lifted their price objective on Reddit from $120.00 to $190.00 and gave the company a “buy” rating in a report on Wednesday, December 11th. One equities research analyst has rated the stock with a sell rating, five have given a hold rating, fourteen have assigned a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, Reddit currently has a consensus rating of “Moderate Buy” and an average price target 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.