Key Points
- Reddit CEO Steve Huffman sold 17,308 shares at an average price of $158.57, generating approximately $2.74 million. The sale was made under a pre-arranged Rule 10b5-1 trading plan, leaving him with 336,432 shares.
- Reddit shares opened at $159.30, with a market capitalization of approximately $30.65 billion and a one-year trading range of $119.27 to $263.50. The stock has a beta of 2.05, indicating relatively high volatility.
- Reddit recently exceeded quarterly expectations, reporting $1.25 in earnings per share and $804.91 million in revenue, up 61% year over year. Analysts maintain a consensus “Moderate Buy” rating with an average price target of $219.29.
Reddit Inc. (NYSE:RDDT - Get Free Report) CEO Steve Huffman sold 17,308 shares of the business's stock in a transaction dated Tuesday, October 13th. The stock was sold at an average price of $158.57, for a total value of $2,744,529.56. Following the transaction, the chief executive officer directly owned 336,432 shares of the company's stock, valued at approximately $53,348,022.24. The trade was a 4.89% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible 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 Tuesday, September 29th, Steve Huffman sold 17,308 shares of Reddit stock. The shares were sold at an average price of $144.87, for a total transaction of $2,507,409.96.
- 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 transaction of $2,771,183.88.
- On Monday, August 31st, Steve Huffman sold 18,000 shares of Reddit stock. The shares were sold at an average price of $148.02, for a total transaction 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 transaction of $3,206,880.00.
- On Tuesday, August 4th, Steve Huffman sold 18,000 shares of Reddit stock. The stock was sold at an average price of $159.78, for a total transaction of $2,876,040.00.
Reddit Price Performance
Shares of NYSE:RDDT opened at $159.30 on Friday. The company has a market cap of $30.65 billion, a price-to-earnings ratio of 37.05, a PEG ratio of 0.69 and a beta of 2.05. The firm has a 50 day simple moving average of $154.34 and a 200 day simple moving average of $161.43. Reddit Inc. has a one year low of $119.27 and a one year high of $263.50.
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, beating analysts' consensus estimates 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 net margin of 31.35% and a return on equity of 29.02%. The company's quarterly revenue was up 61.0% on a year-over-year basis. During the same quarter last year, the business posted $0.45 earnings per share. As a group, analysts expect that Reddit Inc. will post 5.27 EPS for the current year.
Wall Street Analyst Weigh In
A number of research analysts have recently commented on RDDT shares. Wedbush dropped their price target on Reddit from $250.00 to $221.00 and set an "outperform" rating for the company in a research note on Friday, July 31st. Jefferies Financial Group set a $250.00 price objective on Reddit in a research report on Friday, July 10th. BNP Paribas Exane initiated coverage on Reddit in a report on Friday, September 18th. They issued a "neutral" rating and a $180.00 target price for the company. DA Davidson dropped their target price on Reddit from $200.00 to $185.00 and set a "buy" rating for the company in a research report on Friday, September 18th. Finally, Citigroup reiterated a "market outperform" rating on shares of Reddit in a research report on Wednesday. Two research analysts have rated the stock with a Strong Buy rating, seventeen have given a Buy rating and ten have assigned a Hold rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and a consensus price target of $219.29.
Check Out Our Latest Report on Reddit
Hedge Funds Weigh In On Reddit
Several large investors have recently modified their holdings of RDDT. Sunbelt Securities Inc. lifted its holdings in shares of Reddit by 87.5% during the first quarter. Sunbelt Securities Inc. now owns 195 shares of the company's stock worth $26,000 after purchasing an additional 91 shares during the period. EverSource Wealth Advisors LLC grew its stake in shares of Reddit by 48.1% in the second quarter. EverSource Wealth Advisors LLC now owns 197 shares of the company's stock worth $34,000 after purchasing an additional 64 shares during the last quarter. Beacon Investment Advisory Services Inc. bought a new stake in shares of Reddit in the second quarter worth $35,000. Ascentis Independent Advisors acquired a new stake in Reddit in the first quarter valued at $30,000. Finally, Hager Investment Management Services LLC increased its holdings in Reddit by 522.2% in the second quarter. Hager Investment Management Services LLC now owns 280 shares of the company's stock valued at $49,000 after purchasing an additional 235 shares during the period.
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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