Reddit Inc. $RDDT Shares Purchased by Mirae Asset Global Investments Co. Ltd.

Mirae Asset Global Investments Co. Ltd. grew its position in Reddit Inc. (NYSE:RDDT) by 13,730.5% during the third quarter, according to its most recent Form 13F filing with the SEC. The firm owned 48,130 shares of the company’s stock after purchasing an additional 47,782 shares during the period. Mirae Asset Global Investments Co. Ltd.’s holdings in Reddit were worth $11,069,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently made changes to their positions in the company. Financial Perspectives Inc purchased a new stake in Reddit in the second quarter valued at $34,000. Geneos Wealth Management Inc. grew its holdings in Reddit by 344.6% in the first quarter. Geneos Wealth Management Inc. now owns 369 shares of the company’s stock valued at $39,000 after purchasing an additional 286 shares during the period. GAMMA Investing LLC grew its stake in Reddit by 8,650.0% in the 3rd quarter. GAMMA Investing LLC now owns 175 shares of the company’s stock valued at $40,000 after acquiring an additional 173 shares during the period. Covestor Ltd grew its position in shares of Reddit by 138.5% in the third quarter. Covestor Ltd now owns 217 shares of the company’s stock valued at $50,000 after purchasing an additional 126 shares during the period. Finally, Advisors Asset Management Inc. boosted its holdings in Reddit by 68.2% in the 2nd quarter. Advisors Asset Management Inc. now owns 365 shares of the company’s stock worth $55,000 after buying an additional 148 shares during the last quarter.

Insiders Place Their Bets

In other news, insider Benjamin Seong Lee sold 55,005 shares of the stock in a transaction on Tuesday, December 16th. The stock was sold at an average price of $221.21, for a total transaction of $12,167,656.05. Following the completion of the transaction, the insider directly owned 62,608 shares in the company, valued at approximately $13,849,515.68. This represents a 46.77% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, COO Jennifer L. Wong sold 63,427 shares of the firm’s stock in a transaction dated Monday, November 24th. The stock was sold at an average price of $192.72, for a total value of $12,223,651.44. Following the sale, the chief operating officer directly owned 1,184,528 shares of the company’s stock, valued at $228,282,236.16. The trade was a 5.08% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last ninety days, insiders have sold 519,422 shares of company stock valued at $113,573,815. 34.25% of the stock is currently owned by insiders.

Analysts Set New Price Targets

Several research firms recently commented on RDDT. Zacks Research downgraded Reddit from a “strong-buy” rating to a “hold” rating in a research note on Friday, December 26th. Needham & Company LLC reaffirmed a “buy” rating and set a $300.00 target price on shares of Reddit in a report on Monday, December 29th. Truist Financial set a $270.00 target price on shares of Reddit in a research report on Friday, October 31st. Roth Mkm boosted their price target on shares of Reddit from $210.00 to $215.00 and gave the stock a “neutral” rating in a research report on Friday. Finally, Cantor Fitzgerald began coverage on shares of Reddit in a research note on Thursday, January 8th. They set a “neutral” rating and a $240.00 price objective for the company. Two research analysts have rated the stock with a Strong Buy rating, sixteen have issued a Buy rating, eleven have issued a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, Reddit has a consensus rating of “Moderate Buy” and a consensus price target of $245.36.

Reddit Price Performance

NYSE:RDDT opened at $180.13 on Friday. The company’s 50-day moving average is $226.40 and its two-hundred day moving average is $214.25. Reddit Inc. has a 1-year low of $79.75 and a 1-year high of $282.95. The firm has a market capitalization of $34.13 billion, a price-to-earnings ratio of 103.52, a PEG ratio of 1.32 and a beta of 2.17.

Reddit (NYSE:RDDT) last announced its quarterly earnings results on Thursday, October 30th. The company reported $0.80 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.50 by $0.30. The business had revenue of $584.91 million during the quarter, compared to the consensus estimate of $546.65 million. Reddit had a net margin of 18.33% and a return on equity of 14.94%. The business’s revenue was up 67.9% compared to the same quarter last year. During the same quarter last year, the firm earned $0.16 EPS. As a group, equities analysts anticipate that Reddit Inc. will post 1.12 earnings per share for the current fiscal year.

Reddit Company Profile

Reddit is an online social news aggregation, discussion and content-sharing platform organized around user-created communities called “subreddits,” each focused on a particular topic or interest. Registered users submit links, text posts, images and video, and community members vote and comment to surface popular content. The site is accessed via its web platform and mobile apps for iOS and Android, and it supports live events such as Ask Me Anything (AMA) sessions and community-driven discussions.

Founded in 2005 by Steve Huffman and Alexis Ohanian, Reddit is headquartered in San Francisco and serves a global audience with particularly large user bases in the United States and other English-speaking markets.