Key Points
- Reddit CEO Steve Huffman sold 18,000 shares at an average price of $159.78, generating approximately $2.88 million. The sale was conducted under a pre-arranged Rule 10b5-1 trading plan, leaving him with 373,814 shares.
- Reddit shares opened at $151.20, down 2.6%, and remain well below their 52-week high of $282.95. The company recently exceeded quarterly expectations, reporting $1.25 in EPS and $804.91 million in revenue, up 61% year over year.
- Analyst sentiment remains positive overall, with a consensus rating of “Moderate Buy” and an average price target of $220.90, despite JPMorgan lowering its target to $185.
Reddit Inc. (NYSE:RDDT - Get Free Report) CEO Steve Ladd Huffman sold 18,000 shares of the company's stock in a transaction that occurred on Tuesday, August 4th. The shares were sold at an average price of $159.78, for a total transaction of $2,876,040.00. Following the transaction, the chief executive officer owned 373,814 shares in the company, valued at $59,728,000.92. The trade was a 4.59% decrease in their position. The sale was disclosed in a filing with the SEC, which is available 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 Tuesday, June 30th, Steve Ladd Huffman sold 18,000 shares of Reddit stock. The shares were sold at an average price of $173.13, for a total transaction of $3,116,340.00.
- On Monday, June 15th, Steve Ladd Huffman sold 18,000 shares of Reddit stock. The shares were sold at an average price of $178.26, for a total transaction of $3,208,680.00.
- On Friday, May 29th, Steve Ladd Huffman sold 18,000 shares of Reddit stock. The shares were sold at an average price of $174.13, for a total transaction 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.
Reddit Stock Down 2.6%
Shares of RDDT stock opened at $151.20 on Friday. Reddit Inc. has a 52-week low of $119.27 and a 52-week high of $282.95. The stock has a market cap of $29.11 billion, a PE ratio of 35.16, a price-to-earnings-growth ratio of 0.52 and a beta of 2.03. The business has a 50-day simple moving average of $176.97 and a 200-day simple moving average of $161.90.
Reddit (NYSE:RDDT - Get Free Report) last posted its earnings results on Thursday, July 30th. The company reported $1.25 EPS for the quarter, topping the consensus estimate of $0.95 by $0.30. The firm had revenue of $804.91 million for the quarter, compared to analyst estimates of $731.00 million. Reddit had a return on equity of 29.02% and a net margin of 31.35%.Reddit's revenue for the quarter was up 61.0% compared to the same quarter last year. During the same period last year, the company earned $0.45 earnings per share. Sell-side analysts anticipate that Reddit Inc. will post 5.22 earnings per share for the current fiscal year.
Hedge Funds Weigh In On Reddit
Several hedge funds and other institutional investors have recently added to or reduced their stakes in RDDT. S&CO Inc. acquired a new stake in shares of Reddit in the second quarter valued at about $1,987,000. Ahara Advisors LLC raised its position in shares of Reddit by 42.8% during the 2nd quarter. Ahara Advisors LLC now owns 10,759 shares of the company's stock worth $1,868,000 after purchasing an additional 3,224 shares during the last quarter. Udine Wealth Management Inc. acquired a new position in shares of Reddit during the 2nd quarter worth about $2,901,000. Bogart Wealth LLC lifted its stake in Reddit by 8,400.0% in the 2nd quarter. Bogart Wealth LLC now owns 595 shares of the company's stock valued at $103,000 after buying an additional 588 shares in the last quarter. Finally, a16z Perennial Management L.P. acquired a new stake in Reddit in the 2nd quarter worth about $430,000.
Analysts Set New Price Targets
Several equities analysts have recently weighed in on the stock. JPMorgan Chase & Co. cut their target price on shares of Reddit from $200.00 to $185.00 and set a "neutral" rating for the company in a report on Friday, July 31st. UBS Group reiterated a "buy" rating on shares of Reddit in a research report on Friday, July 31st. The Goldman Sachs Group reissued a "neutral" rating and set a $200.00 target price on shares of Reddit in a research note on Friday, May 1st. Telsey Advisory Group set a $240.00 target price on Reddit in a research report on Friday, July 31st. Finally, Evercore restated an "outperform" rating and issued a $265.00 price target on shares of Reddit in a research note on Friday, July 31st. Two research analysts have rated the stock with a Strong Buy rating, nineteen have assigned a Buy rating and eleven have assigned a Hold rating to the stock. According to MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $220.90.
Check Out Our Latest Analysis on Reddit
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.
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