Reddit, Inc. (NYSE:RDDT) CEO Sells $926,800.00 in Stock

Reddit, Inc. (NYSE:RDDT) CEO Steve Ladd Huffman sold 14,000 shares of the firm’s stock in a transaction on Monday, September 30th. The shares were sold at an average price of $66.20, for a total value of $926,800.00. Following the completion of the sale, the chief executive officer now owns 651,775 shares of the company’s stock, valued at approximately $43,147,505. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this link.

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

• On Monday, September 16th, Steve Ladd Huffman sold 14,000 shares of Reddit stock. The shares were sold at an average price of $59.19, for a total value of $828,660.00.
• On Friday, August 30th, Steve Ladd Huffman sold 6,714 shares of Reddit stock. The shares were 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 shares were sold at an average price of $53.98, for a total value of $755,720.00.

Reddit Stock Up 7.3 %

RDDT stock opened at $72.38 on Friday. The business has a 50 day moving average of $59.68 and a 200-day moving average of $57.58. Reddit, Inc. has a 12-month low of $37.35 and a 12-month high of $78.08.

Reddit (NYSE:RDDT) last announced its quarterly earnings data on Tuesday, August 6th. The company reported ($0.06) EPS for the quarter, topping the consensus estimate of ($0.31) by $0.25. The company had revenue of $281.20 million during the quarter, compared to the consensus estimate of $253.86 million. During the same period in the prior year, the firm posted ($0.70) EPS. The business’s revenue was up 53.6% on a year-over-year basis. As a group, analysts expect that Reddit, Inc. will post -4.13 EPS for the current year.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Congress Park Capital LLC purchased a new stake in Reddit during the first quarter valued at about $279,000. Commonwealth Equity Services LLC purchased a new stake in Reddit during the first quarter valued at about $1,111,000. BNP Paribas Financial Markets purchased a new stake in Reddit during the first quarter valued at about $37,000. SG Americas Securities LLC purchased a new stake in Reddit during the first quarter valued at about $265,000. Finally, ANTIPODES PARTNERS Ltd purchased a new stake in Reddit during the first quarter valued at about $63,000.

Wall Street Analysts Forecast Growth

A number of brokerages have issued reports on RDDT. Piper Sandler raised their target price on Reddit from $65.00 to $70.00 and gave the stock an “overweight” rating in a report on Wednesday, August 7th. Morgan Stanley raised their target price on Reddit from $63.00 to $70.00 and gave the stock an “equal weight” rating in a report on Tuesday, July 23rd. Sanford C. Bernstein raised their target price on Reddit from $45.00 to $50.00 and gave the stock an “underperform” rating in a report on Monday, July 22nd. B. Riley initiated coverage on Reddit in a report on Friday, September 20th. They set a “buy” rating and a $75.00 target price on the stock. Finally, JPMorgan Chase & Co. cut their price objective on Reddit from $67.00 to $59.00 and set a “neutral” 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 issued a buy rating and two have given a strong buy rating to the stock. Based on data from MarketBeat, Reddit currently has an average rating of “Moderate Buy” and a consensus target price of $66.12.

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.