Key Points
- Steve Ladd Huffman, Reddit's CEO, sold 18,000 shares on Dec. 15 at an average price of $220.28 for proceeds of $3,965,040, leaving him with 448,576 shares (a 3.86% reduction in his stake).
- The Dec. 15 sale is part of a string of insider sales dating back to Sept. 30, with Huffman repeatedly selling large tranches (multiple 18,000-share transactions) at prices generally between about $190 and $230.
- Reddit shares trade near $227.47 with a market cap of $43.1B; the company recently beat EPS and revenue estimates (Q EPS $0.80 vs. $0.50 est., revenue $584.9M, up 67.9% YoY) and carries an average analyst target of roughly $230.28 ("Moderate Buy").
Reddit Inc. (NYSE:RDDT - Get Free Report) CEO Steve Ladd Huffman sold 18,000 shares of the company's stock in a transaction on Monday, December 15th. The stock was sold at an average price of $220.28, for a total transaction of $3,965,040.00. Following the completion of the transaction, the chief executive officer directly owned 448,576 shares of the company's stock, valued at approximately $98,812,321.28. The trade was a 3.86% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at the SEC website.
Steve Ladd Huffman also recently made the following trade(s):
- On Friday, November 28th, Steve Ladd Huffman sold 18,000 shares of Reddit stock. The stock was sold at an average price of $215.19, for a total value of $3,873,420.00.
- On Friday, November 14th, Steve Ladd Huffman sold 18,000 shares of Reddit stock. The shares were sold at an average price of $194.81, for a total value of $3,506,580.00.
- On Thursday, October 30th, Steve Ladd Huffman sold 4,089 shares of Reddit stock. The stock was sold at an average price of $194.93, for a total value of $797,068.77.
- On Tuesday, November 4th, Steve Ladd Huffman sold 13,911 shares of Reddit stock. The stock was sold at an average price of $189.33, for a total transaction of $2,633,769.63.
- On Wednesday, October 15th, Steve Ladd Huffman sold 18,000 shares of Reddit stock. The stock was sold at an average price of $200.53, for a total transaction of $3,609,540.00.
- On Tuesday, September 30th, Steve Ladd Huffman sold 18,000 shares of Reddit stock. The stock was sold at an average price of $229.10, for a total transaction of $4,123,800.00.
Reddit Trading Up 1.6%
Reddit stock opened at $227.47 on Thursday. Reddit Inc. has a 1-year low of $79.75 and a 1-year high of $282.95. The company has a fifty day simple moving average of $207.44 and a 200 day simple moving average of $194.00. The company has a market cap of $43.11 billion, a P/E ratio of 130.73, a price-to-earnings-growth ratio of 2.47 and a beta of 2.17.
Reddit (NYSE:RDDT - Get Free Report) last posted its quarterly earnings data on Thursday, October 30th. The company reported $0.80 EPS for the quarter, topping analysts' consensus estimates of $0.50 by $0.30. The company had revenue of $584.91 million during the quarter, compared to the consensus estimate of $546.65 million. Reddit had a net margin of 18.33% and a return on equity of 14.94%. The company's quarterly revenue was up 67.9% on a year-over-year basis. During the same period in the prior year, the business posted $0.16 EPS. On average, equities research analysts forecast that Reddit Inc. will post 1.12 EPS for the current year.
Analyst Ratings Changes
A number of research analysts have weighed in on the company. Morgan Stanley restated an "overweight" rating and issued a $250.00 price target on shares of Reddit in a research note on Friday, October 31st. JPMorgan Chase & Co. raised their target price on shares of Reddit from $190.00 to $227.00 and gave the company a "neutral" rating in a research note on Friday, October 31st. Jefferies Financial Group upped their price target on shares of Reddit from $300.00 to $325.00 and gave the stock a "buy" rating in a research report on Thursday, December 11th. Roth Capital set a $210.00 price objective on shares of Reddit in a research report on Friday, October 31st. Finally, Cannonball Research restated a "buy" rating on shares of Reddit in a research note on Tuesday, September 23rd. Three research analysts have rated the stock with a Strong Buy rating, fifteen have assigned a Buy rating, nine have issued a Hold rating and two have issued a Sell rating to the company. According to data from MarketBeat, the company currently has an average rating of "Moderate Buy" and an average target price of $230.28.
Read Our Latest Research Report on RDDT
Institutional Inflows and Outflows
A number of institutional investors and hedge funds have recently bought and sold shares of the stock. Teacher Retirement System of Texas lifted its stake in Reddit by 880.5% during the second quarter. Teacher Retirement System of Texas now owns 94,676 shares of the company's stock worth $14,255,000 after purchasing an additional 85,020 shares during the last quarter. Petrus Trust Company LTA acquired a new position in shares of Reddit during the 1st quarter worth $473,000. Greycroft LP lifted its position in shares of Reddit by 109.1% during the 1st quarter. Greycroft LP now owns 11,500 shares of the company's stock worth $1,206,000 after buying an additional 6,000 shares during the last quarter. Think Investments LP boosted its stake in Reddit by 10.3% in the first quarter. Think Investments LP now owns 268,000 shares of the company's stock valued at $28,113,000 after buying an additional 25,000 shares in the last quarter. Finally, Sender Co & Partners Inc. bought a new position in Reddit in the first quarter valued at about $1,367,000.
About Reddit
(
Get Free Report)
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.
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