Insider Selling: Reddit, Inc. (NYSE:RDDT) CEO Sells $15,844,602.88 in Stock

Reddit, Inc. (NYSE:RDDT) CEO Steve Ladd Huffman sold 124,408 shares of the firm’s stock in a transaction that occurred on 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 transaction, the chief executive officer now owns 583,515 shares in the company, valued at $74,316,470.40. This represents a 17.57 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link.

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 stock was sold at an average price of $165.33, for a total value of $2,314,620.00.

Reddit Stock Down 1.1 %

Shares of NYSE:RDDT opened at $108.68 on Friday. The company has a market cap of $19.66 billion and a P/E ratio of -14.06. Reddit, Inc. has a 52 week low of $37.35 and a 52 week high of $230.41. The business has a fifty day simple moving average of $172.23 and a 200-day simple moving average of $134.23.

Reddit (NYSE:RDDT) last announced its quarterly earnings data on Wednesday, February 12th. The company reported $0.36 EPS 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%. Sell-side analysts expect that Reddit, Inc. will post 1.12 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Reddit

Institutional investors have recently added to or reduced their stakes in the company. Plato Investment Management Ltd purchased a new stake in Reddit during the fourth quarter valued at about $27,000. EverSource Wealth Advisors LLC purchased a new stake in Reddit during the fourth quarter valued at about $28,000. Ridgewood Investments LLC grew its position in Reddit by 100.0% during the fourth quarter. Ridgewood Investments LLC now owns 200 shares of the company’s stock valued at $33,000 after acquiring an additional 100 shares during the period. Farmers & Merchants Investments Inc. purchased a new stake in Reddit during the fourth quarter valued at about $33,000. Finally, Bogart Wealth LLC purchased a new stake in Reddit during the fourth quarter valued at about $33,000.

Analyst Upgrades and Downgrades

Several analysts have recently commented on RDDT shares. JPMorgan Chase & Co. raised their price target on Reddit from $142.00 to $185.00 and gave the company a “neutral” rating in a report on Thursday, February 13th. Bank of America raised their price target on Reddit from $180.00 to $190.00 and gave the company a “neutral” rating in a report on Thursday, February 13th. Raymond James reduced their price target on Reddit from $250.00 to $200.00 and set a “strong-buy” rating for the company in a report on Wednesday, March 12th. Piper Sandler raised their price target on Reddit from $210.00 to $220.00 and gave the company an “overweight” rating in a report on Friday, February 21st. Finally, B. Riley raised their price target on Reddit from $112.00 to $187.00 and gave the company a “buy” rating in a report on Tuesday, January 14th. Two equities research analysts have rated the stock with a sell rating, nine have assigned a hold rating, eleven have given a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of “Hold” and an average price target of $162.68.

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.