Reddit, Inc. (NYSE:RDDT) CEO Steve Ladd Huffman Sells 124,408 Shares

Reddit, Inc. (NYSE:RDDT) CEO Steve Ladd Huffman sold 124,408 shares of the company’s stock in a transaction dated Friday, March 14th. The stock was sold at an average price of $127.36, for a total value of $15,844,602.88. Following the completion of the transaction, the chief executive officer now directly owns 583,515 shares of the company’s stock, valued at approximately $74,316,470.40. The trade was a 17.57 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website.

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

• 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 stock was 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 stock was 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.
• On Tuesday, December 31st, Steve Ladd Huffman sold 14,000 shares of Reddit stock. The shares were sold at an average price of $165.33, for a total value of $2,314,620.00.

Reddit Stock Down 12.4 %

NYSE:RDDT traded down $15.55 on Tuesday, hitting $110.02. The stock had a trading volume of 13,172,447 shares, compared to its average volume of 5,699,850. The business’s fifty day moving average is $174.74 and its 200 day moving average is $134.59. The company has a market cap of $19.90 billion and a PE ratio of -14.23. Reddit, Inc. has a 52 week low of $37.35 and a 52 week high of $230.41.

Reddit (NYSE:RDDT) last posted its earnings results on Wednesday, February 12th. The company reported $0.36 earnings per share for the quarter, beating analysts’ consensus estimates of $0.24 by $0.12. Reddit had a negative return on equity of 24.71% and a negative net margin of 37.25%. Equities analysts predict that Reddit, Inc. will post 1.12 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

Several equities research analysts have recently weighed in on RDDT shares. Roth Mkm cut Reddit from a “buy” rating to a “neutral” rating and increased their price target for the company from $116.00 to $195.00 in a research note on Wednesday, January 22nd. Jefferies Financial Group increased their price target on Reddit from $120.00 to $175.00 and gave the company a “buy” rating in a research note on Monday, November 25th. Citigroup reissued a “neutral” rating on shares of Reddit in a research note on Thursday, February 13th. The Goldman Sachs Group increased their price target on Reddit from $105.00 to $176.00 and gave the company a “neutral” rating in a research note on Tuesday, January 14th. Finally, JMP Securities upped their target price on Reddit from $190.00 to $200.00 and gave the company a “market outperform” rating in a research report on Thursday, February 13th. Two equities research analysts have rated the stock with a sell rating, nine have given a hold rating, eleven have issued a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of “Hold” and an average price target of $164.50.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of the stock. California State Teachers Retirement System lifted its holdings in shares of Reddit by 126.6% in the fourth quarter. California State Teachers Retirement System now owns 48,380 shares of the company’s stock valued at $7,907,000 after purchasing an additional 27,032 shares in the last quarter. Wealth Enhancement Advisory Services LLC bought a new position in shares of Reddit in the fourth quarter valued at approximately $2,208,000. Kilter Group LLC bought a new position in shares of Reddit in the fourth quarter valued at approximately $928,000. Castle Rock Wealth Management LLC bought a new position in shares of Reddit in the fourth quarter valued at approximately $789,000. Finally, Brooklyn FI LLC purchased a new stake in shares of Reddit during the fourth quarter valued at approximately $6,339,000.

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.