Key Points
- Reddit CEO Steve Ladd Huffman sold 18,000 shares on Dec. 31 at an average price of $230.76 for $4,153,680, leaving him with 448,576 shares (a 3.86% reduction valued at about $103.5M).
- The Dec. 31 sale is part of a recent pattern of insider selling, with Huffman executing multiple transactions since October (several 18,000-share blocks and other sales) that have steadily trimmed his stake.
- Company fundamentals remain strong: Reddit beat quarterly EPS and revenue estimates (EPS $0.80 vs $0.50 est; revenue $584.9M, +67.9% YoY) and carries a MarketBeat consensus of "Moderate Buy" with an average price target near $230.28.
Reddit Inc. (NYSE:RDDT - Get Free Report) CEO Steve Ladd Huffman sold 18,000 shares of the stock in a transaction dated Wednesday, December 31st. The shares were sold at an average price of $230.76, for a total transaction of $4,153,680.00. Following the transaction, the chief executive officer owned 448,576 shares of the company's stock, valued at approximately $103,513,397.76. The trade was a 3.86% decrease in their position. The transaction 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 Monday, December 15th, Steve Ladd Huffman sold 18,000 shares of Reddit stock. The stock was sold at an average price of $220.28, for a total transaction of $3,965,040.00.
- On Friday, November 28th, Steve Ladd Huffman sold 18,000 shares of Reddit stock. The shares were sold at an average price of $215.19, for a total transaction 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 transaction 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 transaction of $797,068.77.
- On Tuesday, November 4th, Steve Ladd Huffman sold 13,911 shares of Reddit stock. The shares were sold at an average price of $189.33, for a total value of $2,633,769.63.
- On Wednesday, October 15th, Steve Ladd Huffman sold 18,000 shares of Reddit stock. The shares were sold at an average price of $200.53, for a total value of $3,609,540.00.
Reddit Price Performance
NYSE:RDDT opened at $243.95 on Tuesday. The company has a market capitalization of $46.23 billion, a P/E ratio of 140.20, a P/E/G ratio of 1.62 and a beta of 2.17. The business has a fifty day simple moving average of $214.84 and a two-hundred day simple moving average of $204.62. Reddit Inc. has a 1 year low of $79.75 and a 1 year high of $282.95.
Reddit (NYSE:RDDT - Get Free Report) last posted its quarterly earnings results on Thursday, October 30th. The company reported $0.80 earnings per share for the quarter, topping the consensus estimate of $0.50 by $0.30. Reddit had a return on equity of 14.94% and a net margin of 18.33%.The company had revenue of $584.91 million during the quarter, compared to the consensus estimate of $546.65 million. During the same quarter in the prior year, the company earned $0.16 EPS. The firm's quarterly revenue was up 67.9% compared to the same quarter last year. As a group, analysts anticipate that Reddit Inc. will post 1.12 earnings per share for the current year.
Wall Street Analysts Forecast Growth
RDDT has been the topic of several research reports. Cannonball Research reissued a "buy" rating on shares of Reddit in a research report on Tuesday, September 23rd. Robert W. Baird lifted their price objective on shares of Reddit from $177.00 to $240.00 and gave the company a "neutral" rating in a research note on Thursday, September 25th. JMP Securities restated a "market outperform" rating and set a $300.00 target price on shares of Reddit in a research report on Friday, October 3rd. Oppenheimer raised their price target on Reddit from $215.00 to $300.00 and gave the stock an "outperform" rating in a report on Tuesday, September 16th. Finally, Truist Financial set a $270.00 price objective on Reddit in a research note on Friday, October 31st. Two analysts have rated the stock with a Strong Buy rating, fifteen have issued a Buy rating, ten have issued a Hold rating and two have given a Sell rating to the company's stock. According to data from MarketBeat, the company has a consensus rating of "Moderate Buy" and an average price target of $230.28.
View Our Latest Analysis on Reddit
Hedge Funds Weigh In On Reddit
Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Norges Bank purchased a new stake in shares of Reddit in the 2nd quarter valued at about $294,254,000. Vanguard Group Inc. increased its position in shares of Reddit by 12.9% in the third quarter. Vanguard Group Inc. now owns 12,238,508 shares of the company's stock worth $2,814,734,000 after purchasing an additional 1,401,293 shares during the last quarter. Amundi raised its stake in Reddit by 2,060.5% in the second quarter. Amundi now owns 1,307,231 shares of the company's stock valued at $208,294,000 after purchasing an additional 1,246,725 shares in the last quarter. Invesco Ltd. lifted its position in Reddit by 419.0% during the third quarter. Invesco Ltd. now owns 1,487,941 shares of the company's stock valued at $342,212,000 after purchasing an additional 1,201,237 shares during the last quarter. Finally, State Street Corp grew its stake in Reddit by 138.5% in the 2nd quarter. State Street Corp now owns 2,030,139 shares of the company's stock worth $305,678,000 after buying an additional 1,178,890 shares in the last quarter.
Reddit Company Profile
(
Get Free Report)
Reddit is an online social news aggregation, discussion and content-sharing platform organized around user-created communities called "subreddits," each focused on a particular topic or interest. Registered users submit links, text posts, images and video, and community members vote and comment to surface popular content. The site is accessed via its web platform and mobile apps for iOS and Android, and it supports live events such as Ask Me Anything (AMA) sessions and community-driven discussions.
Founded in 2005 by Steve Huffman and Alexis Ohanian, Reddit is headquartered in San Francisco and serves a global audience with particularly large user bases in the United States and other English-speaking markets.
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