Reddit, Inc. (NYSE:RDDT – Get Free Report) CEO Steve Ladd Huffman sold 14,000 shares of Reddit stock in a transaction on Tuesday, August 20. The shares were sold at an average price of $53.98, for a total transaction of $755,720.00. Following the transaction, the CEO now owns 672,352 shares of the company’s stock, valued at approximately $36,293,560.96. The sale was disclosed in a document filed with the SEC, available at this hyperlink.

Reddit shares drop 0.8%

RDDT opened at $56.43 on Friday. The company’s 50-day moving average is $62.13. Reddit, Inc. has a 52-week low of $37.35 and a 52-week high of $78.08.

Reddit (NYSE:RDDT – Get Free Report) last announced its quarterly earnings results on Tuesday, August 6. The company reported ($0.06) EPS for the quarter, topping analysts’ consensus estimates of ($0.31) by $0.25. The company had revenue of $281.20 million for the quarter, compared to the consensus estimate of $253.86 million. In the same period last year, the company reported ($0.70) EPS. Reddit’s quarterly revenue was up 53.6% year over year. On average, sell-side analysts predict that Reddit, Inc. will post -4.17 EPS for the current fiscal year.

Institutional inflow and outflow

Institutional investors and hedge funds have recently modified their holdings of the company. Global Retirement Partners LLC purchased a new stake in Reddit during the first quarter worth $27,000. BNP Paribas Financial Markets purchased a new stake in shares of Reddit during the first quarter worth approximately $37,000. SOA Wealth Advisors LLC. purchased a new stake in shares of Reddit during the second quarter worth approximately $78,000. ANTIPODES PARTNERS Ltd. purchased a new position in shares of Reddit during the first quarter worth approximately $63,000. Finally, UMB Bank purchased a new position in Reddit during the second quarter worth approximately $88,000.

Analyst Upgrades and Downgrades

Several research firms have recently weighed in on RDDT. Robert W. Baird increased their price target on Reddit from $50.00 to $59.00 and gave the company a “neutral” rating in a research report on Wednesday, May 8th. Roth Mkm lowered their price target on Reddit from $67.00 to $66.00 and set a “buy” rating on the stock in a research report on Wednesday, August 7th. Needham & Company LLC re-issued a “buy” rating and gave shares of Reddit a $75.00 price target in a report on Thursday, August 8th. Morgan Stanley increased their price target on shares of Reddit from $63.00 to $70.00 and gave the company an “equal weight” rating in a report on Tuesday, July 23rd. Finally, Raymond James raised their price objective on shares of Reddit from $65.00 to $70.00 and gave the stock a “strong-buy” rating in a research note on Wednesday, July 31st. One investment analyst has rated the stock with a sell rating, six have given a hold rating, nine have given a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat, Reddit currently has a consensus rating of “Moderate Buy” and a consensus target price of $65.56.

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About Reddit

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Reddit, Inc. operates a website that organizes digital communities. It organizes communities based on specific interests that allow users to engage in conversations by sharing experiences, submitting links, uploading images and videos, and commenting on each other. The company was founded in 2005 and is headquartered in San Francisco, California.

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