Reddit, Inc. (NYSE:RDDT) CEO Steve Ladd Huffman Sells 14,000 Shares

Reddit, Inc. (NYSE:RDDT) CEO Steve Ladd Huffman sold 14,000 shares of the company’s stock in a transaction dated Monday, March 31st. The stock was sold at an average price of $103.28, for a total transaction of $1,445,920.00. Following the transaction, the chief executive officer now owns 577,013 shares in the company, valued at $59,593,902.64. The trade was a 2.37 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website.

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

• On Friday, March 14th, Steve Ladd Huffman sold 124,408 shares of Reddit stock. The shares were sold at an average price of $127.36, for a total transaction of $15,844,602.88.
• On Friday, February 28th, Steve Ladd Huffman sold 14,000 shares of Reddit stock. The shares were 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 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 transaction of $2,419,060.00.

Reddit Trading Down 10.5 %

Shares of RDDT stock opened at $86.72 on Friday. The firm has a fifty day simple moving average of $157.86 and a 200-day simple moving average of $138.19. The company has a market capitalization of $15.69 billion and a PE ratio of -11.22. Reddit, Inc. has a twelve month low of $37.35 and a twelve month high of $230.41.

Reddit (NYSE:RDDT) last released its quarterly earnings results on Wednesday, February 12th. The company reported $0.36 EPS for the quarter, topping the consensus estimate of $0.24 by $0.12. Reddit had a negative return on equity of 24.71% and a negative net margin of 37.25%. Equities research analysts predict that Reddit, Inc. will post 1.12 EPS for the current year.

Hedge Funds Weigh In On Reddit

A number of institutional investors have recently made changes to their positions in the business. Charles Schwab Investment Management Inc. increased its stake in shares of Reddit by 194.8% in the third quarter. Charles Schwab Investment Management Inc. now owns 503,321 shares of the company’s stock worth $33,179,000 after buying an additional 332,604 shares during the last quarter. Cerity Partners LLC acquired a new position in Reddit in the third quarter worth $446,000. The Manufacturers Life Insurance Company acquired a new position in shares of Reddit in the 3rd quarter valued at about $1,053,000. Zurcher Kantonalbank Zurich Cantonalbank bought a new position in shares of Reddit during the third quarter valued at approximately $349,000. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC bought a new position in Reddit during the 3rd quarter worth $2,724,000.

Analyst Upgrades and Downgrades

RDDT has been the topic of a number of analyst reports. Piper Sandler raised their target price on shares of Reddit from $210.00 to $220.00 and gave the stock an “overweight” rating in a research report on Friday, February 21st. Redburn Partners set a $75.00 target price on Reddit in a research report on Monday, March 17th. Needham & Company LLC reissued a “buy” rating and issued a $220.00 price target on shares of Reddit in a research note on Friday, March 21st. Roth Capital downgraded shares of Reddit from a “strong-buy” rating to a “hold” rating in a research note on Wednesday, January 22nd. Finally, Seaport Res Ptn raised shares of Reddit to a “hold” rating in a research report on Thursday, February 6th. Two equities research analysts have rated the stock with a sell rating, seven have assigned a hold rating, twelve have assigned a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $163.00.

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.