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

Mirae Asset Global Investments Co. Ltd. lowered its stake in shares of Reddit Inc. (NYSE:RDDT) by 97.4% in the second quarter, according to its most recent 13F filing with the SEC. The fund owned 780 shares of the company’s stock after selling 28,907 shares during the period. Mirae Asset Global Investments Co. Ltd.’s holdings in Reddit were worth $135,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also modified their holdings of the company. Sunbelt Securities Inc. boosted its stake in shares of Reddit by 87.5% in the first quarter. Sunbelt Securities Inc. now owns 195 shares of the company’s stock worth $26,000 after buying an additional 91 shares during the last quarter. Ascentis Independent Advisors acquired a new stake in Reddit during the first quarter worth about $30,000. Beacon Investment Advisory Services Inc. purchased a new position in Reddit during the second quarter valued at approximately $35,000. Geneos Wealth Management Inc. raised its position in Reddit by 344.6% during the first quarter. Geneos Wealth Management Inc. now owns 369 shares of the company’s stock valued at $39,000 after acquiring an additional 286 shares in the last quarter. Finally, V Square Quantitative Management LLC acquired a new position in Reddit in the first quarter valued at approximately $43,000.

Insider Activity

In other Reddit news, CEO Steve Ladd Huffman sold 18,000 shares of the company’s stock in a transaction on Tuesday, June 30th. The shares were sold at an average price of $173.13, for a total transaction of $3,116,340.00. Following the completion of the transaction, the chief executive officer directly owned 373,814 shares in the company, valued at approximately $64,718,417.82. This represents a 4.59% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, COO Jennifer L. Wong sold 39,167 shares of the company’s stock in a transaction on Monday, May 18th. The stock was sold at an average price of $158.52, for a total transaction of $6,208,752.84. Following the transaction, the chief operating officer owned 1,088,451 shares of the company’s stock, valued at $172,541,252.52. This represents a 3.47% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold 151,141 shares of company stock worth $25,635,785 in the last quarter. Corporate insiders own 28.48% of the company’s stock.

Reddit Trading Up 3.0%

Shares of RDDT stock opened at $158.10 on Friday. The company has a market capitalization of $30.42 billion, a P/E ratio of 36.77, a P/E/G ratio of 0.52 and a beta of 2.03. The business’s 50 day moving average is $175.21 and its two-hundred day moving average is $159.70. Reddit Inc. has a 12-month low of $119.27 and a 12-month high of $282.95.

Reddit (NYSE:RDDT) last issued its quarterly earnings data on Thursday, July 30th. The company reported $1.25 EPS for the quarter, beating the consensus estimate of $0.95 by $0.30. The company had revenue of $804.91 million for the quarter, compared to analyst estimates of $731.00 million. Reddit had a return on equity of 29.02% and a net margin of 31.35%.Reddit’s quarterly revenue was up 61.0% compared to the same quarter last year. During the same period last year, the company earned $0.45 earnings per share. On average, research analysts predict that Reddit Inc. will post 5.22 earnings per share for the current fiscal year.

Analyst Ratings Changes

Several equities research analysts have commented on RDDT shares. Wedbush lowered their price objective on Reddit from $250.00 to $221.00 and set an “outperform” rating on the stock in a research report on Friday, July 31st. Piper Sandler reaffirmed an “overweight” rating and set a $195.00 target price (down from $215.00) on shares of Reddit in a report on Friday, July 31st. Zacks Research upgraded shares of Reddit from a “hold” rating to a “strong-buy” rating in a research note on Monday, July 27th. Guggenheim reissued a “buy” rating on shares of Reddit in a report on Friday, July 31st. Finally, Wells Fargo & Company dropped their price target on shares of Reddit from $187.00 to $142.00 and set an “equal weight” rating on the stock in a research report on Friday, July 31st. Two investment analysts have rated the stock with a Strong Buy rating, nineteen have given a Buy rating and eleven have issued a Hold rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $220.90.

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.