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 business’s stock in a transaction on Monday, September 16th. The stock was sold at an average price of $59.19, for a total transaction of $828,660.00. Following the completion of the sale, the chief executive officer now directly owns 651,775 shares of the company’s stock, valued at $38,578,562.25. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink.

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

• On Friday, August 30th, Steve Ladd Huffman sold 6,714 shares of Reddit stock. The stock was sold at an average price of $59.84, for a total value of $401,765.76.
• On Tuesday, August 20th, Steve Ladd Huffman sold 14,000 shares of Reddit stock. The stock was sold at an average price of $53.98, for a total value of $755,720.00.

Reddit Trading Up 1.4 %

NYSE:RDDT opened at $64.53 on Friday. The firm has a fifty day moving average of $59.63. Reddit, Inc. has a twelve month low of $37.35 and a twelve month high of $78.08.

Reddit (NYSE:RDDT) last announced its earnings results on Tuesday, August 6th. The company reported ($0.06) EPS for the quarter, beating analysts’ consensus estimates of ($0.31) by $0.25. The business had revenue of $281.20 million for the quarter, compared to the consensus estimate of $253.86 million. During the same quarter last year, the firm posted ($0.70) EPS. The business’s quarterly revenue was up 53.6% on a year-over-year basis. As a group, analysts predict that Reddit, Inc. will post -4.17 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

A number of analysts have recently weighed in on RDDT shares. JPMorgan Chase & Co. dropped their price objective on Reddit from $67.00 to $59.00 and set a “neutral” rating for the company in a research note on Wednesday, August 7th. Loop Capital upgraded shares of Reddit from a “hold” rating to a “buy” rating and set a $75.00 target price on the stock in a report on Thursday, August 1st. Raymond James raised their target price on shares of Reddit from $65.00 to $70.00 and gave the stock a “strong-buy” rating in a report on Wednesday, July 31st. Sanford C. Bernstein raised their target price on shares of Reddit from $45.00 to $50.00 and gave the stock an “underperform” rating in a report on Monday, July 22nd. Finally, Roth Mkm cut their target price on shares of Reddit from $67.00 to $66.00 and set a “buy” rating on the stock in a report on Wednesday, August 7th. One equities research 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 stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $65.56.

Institutional Trading of Reddit

Hedge funds have recently modified their holdings of the business. DekaBank Deutsche Girozentrale bought a new stake in shares of Reddit during the 1st quarter valued at $7,363,000. Commonwealth Equity Services LLC bought a new stake in shares of Reddit during the 1st quarter valued at $1,111,000. BNP Paribas Financial Markets bought a new stake in shares of Reddit during the 1st quarter valued at $37,000. Vanguard Group Inc. bought a new stake in shares of Reddit during the 1st quarter valued at $82,167,000. Finally, Bamco Inc. NY purchased a new position in shares of Reddit in the 1st quarter worth about $14,796,000.

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.