MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. Grows Stock Position in Reddit, Inc. (NYSE:RDDT)

MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its position in Reddit, Inc. (NYSE:RDDT) by 120.1% during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 36,263 shares of the company’s stock after buying an additional 19,790 shares during the quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd.’s holdings in Reddit were worth $5,927,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently made changes to their positions in the company. Plato Investment Management Ltd bought a new stake in Reddit in the 4th quarter valued at about $27,000. EverSource Wealth Advisors LLC purchased a new position in shares of Reddit in the fourth quarter worth about $28,000. Farmers & Merchants Investments Inc. bought a new stake in shares of Reddit in the fourth quarter valued at approximately $33,000. Bogart Wealth LLC purchased a new stake in shares of Reddit during the 4th quarter valued at approximately $33,000. Finally, Spire Wealth Management purchased a new stake in shares of Reddit during the 4th quarter valued at approximately $35,000.

Analyst Ratings Changes

A number of research analysts recently weighed in on RDDT shares. Redburn Atlantic assumed coverage on shares of Reddit in a research note on Monday, March 17th. They issued a “sell” rating and a $75.00 price objective for the company. Needham & Company LLC raised their price target on Reddit from $135.00 to $145.00 and gave the stock a “buy” rating in a report on Friday, May 2nd. Roth Capital reiterated a “neutral” rating on shares of Reddit in a research note on Friday, May 2nd. Redburn Partners set a $75.00 price objective on Reddit in a report on Monday, March 17th. Finally, B. Riley restated a “buy” rating and issued a $220.00 target price (down previously from $222.00) on shares of Reddit in a research note on Friday, May 2nd. One investment analyst has rated the stock with a sell rating, seven have assigned a hold rating, thirteen have issued a buy rating and two have assigned a strong buy rating to the company. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $143.77.

Insider Activity at Reddit

In related news, CEO Steve Ladd Huffman sold 14,000 shares of the firm’s stock in a transaction that occurred on Tuesday, February 18th. The stock was sold at an average price of $187.78, for a total transaction of $2,628,920.00. Following the transaction, the chief executive officer now directly owns 614,394 shares in the company, valued at $115,370,905.32. This trade represents a 2.23% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, COO Jennifer L. Wong sold 33,333 shares of the business’s stock in a transaction that occurred on Tuesday, February 18th. The shares were sold at an average price of $187.72, for a total value of $6,257,270.76. Following the completion of the sale, the chief operating officer now owns 1,504,297 shares of the company’s stock, valued at $282,386,632.84. The trade was a 2.17% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 725,270 shares of company stock valued at $95,789,365.

Reddit Trading Down 0.2%

Shares of NYSE RDDT opened at $113.35 on Monday. The stock’s 50-day moving average is $109.40 and its 200 day moving average is $145.91. The stock has a market cap of $20.92 billion, a price-to-earnings ratio of -14.66, a P/E/G ratio of 4.72 and a beta of 2.90. Reddit, Inc. has a 1-year low of $49.13 and a 1-year high of $230.41.

Reddit (NYSE:RDDT) last posted its quarterly earnings results on Thursday, May 1st. The company reported $0.13 EPS for the quarter, topping the consensus estimate of $0.02 by $0.11. The firm had revenue of $392.36 million for the quarter, compared to the consensus estimate of $370.55 million. Reddit had a negative net margin of 37.25% and a negative return on equity of 24.71%. The business’s revenue was up 61.5% compared to the same quarter last year. During the same period last year, the firm posted ($8.19) earnings per share. On average, analysts forecast that Reddit, Inc. will post 1.12 EPS for the current fiscal year.

Reddit Company Profile

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