Reddit, Inc. (NYSE:RDDT) CEO Sells $2,827,440.00 in Stock

Reddit, Inc. (NYSE:RDDT) CEO Steve Ladd Huffman sold 14,000 shares of the stock in a transaction on Friday, January 31st. The shares were sold at an average price of $201.96, for a total value of $2,827,440.00. Following the sale, the chief executive officer now directly owns 614,394 shares in the company, valued at $124,083,012.24. This trade represents a 2.23 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink.

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

• On Wednesday, January 15th, Steve Ladd Huffman sold 14,000 shares of Reddit stock. The shares were sold at an average price of $172.79, for a total transaction 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 transaction of $2,314,620.00.
• On Monday, December 16th, Steve Ladd Huffman sold 14,000 shares of Reddit stock. The shares were sold at an average price of $176.20, for a total value of $2,466,800.00.
• On Friday, November 29th, Steve Ladd Huffman sold 14,000 shares of Reddit stock. The stock was sold at an average price of $141.79, for a total value of $1,985,060.00.
• On Friday, November 15th, Steve Ladd Huffman sold 14,000 shares of Reddit stock. The stock was sold at an average price of $125.98, for a total value of $1,763,720.00.

Reddit Stock Performance

NYSE:RDDT traded up $13.11 during midday trading on Tuesday, hitting $215.42. 5,499,616 shares of the company traded hands, compared to its average volume of 4,742,984. The firm’s fifty day moving average is $169.97 and its 200-day moving average is $110.05. Reddit, Inc. has a 12-month low of $37.35 and a 12-month high of $218.25.

Wall Street Analysts Forecast Growth

Several equities research analysts recently issued reports on RDDT shares. Raymond James increased their target price on shares of Reddit from $150.00 to $200.00 and gave the stock a “strong-buy” rating in a report on Tuesday, January 21st. The Goldman Sachs Group raised their price objective on shares of Reddit from $105.00 to $176.00 and gave the company a “neutral” rating in a research report on Tuesday, January 14th. Citigroup upped their target price on shares of Reddit from $120.00 to $200.00 and gave the stock a “buy” rating in a report on Friday, December 20th. Sanford C. Bernstein raised their price target on Reddit from $65.00 to $85.00 and gave the company an “underperform” rating in a report on Wednesday, October 30th. Finally, Roth Capital lowered Reddit from a “strong-buy” rating to a “hold” rating in a research note on Wednesday, January 22nd. One investment analyst has rated the stock with a sell rating, seven have issued a hold rating, twelve have assigned a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $159.70.

Institutional Investors Weigh In On Reddit

Several institutional investors have recently made changes to their positions in the company. Ridgewood Investments LLC increased its stake in Reddit by 100.0% in the fourth quarter. Ridgewood Investments LLC now owns 200 shares of the company’s stock worth $33,000 after purchasing an additional 100 shares during the period. Farmers & Merchants Investments Inc. bought a new stake in Reddit during the 4th quarter valued at about $33,000. Bogart Wealth LLC purchased a new stake in Reddit in the 4th quarter valued at about $33,000. Spire Wealth Management purchased a new stake in Reddit in the 4th quarter valued at about $35,000. Finally, Allworth Financial LP grew its stake in Reddit by 970.0% in the 4th quarter. Allworth Financial LP now owns 214 shares of the company’s stock worth $35,000 after acquiring an additional 194 shares in the last quarter.

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.