Key Points
- Steve Ladd Huffman sold 18,000 Reddit shares on Feb. 13 at an average $138.81 (~$2.5M), part of six identical 18,000-share sales since Nov. 28 (108,000 shares total), cutting his stake to 448,576 shares (a 3.86% ownership decline).
- Reddit beat quarterly estimates with EPS $1.24 vs. $0.96 and revenue $725.6M (up 69.7% YoY), showing a 24.05% net margin and strong profitability gains.
- Institutional investors have been adding to positions while analysts hold a consensus "Moderate Buy" rating with an average price target of $238.78, despite the insider sales.
Reddit Inc. (NYSE:RDDT - Get Free Report) CEO Steve Ladd Huffman sold 18,000 shares of Reddit stock in a transaction on Friday, February 13th. The stock was sold at an average price of $138.81, for a total transaction of $2,498,580.00. Following the transaction, the chief executive officer directly owned 448,576 shares of the company's stock, valued at $62,266,834.56. The trade was a 3.86% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link.
Steve Ladd Huffman also recently made the following trade(s):
- On Friday, January 30th, Steve Ladd Huffman sold 18,000 shares of Reddit stock. The shares were sold at an average price of $183.18, for a total transaction of $3,297,240.00.
- On Thursday, January 15th, Steve Ladd Huffman sold 18,000 shares of Reddit stock. The stock was sold at an average price of $232.78, for a total transaction of $4,190,040.00.
- On Wednesday, December 31st, Steve Ladd Huffman sold 18,000 shares of Reddit stock. The shares were sold at an average price of $230.76, for a total transaction of $4,153,680.00.
- 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 value of $3,965,040.00.
- 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.
Reddit Stock Up 6.0%
Shares of Reddit stock opened at $147.63 on Thursday. The stock's fifty day moving average is $207.07 and its two-hundred day moving average is $214.36. The company has a market capitalization of $28.20 billion, a PE ratio of 56.35, a price-to-earnings-growth ratio of 1.03 and a beta of 2.17. Reddit Inc. has a 52 week low of $79.75 and a 52 week high of $282.95.
Reddit (NYSE:RDDT - Get Free Report) last released its earnings results on Thursday, February 5th. The company reported $1.24 earnings per share for the quarter, topping the consensus estimate of $0.96 by $0.28. The business had revenue of $725.61 million during the quarter, compared to the consensus estimate of $665.80 million. Reddit had a return on equity of 20.89% and a net margin of 24.05%.The business's revenue for the quarter was up 69.7% compared to the same quarter last year. During the same period last year, the company earned $0.36 earnings per share. As a group, research analysts anticipate that Reddit Inc. will post 1.12 earnings per share for the current year.
Wall Street Analyst Weigh In
RDDT has been the subject of several research analyst reports. Piper Sandler reaffirmed an "overweight" rating and set a $205.00 price target (down previously from $290.00) on shares of Reddit in a research note on Friday, February 6th. Oppenheimer decreased their target price on Reddit from $300.00 to $250.00 and set an "outperform" rating for the company in a research report on Friday, February 6th. Sanford C. Bernstein upped their target price on Reddit from $190.00 to $210.00 and gave the stock a "market perform" rating in a report on Friday, October 31st. Argus set a $300.00 price objective on Reddit in a report on Friday, January 9th. Finally, China Renaissance began coverage on shares of Reddit in a report on Tuesday, December 9th. They set a "buy" rating and a $300.00 target price on the stock. One research analyst has rated the stock with a Strong Buy rating, seventeen have assigned a Buy rating, eleven have given a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and a consensus price target of $238.78.
Check Out Our Latest Stock Analysis on RDDT
Institutional Inflows and Outflows
Hedge funds and other institutional investors have recently made changes to their positions in the stock. Vanguard Group Inc. lifted its position in Reddit by 8.9% during the 4th quarter. Vanguard Group Inc. now owns 13,322,048 shares of the company's stock worth $3,062,339,000 after acquiring an additional 1,083,540 shares during the period. Capital World Investors purchased a new stake in Reddit in the 4th quarter worth approximately $1,293,258,000. State Street Corp grew its position in Reddit by 6.0% during the fourth quarter. State Street Corp now owns 2,631,332 shares of the company's stock valued at $604,864,000 after buying an additional 149,401 shares during the period. Geode Capital Management LLC increased its stake in shares of Reddit by 4.7% in the 4th quarter. Geode Capital Management LLC now owns 2,382,712 shares of the company's stock valued at $546,789,000 after purchasing an additional 106,821 shares in the last quarter. Finally, Morgan Stanley raised its stake in shares of Reddit by 11.4% during the 4th quarter. Morgan Stanley now owns 2,372,443 shares of the company's stock worth $545,354,000 after buying an additional 242,709 shares during the period.
About Reddit
(
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.
Further Reading
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