Key Points
- Reddit CEO Steve Huffman sold 18,000 shares on June 15 at an average price of $178.26, totaling about $3.21 million. The sale was made under a pre-arranged Rule 10b5-1 trading plan, and his direct ownership fell to 373,814 shares.
- This was part of a pattern of recent insider selling: Huffman also sold 18,000 shares in each of several prior transactions dating back to March, with sale prices ranging from $132.77 to $174.13 per share.
- Reddit’s recent fundamentals remain strong, with the company reporting Q1 EPS of $1.01 versus $0.62 expected and revenue growth of 69.1% year over year. Analysts currently rate the stock a Moderate Buy with an average target price of $230.75.
Reddit Inc. (NYSE:RDDT - Get Free Report) CEO Steve Ladd Huffman sold 18,000 shares of the stock in a transaction that occurred on Monday, June 15th. The stock was sold at an average price of $178.26, for a total value of $3,208,680.00. Following the completion of the transaction, the chief executive officer directly owned 373,814 shares of the company's stock, valued at $66,636,083.64. This trade represents a 4.59% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through 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 29th, Steve Ladd Huffman sold 18,000 shares of Reddit stock. The stock was sold at an average price of $174.13, for a total value of $3,134,340.00.
- On Friday, May 15th, Steve Ladd Huffman sold 18,000 shares of Reddit stock. The stock was 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 stock was 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.
Reddit Price Performance
Shares of RDDT stock opened at $165.98 on Thursday. Reddit Inc. has a 12-month low of $119.27 and a 12-month high of $282.95. The firm has a market capitalization of $31.95 billion, a price-to-earnings ratio of 47.42 and a beta of 1.91. The business has a 50 day simple moving average of $159.63 and a 200 day simple moving average of $175.98.
Reddit (NYSE:RDDT - Get Free Report) last issued its quarterly earnings data on Thursday, April 30th. The company reported $1.01 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.62 by $0.39. Reddit had a return on equity of 25.48% and a net margin of 28.60%.The business had revenue of $663.41 million during the quarter, compared to analyst estimates of $607.74 million. During the same period in the prior year, the company posted $0.13 EPS. The business's revenue for the quarter was up 69.1% compared to the same quarter last year. On average, equities analysts anticipate that Reddit Inc. will post 4.83 EPS for the current fiscal year.
Wall Street Analyst Weigh In
A number of equities analysts recently issued reports on RDDT shares. Jefferies Financial Group decreased their price objective on Reddit from $285.00 to $250.00 and set a "buy" rating for the company in a report on Tuesday, March 10th. Truist Financial set a $265.00 price target on Reddit in a research note on Friday, May 1st. Citizens Jmp decreased their price target on Reddit from $250.00 to $240.00 and set a "market outperform" rating for the company in a research note on Friday, May 1st. Loop Capital reaffirmed a "buy" rating and set a $260.00 price target on shares of Reddit in a research note on Thursday, June 4th. Finally, Cantor Fitzgerald increased their price target on Reddit from $170.00 to $180.00 and gave the company a "neutral" rating in a research note on Friday, May 1st. Eighteen investment analysts have rated the stock with a Buy rating and twelve have given a Hold rating to the company's stock. According to MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $230.75.
Check Out Our Latest Report on Reddit
Hedge Funds Weigh In On Reddit
A number of institutional investors and hedge funds have recently added to or reduced their stakes in the company. Huntington National Bank boosted its stake in Reddit by 25.6% during the 3rd quarter. Huntington National Bank now owns 270 shares of the company's stock valued at $62,000 after purchasing an additional 55 shares in the last quarter. Evansbrook LLC boosted its stake in Reddit by 2.2% during the 1st quarter. Evansbrook LLC now owns 2,736 shares of the company's stock valued at $368,000 after purchasing an additional 59 shares in the last quarter. Institute for Wealth Management LLC. boosted its stake in shares of Reddit by 6.1% during the 4th quarter. Institute for Wealth Management LLC. now owns 1,071 shares of the company's stock worth $246,000 after acquiring an additional 62 shares in the last quarter. Roxbury Financial LLC boosted its stake in shares of Reddit by 7.4% during the 4th quarter. Roxbury Financial LLC now owns 929 shares of the company's stock worth $214,000 after acquiring an additional 64 shares in the last quarter. Finally, Florida Financial Advisors LLC boosted its stake in shares of Reddit by 6.7% during the 4th quarter. Florida Financial Advisors LLC now owns 1,087 shares of the company's stock worth $250,000 after acquiring an additional 68 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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