Key Points
- Reddit CEO Steve Huffman sold 18,000 shares at an average price of $148.02, generating $2.66 million. The transaction was conducted under a pre-arranged Rule 10b5-1 trading plan, leaving him with 336,432 shares.
- Reddit reported quarterly earnings of $1.25 per share, beating estimates by $0.30, while revenue rose 61% year over year to $804.91 million.
- Analysts maintain a “Moderate Buy” consensus with an average price target of $221.10, although several firms recently lowered their targets. Reddit shares opened at $158.05, below their 50-day moving average of $170.88.
Reddit Inc. (NYSE:RDDT - Get Free Report) CEO Steve Ladd Huffman sold 18,000 shares of the stock in a transaction on Monday, August 31st. The shares were sold at an average price of $148.02, for a total value of $2,664,360.00. Following the transaction, the chief executive officer directly owned 336,432 shares of the company's stock, valued at approximately $49,798,664.64. The trade was a 5.08% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this link. 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, August 14th, Steve Ladd Huffman sold 18,000 shares of Reddit stock. The shares were sold at an average price of $178.16, for a total value of $3,206,880.00.
- On Tuesday, August 4th, Steve Ladd Huffman sold 18,000 shares of Reddit stock. The shares were sold at an average price of $159.78, for a total transaction of $2,876,040.00.
- 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 stock was sold at an average price of $178.26, for a total transaction of $3,208,680.00.
Reddit Price Performance
NYSE RDDT opened at $158.05 on Thursday. The company's 50 day simple moving average is $170.88 and its 200 day simple moving average is $158.72. Reddit Inc. has a 12 month low of $119.27 and a 12 month high of $282.95. The company has a market capitalization of $30.41 billion, a P/E ratio of 36.76, a PEG ratio of 0.67 and a beta of 2.02.
Reddit (NYSE:RDDT - Get Free Report) last issued its earnings results on Thursday, July 30th. The company reported $1.25 earnings per share for the quarter, topping analysts' consensus estimates of $0.95 by $0.30. The firm had revenue of $804.91 million during the quarter, compared to analysts' expectations of $731.00 million. Reddit had a net margin of 31.35% and a return on equity of 29.02%. The firm's revenue for the quarter was up 61.0% compared to the same quarter last year. During the same period last year, the firm posted $0.45 earnings per share. On average, analysts anticipate that Reddit Inc. will post 5.27 earnings per share for the current year.
Institutional Trading of Reddit
Several institutional investors have recently made changes to their positions in the stock. NewEdge Advisors LLC grew its position in Reddit by 143.3% during the first quarter. NewEdge Advisors LLC now owns 7,982 shares of the company's stock valued at $837,000 after purchasing an additional 4,701 shares in the last quarter. Empowered Funds LLC acquired a new stake in shares of Reddit during the 1st quarter valued at $213,000. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its stake 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 valued at $22,759,000 after buying an additional 111,780 shares during the period. Focus Partners Wealth grew its holdings in shares of Reddit by 40.8% during the 1st 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 in the last quarter. Finally, Geneos Wealth Management Inc. grew its holdings in shares of Reddit by 344.6% during the 1st 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 Upgrades and Downgrades
A number of equities analysts recently issued reports on the company. UBS Group restated a "buy" rating on shares of Reddit in a report on Friday, July 31st. Raymond James Financial reaffirmed a "strong-buy" rating and set a $205.00 price objective on shares of Reddit in a research note on Monday, August 17th. Wells Fargo & Company dropped their target price on shares of Reddit from $187.00 to $142.00 and set an "equal weight" rating on the stock in a research report on Friday, July 31st. Wedbush reduced their price target on shares of Reddit from $250.00 to $221.00 and set an "outperform" rating for the company in a research report on Friday, July 31st. Finally, JPMorgan Chase & Co. decreased their price objective on shares of Reddit from $200.00 to $185.00 and set a "neutral" rating for the company in a research note on Friday, July 31st. Two equities research analysts have 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, Reddit presently has an average rating of "Moderate Buy" and an average price target of $221.10.
Read Our Latest Stock Analysis on RDDT
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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