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

Reddit, Inc. (NYSE:RDDT) CEO Steve Ladd Huffman sold 14,000 shares of Reddit stock in a transaction dated Tuesday, August 20th. The shares were sold at an average price of $53.98, for a total transaction of $755,720.00. Following the completion of the sale, the chief executive officer now owns 672,352 shares in the company, valued at approximately $36,293,560.96. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website.

Reddit Price Performance

NYSE:RDDT traded down $0.46 on Thursday, hitting $56.43. The stock had a trading volume of 3,938,114 shares, compared to its average volume of 4,516,951. The stock has a fifty day moving average price of $62.13. Reddit, Inc. has a 1-year low of $37.35 and a 1-year high of $78.08.

Reddit (NYSE:RDDT) last posted its earnings results on Tuesday, August 6th. The company reported ($0.06) earnings per share for the quarter, beating the consensus estimate 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. The business’s revenue for the quarter was up 53.6% compared to the same quarter last year. During the same quarter in the previous year, the firm earned ($0.70) earnings per share. As a group, equities analysts anticipate that Reddit, Inc. will post -4.17 earnings per share for the current fiscal year.

Analyst Ratings Changes

RDDT has been the topic of several research analyst reports. Robert W. Baird lifted their target price on shares of Reddit from $50.00 to $59.00 and gave the company a “neutral” rating in a research report on Wednesday, May 8th. JMP Securities reiterated a “market outperform” rating and issued a $84.00 target price on shares of Reddit in a research report on Tuesday, July 30th. Raymond James lifted their target price on shares of Reddit from $65.00 to $70.00 and gave the company a “strong-buy” rating in a research report on Wednesday, July 31st. Morgan Stanley lifted their target price on shares of Reddit from $63.00 to $70.00 and gave the company an “equal weight” rating in a research report on Tuesday, July 23rd. Finally, Needham & Company LLC reiterated a “buy” rating and issued a $75.00 target price on shares of Reddit in a research report on Thursday, August 8th. One investment analyst has rated the stock with a sell rating, six have given a hold rating, nine have assigned a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat, Reddit currently has a consensus rating of “Moderate Buy” and a consensus target price of $65.56.

Hedge Funds Weigh In On Reddit

Several institutional investors and hedge funds have recently bought and sold shares of RDDT. Global Retirement Partners LLC acquired a new position in Reddit in the 1st quarter valued at about $27,000. BNP Paribas Financial Markets acquired a new position in Reddit in the 1st quarter valued at about $37,000. ANTIPODES PARTNERS Ltd acquired a new position in Reddit in the 1st quarter valued at about $63,000. SOA Wealth Advisors LLC. acquired a new position in Reddit in the 2nd quarter valued at about $78,000. Finally, Sandia Investment Management LP purchased a new stake in shares of Reddit in the 1st quarter valued at approximately $79,000.

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.