Key Points
- Reddit CEO Steve Huffman sold 18,000 shares on May 15 at an average price of $157.15, totaling about $2.83 million. After the sale, he still directly owned 411,195 shares, and the transaction was made under a pre-arranged Rule 10b5-1 plan.
- Reddit shares were trading lower, opening at $154.76 and down 2.7% on the day, with the stock still well below its 200-day moving average of $180.52. The company’s market cap was about $29.79 billion.
- Reddit beat expectations in its latest quarterly earnings, reporting EPS of $1.01 versus $0.62 expected and revenue of $663.41 million versus $607.74 million estimated. Revenue rose 69.1% year over year, and analysts currently have a consensus rating of “Moderate Buy” with a $228.61 price target.
Reddit Inc. (NYSE:RDDT - Get Free Report) CEO Steve Ladd Huffman sold 18,000 shares of the company's stock in a transaction on Friday, May 15th. The shares were sold at an average price of $157.15, for a total value of $2,828,700.00. Following the sale, the chief executive officer directly owned 411,195 shares of the company's stock, valued at approximately $64,619,294.25. This represents a 4.19% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.
Steve Ladd Huffman also recently made the following trade(s):
- On Tuesday, May 5th, Steve Ladd Huffman sold 18,000 shares of Reddit stock. The shares were sold at an average price of $171.80, for a total value of $3,092,400.00.
- On Wednesday, April 15th, Steve Ladd Huffman sold 18,000 shares of Reddit stock. The stock was sold at an average price of $158.40, for a total value of $2,851,200.00.
- On Tuesday, March 31st, Steve Ladd Huffman sold 18,000 shares of Reddit stock. The stock was sold at an average price of $132.77, for a total value of $2,389,860.00.
- On Friday, March 13th, Steve Ladd Huffman sold 18,000 shares of Reddit stock. The stock was sold at an average price of $132.86, for a total value of $2,391,480.00.
- On Friday, February 27th, Steve Ladd Huffman sold 18,000 shares of Reddit stock. The stock was sold at an average price of $145.12, for a total value of $2,612,160.00.
Reddit Trading Down 2.7%
Shares of Reddit stock opened at $154.76 on Wednesday. The stock has a 50-day moving average price of $147.08 and a 200 day moving average price of $180.52. The company has a market cap of $29.79 billion, a P/E ratio of 44.22 and a beta of 1.85. Reddit Inc. has a 1 year low of $94.89 and a 1 year high of $282.95.
Reddit (NYSE:RDDT - Get Free Report) last announced its quarterly earnings data on Thursday, April 30th. The company reported $1.01 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.62 by $0.39. The firm had revenue of $663.41 million during the quarter, compared to the consensus estimate of $607.74 million. Reddit had a return on equity of 25.48% and a net margin of 28.60%.The business's revenue for the quarter was up 69.1% on a year-over-year basis. During the same period in the prior year, the business earned $0.13 EPS. On average, equities analysts forecast that Reddit Inc. will post 4.83 earnings per share for the current fiscal year.
Wall Street Analysts Forecast Growth
RDDT has been the subject of several research analyst reports. Bank of America reduced their price objective on Reddit from $205.00 to $175.00 and set a "neutral" rating for the company in a research note on Thursday, April 2nd. Zacks Research raised Reddit from a "hold" rating to a "strong-buy" rating in a research note on Tuesday, May 5th. Morgan Stanley set a $240.00 price objective on Reddit in a research note on Friday, February 6th. Jefferies Financial Group reduced their price objective on Reddit from $285.00 to $250.00 and set a "buy" rating for the company in a research note on Tuesday, March 10th. Finally, Citizens Jmp dropped their target price on Reddit from $250.00 to $240.00 and set a "market outperform" rating on the stock in a research report on Friday, May 1st. One analyst has rated the stock with a Strong Buy rating, eighteen have assigned a Buy rating and eleven have given a Hold rating to the company. According to MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $228.61.
Get Our Latest Stock Analysis on Reddit
Institutional Inflows and Outflows
Several hedge funds have recently bought and sold shares of RDDT. Raiffeisen Bank International AG acquired a new position in Reddit in the 3rd quarter worth about $25,000. Sunbelt Securities Inc. increased its position in Reddit by 87.5% in the 1st quarter. Sunbelt Securities Inc. now owns 195 shares of the company's stock worth $26,000 after purchasing an additional 91 shares during the last quarter. GW&K Investment Management LLC acquired a new position in Reddit in the 3rd quarter worth about $30,000. Ascentis Independent Advisors acquired a new position in Reddit in the 1st quarter worth about $30,000. Finally, Cornerstone Planning Group LLC increased its holdings in shares of Reddit by 13,500.0% during the 3rd quarter. Cornerstone Planning Group LLC now owns 136 shares of the company's stock valued at $31,000 after acquiring an additional 135 shares during the last quarter.
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.
Featured Stories
This instant news alert was generated by narrative science technology and financial data from InsiderTrades.com in order to provide readers with the fastest and most accurate reporting. Please send any questions or comments about this story to [email protected].
