MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. Purchases 19,790 Shares of Reddit, Inc. (NYSE:RDDT)

MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted 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 & Exchange Commission. The firm owned 36,263 shares of the company’s stock after buying an additional 19,790 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd.’s holdings in Reddit were worth $5,927,000 at the end of the most recent quarter.

A number of other institutional investors have also bought and sold shares of the company. Jennison Associates LLC bought a new position in shares of Reddit in the 4th quarter worth about $494,861,000. Renaissance Capital LLC increased its holdings in Reddit by 14.2% in the fourth quarter. Renaissance Capital LLC now owns 31,236 shares of the company’s stock worth $5,105,000 after purchasing an additional 3,892 shares in the last quarter. Charles Schwab Investment Management Inc. lifted its stake in Reddit by 27.6% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 642,456 shares of the company’s stock valued at $105,003,000 after buying an additional 139,135 shares during the period. Assetmark Inc. lifted its stake in Reddit by 1,537,566.7% in the fourth quarter. Assetmark Inc. now owns 46,130 shares of the company’s stock valued at $7,539,000 after buying an additional 46,127 shares during the period. Finally, Chung Wu Investment Group LLC bought a new position in shares of Reddit during the 4th quarter worth approximately $327,000.

Wall Street Analysts Forecast Growth

Several research firms have recently weighed in on RDDT. Seaport Res Ptn upgraded shares of Reddit from a “hold” rating to a “strong-buy” rating in a research note on Monday, May 5th. Citigroup lifted their price target on shares of Reddit from $150.00 to $158.00 and gave the company a “buy” rating in a research note on Friday, May 2nd. Wells Fargo & Company increased their price objective on shares of Reddit from $158.00 to $168.00 and gave the stock an “overweight” rating in a research report on Friday, May 2nd. Guggenheim reduced their target price on Reddit from $170.00 to $165.00 and set a “buy” rating for the company in a research note on Friday, May 2nd. Finally, Loop Capital reaffirmed a “buy” rating and issued a $210.00 target price on shares of Reddit in a research report on Tuesday, March 11th. One equities research analyst has rated the stock with a sell rating, seven have given a hold rating, thirteen have assigned a buy rating and two have assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $143.77.

Reddit Price Performance

NYSE RDDT opened at $113.35 on Monday. The company has a fifty day moving average price of $109.40 and a 200-day moving average price of $145.91. The firm has a market cap of $20.92 billion, a price-to-earnings ratio of -14.66, a PEG 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 released its quarterly earnings results on Thursday, May 1st. The company reported $0.13 earnings per share for the quarter, topping the consensus estimate of $0.02 by $0.11. The business had revenue of $392.36 million for the quarter, compared to analysts’ expectations of $370.55 million. Reddit had a negative net margin of 37.25% and a negative return on equity of 24.71%. The firm’s revenue for the quarter was up 61.5% compared to the same quarter last year. During the same period in the previous year, the company earned ($8.19) earnings per share. On average, research analysts anticipate that Reddit, Inc. will post 1.12 EPS for the current fiscal year.

Insider Transactions at Reddit

In other Reddit news, CEO Steve Ladd Huffman sold 124,408 shares of the company’s stock in a transaction on Friday, March 14th. The stock was sold at an average price of $127.36, for a total value of $15,844,602.88. Following the completion of the transaction, the chief executive officer now owns 583,515 shares in the company, valued at $74,316,470.40. This represents a 17.57% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, COO Jennifer L. Wong sold 33,334 shares of the firm’s stock in a transaction on Wednesday, April 16th. The shares were sold at an average price of $93.99, for a total value of $3,133,062.66. Following the sale, the chief operating officer now directly owns 1,466,119 shares of the company’s stock, valued at approximately $137,800,524.81. This represents a 2.22% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 725,270 shares of company stock worth $95,789,365 in the last 90 days.

Reddit 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.