Key Points
- Reddit CEO Steve Huffman sold 18,000 shares on May 29 at an average price of $174.13, totaling about $3.13 million. The sale was made under a pre-arranged Rule 10b5-1 plan, and his remaining stake is still valued at roughly $65.1 million.
- This was part of a series of recent insider sales by Huffman, including multiple 18,000-share transactions in March, April, and May. Each sale reduced his position modestly while cashing out at varying prices.
- Despite the insider selling, Reddit recently reported strong quarterly results, beating EPS and revenue estimates with revenue up 69.1% year over year. Analysts currently rate the stock a Moderate Buy with an average price target of $228.61.
Reddit Inc. (NYSE:RDDT - Get Free Report) CEO Steve Ladd Huffman sold 18,000 shares of Reddit stock in a transaction dated Friday, May 29th. The shares were sold at an average price of $174.13, for a total value of $3,134,340.00. Following the sale, the chief executive officer owned 373,814 shares of the company's stock, valued at approximately $65,092,231.82. This trade represents a 4.59% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.
Steve Ladd Huffman also recently made the following trade(s):
- On Friday, May 15th, Steve Ladd Huffman sold 18,000 shares of Reddit stock. The shares were sold at an average price of $157.15, for a total value of $2,828,700.00.
- 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 shares were 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 shares were 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 shares were sold at an average price of $132.86, for a total value of $2,391,480.00.
Reddit Trading Down 5.1%
Shares of RDDT opened at $168.85 on Wednesday. The company has a market cap of $32.51 billion, a PE ratio of 48.24 and a beta of 1.91. The stock has a 50-day moving average price of $150.34 and a 200-day moving average price of $177.84. Reddit Inc. has a 12-month low of $109.92 and a 12-month high of $282.95.
Reddit (NYSE:RDDT - Get Free Report) last issued its quarterly earnings results on Thursday, April 30th. The company reported $1.01 earnings per share (EPS) for the quarter, beating analysts' consensus estimates 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 company's revenue for the quarter was up 69.1% on a year-over-year basis. During the same quarter last year, the company posted $0.13 EPS. As a group, analysts predict that Reddit Inc. will post 4.83 earnings per share for the current year.
Analyst Ratings Changes
A number of brokerages have recently issued reports on RDDT. DA Davidson reiterated a "buy" rating and set a $200.00 price target on shares of Reddit in a research report on Friday, May 1st. Citigroup reissued a "market outperform" rating on shares of Reddit in a report on Tuesday, May 26th. B. Riley Financial raised their price objective on Reddit from $245.00 to $250.00 and gave the company a "buy" rating in a report on Friday, February 6th. Truist Financial set a $265.00 price objective on Reddit in a report on Friday, May 1st. Finally, Zacks Research raised Reddit from a "hold" rating to a "strong-buy" rating in a report on Tuesday, May 5th. One research 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 stock. According to data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average price target of $228.61.
Check Out Our Latest Analysis on RDDT
Hedge Funds Weigh In On Reddit
Large investors have recently bought and sold shares of the stock. Raiffeisen Bank International AG purchased a new position in Reddit in the 3rd quarter worth approximately $25,000. GW&K Investment Management LLC purchased a new position in Reddit in the 3rd quarter worth approximately $30,000. Cornerstone Planning Group LLC increased its stake in Reddit by 13,500.0% in the 3rd quarter. Cornerstone Planning Group LLC now owns 136 shares of the company's stock worth $31,000 after purchasing an additional 135 shares during the period. LOM Asset Management Ltd purchased a new position in Reddit in the 4th quarter worth approximately $33,000. Finally, Noble Wealth Management PBC purchased a new position in Reddit in the 4th quarter worth approximately $34,000.
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.
Further Reading
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].
