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Steve Huffman, CEO and President of Reddit, Inc. (NASDAQ:RDDT), has executed a series of stock transactions, selling shares valued at approximately $23.35 million. On February 18, Huffman sold a significant number of Class A Common Stock shares at prices ranging from $184.65 to $196.58. The transactions were part of a pre-established trading plan under Rule 10b5-1, adopted in May 2024. The sales come as Reddit’s stock has shown remarkable performance, with a 208% gain over the past six months, according to InvestingPro data.
The sales included multiple trades, with the average sale prices varying due to market conditions. Following these transactions, Huffman holds 615,795 shares directly. Additionally, shares held by The XYZ Revocable Trust, associated with Huffman, were also part of the sales.
These transactions are part of routine financial management and do not necessarily indicate any change in Reddit’s strategic direction or Huffman’s commitment to the company.
In other recent news, Reddit has reported mixed results across various financial and operational metrics. Reddit’s fourth-quarter revenue exceeded expectations by $28 million, but this was a smaller margin than in previous quarters, according to BofA Securities. JPMorgan has raised its price target for Reddit to $185, citing strong advertising revenue growth and improved profitability, despite challenges with daily active user growth. Meanwhile, Bernstein SocGen Group has maintained an Underperform rating with a price target of $150, pointing to issues with user engagement as a concern. Jefferies adjusted its price target slightly downward to $225, while maintaining a Buy rating, highlighting Reddit’s success in diversifying its customer base and product offerings. Raymond (NSE:RYMD) James continues to hold a Strong Buy rating with a $250 price target, noting that Reddit’s revenue and EBITDA have outperformed expectations. The firm’s optimism is bolstered by Reddit’s international growth and advancements in advertising offerings. These developments reflect Reddit’s ongoing efforts to navigate challenges in user growth while capitalizing on advertising opportunities.
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