Reddit Insiders Selling Days After IPO; Shares Fall Late

Reddit CEO Steve Huffman and other top executives and board members late Wednesday disclosed share sales, just a week after the social network had in its initial public offering. RDDT stock fell overnight.

X

Reddit CEO Steve Huffman sold 500,000 shares on Monday at an average $32.30 price, receiving $16.15 million. CFO Vollero Andrew sold 71,765 Reddit shares for $2.318 million. Chief Operating Officer Jennifer Wong sold 514,000 shares for $16.602 million.

Chief Technology Officer Christopher Slowe sold 185,000 shares for $5.975 million. Chief Accounting Officer Michelle Reynolds sold 3,033 RDDT shares for $97,966. Board member David Habiger sold 3,000 shares for $102,000.

All told, that’s $41.245 million worth of Reddit shares sold.

At least some Reddit share sales by CEO Huffman and other key officers was expected.

Reddit Stock

Reddit stock fell 4.85% to 54.95 in late trade. Shares tumbled 11.3% to 57.75 in Wednesday’s trading. Reddit hit a record 74.90 intraday Tuesday.

The RDDT IPO priced at 34 a share on March 20, at the top of the expected range.

Please follow Ed Carson on Threads at @edcarson1971 and X/Twitter at @IBD_ECarson for stock market updates and more.

YOU MAY ALSO LIKE:

Why This IBD Tool Simplifies The Search For Top Stocks

Catch The Next Big Winning Stock With MarketSurge

Want To Get Quick Profits And Avoid Big Losses? Try SwingTrader

Best Growth Stocks To Buy And Watch

Futures Fall On Hawkish Fed Comments After Small Caps Jump