Reddit Inc. (NYSE:RDDT - Get Free Report) CEO Steve Ladd Huffman sold 18,000 shares of the stock in a transaction dated Friday, February 27th. The shares were sold at an average price of $145.12, for a total transaction of $2,612,160.00. Following the sale, the chief executive officer directly owned 411,195 shares of the company's stock, valued at approximately $59,672,618.40. The trade was a 4.19% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link.
Steve Ladd Huffman also recently made the following trade(s):
- On Friday, February 13th, Steve Ladd Huffman sold 18,000 shares of Reddit stock. The stock was sold at an average price of $138.81, for a total transaction of $2,498,580.00.
- On Friday, January 30th, Steve Ladd Huffman sold 18,000 shares of Reddit stock. The stock was 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 shares were 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 transaction of $3,965,040.00.
Reddit Trading Down 0.9%
Shares of RDDT stock opened at $145.77 on Wednesday. Reddit Inc. has a 12-month low of $79.75 and a 12-month high of $282.95. The business's fifty day simple moving average is $192.47 and its 200-day simple moving average is $209.60. The company has a market cap of $27.85 billion, a PE ratio of 55.64, a PEG ratio of 1.07 and a beta of 2.40.
Reddit (NYSE:RDDT - Get Free Report) last announced 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 firm had revenue of $725.61 million for 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 firm's revenue for the quarter was up 69.7% on a year-over-year basis. During the same period in the previous year, the business earned $0.36 EPS. On average, equities analysts forecast that Reddit Inc. will post 1.12 earnings per share for the current year.
Hedge Funds Weigh In On Reddit
Hedge funds have recently made changes to their positions in the stock. NewEdge Advisors LLC boosted its holdings in Reddit by 143.3% during the 1st quarter. NewEdge Advisors LLC now owns 7,982 shares of the company's stock valued at $837,000 after acquiring an additional 4,701 shares during the period. Empowered Funds LLC purchased a new position in Reddit in the first quarter worth approximately $213,000. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC lifted its position in shares of Reddit by 106.3% during the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 216,960 shares of the company's stock worth $22,759,000 after buying an additional 111,780 shares during the last quarter. Focus Partners Wealth lifted its position in Reddit by 40.8% in the first quarter. Focus Partners Wealth now owns 10,224 shares of the company's stock valued at $1,073,000 after acquiring an additional 2,965 shares during the last quarter. Finally, Geneos Wealth Management Inc. boosted its stake in Reddit by 344.6% in the first quarter. Geneos Wealth Management Inc. now owns 369 shares of the company's stock valued at $39,000 after acquiring an additional 286 shares in the last quarter.
Analyst Ratings Changes
A number of equities research analysts recently commented on RDDT shares. Cantor Fitzgerald decreased their target price on Reddit from $240.00 to $170.00 and set a "neutral" rating for the company in a report on Friday, February 6th. Weiss Ratings reissued a "hold (c-)" rating on shares of Reddit in a research note on Monday, December 29th. Wells Fargo & Company set a $196.00 price target on shares of Reddit in a research note on Monday, February 9th. Morgan Stanley set a $240.00 price objective on Reddit in a report on Friday, February 6th. Finally, Robert W. Baird set a $200.00 target price on shares of Reddit in a research note on Friday, February 6th. One equities 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 issued a Sell rating to the company. Based on data from MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus target price of $238.78.
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Reddit Company Profile
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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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