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

Reddit, Inc. (NYSE:RDDT - Get Free Report) CEO Steve Ladd Huffman sold 124,408 shares of the firm's stock in a transaction that occurred on Friday, March 14th. The shares were sold at an average price of $127.36, for a total transaction of $15,844,602.88. Following the completion of the sale, the chief executive officer now owns 583,515 shares in the company, valued at approximately $74,316,470.40. The trade was a 17.57 % decrease in their ownership of the stock. The transaction 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 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 transaction 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 transaction of $2,628,920.00.
• On Friday, January 31st, Steve Ladd Huffman sold 14,000 shares of Reddit stock. The shares were sold at an average price of $201.96, for a total transaction of $2,827,440.00.
• 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.

Reddit Stock Up 6.2 %

Shares of Reddit stock traded up $6.71 on Friday, hitting $115.46. The stock had a trading volume of 7,971,329 shares, compared to its average volume of 5,518,548. Reddit, Inc. has a one year low of $37.35 and a one year high of $230.41. The stock has a market cap of $20.89 billion and a price-to-earnings ratio of -14.94. The stock's 50-day simple moving average is $171.19 and its two-hundred day simple moving average is $135.16.

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Reddit (NYSE:RDDT - Get Free Report) last released its quarterly earnings results on Wednesday, February 12th. The company reported $0.36 earnings per share for the quarter, beating the consensus estimate of $0.24 by $0.12. Reddit had a negative net margin of 37.25% and a negative return on equity of 24.71%. As a group, equities analysts predict that Reddit, Inc. will post 1.12 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

A number of analysts have commented on the stock. Seaport Res Ptn upgraded shares of Reddit to a "hold" rating in a research note on Thursday, February 6th. Wells Fargo & Company lifted their price objective on shares of Reddit from $206.00 to $215.00 and gave the stock an "overweight" rating in a report on Thursday, February 13th. Raymond James cut their price objective on shares of Reddit from $250.00 to $200.00 and set a "strong-buy" rating on the stock in a report on Wednesday, March 12th. B. Riley lifted their price objective on shares of Reddit from $112.00 to $187.00 and gave the stock a "buy" rating in a report on Tuesday, January 14th. Finally, JPMorgan Chase & Co. lifted their price objective on shares of Reddit from $142.00 to $185.00 and gave the stock a "neutral" rating in a report on Thursday, February 13th. Two equities research analysts have rated the stock with a sell rating, nine have given a hold rating, eleven have issued a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of "Hold" and an average target price of $162.68.

Hedge Funds Weigh In On Reddit

Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. Ridgewood Investments LLC lifted 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 buying an additional 100 shares during the period. Proficio Capital Partners LLC lifted its position in Reddit by 2.1% during the fourth quarter. Proficio Capital Partners LLC now owns 5,908 shares of the company's stock valued at $966,000 after buying an additional 120 shares during the period. Farther Finance Advisors LLC lifted its position in Reddit by 148.5% during the fourth quarter. Farther Finance Advisors LLC now owns 246 shares of the company's stock valued at $40,000 after buying an additional 147 shares during the period. UMB Bank n.a. lifted its position in Reddit by 10.8% during the fourth quarter. UMB Bank n.a. now owns 1,533 shares of the company's stock valued at $251,000 after buying an additional 150 shares during the period. Finally, Foundations Investment Advisors LLC lifted its position in Reddit by 3.0% during the fourth quarter. Foundations Investment Advisors LLC now owns 5,325 shares of the company's stock valued at $870,000 after buying an additional 155 shares during the period.

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.