Key Points
- CEO Steve Huffman sold 17,308 Reddit shares at an average price of $144.87, generating approximately $2.51 million. The transaction was conducted under a pre-arranged Rule 10b5-1 trading plan and reduced his stake by 4.89%.
- Reddit recently reported stronger-than-expected quarterly results, with earnings of $1.25 per share and revenue of $804.91 million, up 61% year over year.
- Analysts remain broadly positive, giving Reddit a consensus “Moderate Buy” rating and an average price target of $219.29, while institutional investors including State Street and Bienville Capital increased their holdings.
Reddit Inc. (NYSE:RDDT - Get Free Report) CEO Steve Huffman sold 17,308 shares of the company's stock in a transaction dated Tuesday, September 29th. The shares were sold at an average price of $144.87, for a total value of $2,507,409.96. Following the completion of the sale, the chief executive officer owned 336,432 shares of the company's stock, valued at $48,738,903.84. This represents a 4.89% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed 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, September 15th, Steve Huffman sold 17,308 shares of Reddit stock. The shares were sold at an average price of $160.11, for a total value of $2,771,183.88.
- On Monday, August 31st, Steve Huffman sold 18,000 shares of Reddit stock. The stock was sold at an average price of $148.02, for a total value of $2,664,360.00.
- On Friday, August 14th, Steve 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 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.
Reddit Price Performance
Reddit stock opened at $149.48 on Friday. The firm has a market capitalization of $28.76 billion, a price-to-earnings ratio of 34.76, a PEG ratio of 0.66 and a beta of 2.05. The company's 50 day simple moving average is $156.47 and its 200 day simple moving average is $160.24. Reddit Inc. has a fifty-two week low of $119.27 and a fifty-two week high of $263.50.
Reddit (NYSE:RDDT - Get Free Report) last issued its earnings results on Thursday, July 30th. The company reported $1.25 EPS for the quarter, beating the consensus estimate of $0.95 by $0.30. The firm had revenue of $804.91 million during the quarter, compared to the consensus estimate of $731.00 million. Reddit had a net margin of 31.35% and a return on equity of 29.02%. The business's quarterly revenue was up 61.0% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.45 earnings per share. As a group, analysts predict that Reddit Inc. will post 5.27 EPS for the current fiscal year.
Wall Street Analysts Forecast Growth
Several analysts recently commented on RDDT shares. Needham & Company LLC reaffirmed a "buy" rating and set a $300.00 price objective on shares of Reddit in a research note on Wednesday, June 24th. Citigroup restated a "market outperform" rating on shares of Reddit in a report on Monday, August 24th. Telsey Advisory Group set a $240.00 price target on Reddit in a research report on Friday, July 31st. Piper Sandler reiterated an "overweight" rating and set a $195.00 price objective (down from $215.00) on shares of Reddit in a report on Friday, July 31st. Finally, Deutsche Bank Aktiengesellschaft set a $200.00 price objective on Reddit in a research report on Friday, July 31st. Two equities research analysts have rated the stock with a Strong Buy rating, seventeen have given a Buy rating and ten have given a Hold rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and a consensus target price of $219.29.
Read Our Latest Stock Report on RDDT
Institutional Inflows and Outflows
Several institutional investors and hedge funds have recently modified their holdings of the company. QRG Capital Management Inc. grew its holdings in shares of Reddit by 16.6% during the second quarter. QRG Capital Management Inc. now owns 11,960 shares of the company's stock worth $2,076,000 after buying an additional 1,707 shares in the last quarter. State Street Corp lifted its stake in Reddit by 8.7% in the 2nd quarter. State Street Corp now owns 2,979,587 shares of the company's stock valued at $517,197,000 after acquiring an additional 237,523 shares in the last quarter. The Manufacturers Life Insurance Company boosted its position in Reddit by 8.7% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 8,167 shares of the company's stock worth $1,418,000 after acquiring an additional 654 shares during the last quarter. Sequoia Financial Advisors LLC boosted its position in Reddit by 23.0% during the 2nd quarter. Sequoia Financial Advisors LLC now owns 2,547 shares of the company's stock worth $442,000 after acquiring an additional 476 shares during the last quarter. Finally, Bienville Capital Management LLC grew its stake in shares of Reddit by 494.4% during the 2nd quarter. Bienville Capital Management LLC now owns 96,020 shares of the company's stock worth $16,667,000 after acquiring an additional 79,867 shares in the last quarter.
About Reddit
(
Get Free Report)
Reddit, Inc operates a global online platform where users participate in communities organized around shared interests, topics and experiences. Registered users can submit posts, images, videos and links, while other users can comment, vote on content and engage in discussions. The platform comprises thousands of independently moderated communities, commonly known as subreddits.
Reddit generates revenue primarily through digital advertising and other commercial offerings for businesses.
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