Mirae Asset Global Investments Co. Ltd. Has $17.84 Million Stake in Reddit Inc. $RDDT

Mirae Asset Global Investments Co. Ltd. boosted its holdings in Reddit Inc. (NYSE:RDDT) by 61.3% in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 77,611 shares of the company’s stock after purchasing an additional 29,481 shares during the quarter. Mirae Asset Global Investments Co. Ltd.’s holdings in Reddit were worth $17,840,000 at the end of the most recent quarter.

Several other hedge funds have also bought and sold shares of RDDT. Vanguard Group Inc. grew its position in Reddit by 12.9% in the 3rd quarter. Vanguard Group Inc. now owns 12,238,508 shares of the company’s stock valued at $2,814,734,000 after purchasing an additional 1,401,293 shares during the period. Invesco Ltd. grew its position in Reddit by 419.0% in the 3rd quarter. Invesco Ltd. now owns 1,487,941 shares of the company’s stock valued at $342,212,000 after purchasing an additional 1,201,237 shares during the period. State Street Corp grew its position in Reddit by 138.5% in the 2nd quarter. State Street Corp now owns 2,030,139 shares of the company’s stock valued at $305,678,000 after purchasing an additional 1,178,890 shares during the period. DSM Capital Partners LLC acquired a new stake in Reddit in the 3rd quarter valued at $182,590,000. Finally, Federated Hermes Inc. acquired a new stake in Reddit in the 3rd quarter valued at $165,246,000.

Reddit Trading Up 0.6%

Shares of NYSE:RDDT opened at $163.41 on Friday. The stock’s fifty day simple moving average is $141.63 and its two-hundred day simple moving average is $187.25. Reddit Inc. has a 1-year low of $90.78 and a 1-year high of $282.95. The stock has a market cap of $31.22 billion, a PE ratio of 62.37, a price-to-earnings-growth ratio of 1.18 and a beta of 2.40.

Reddit (NYSE:RDDT) last issued its quarterly earnings data on Thursday, February 5th. The company reported $1.24 earnings per share for the quarter, beating the consensus estimate of $0.96 by $0.28. Reddit had a return on equity of 20.89% and a net margin of 24.05%.The business had revenue of $725.61 million for the quarter, compared to analysts’ expectations of $665.80 million. During the same period last year, the business earned $0.36 EPS. The business’s revenue was up 69.7% on a year-over-year basis. On average, sell-side analysts forecast that Reddit Inc. will post 1.12 earnings per share for the current fiscal year.

Insider Buying and Selling

In other Reddit news, COO Jennifer L. Wong sold 33,507 shares of the firm’s stock in a transaction on Wednesday, March 18th. The stock was sold at an average price of $143.41, for a total transaction of $4,805,238.87. Following the transaction, the chief operating officer directly owned 1,088,451 shares in the company, valued at approximately $156,094,757.91. This trade represents a 2.99% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Steve Ladd Huffman sold 18,000 shares of the firm’s stock in a transaction on Friday, February 13th. The shares were sold at an average price of $138.81, for a total value of $2,498,580.00. Following the transaction, the chief executive officer owned 448,576 shares in the company, valued at approximately $62,266,834.56. This trade represents a 3.86% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last 90 days, insiders have acquired 61,000 shares of company stock valued at $8,870,815 and have sold 312,441 shares valued at $49,664,410. Corporate insiders own 34.25% of the company’s stock.

Analyst Upgrades and Downgrades

Several analysts recently issued reports on the stock. The Goldman Sachs Group reduced their price target on shares of Reddit from $206.00 to $180.00 and set a “neutral” rating for the company in a research report on Tuesday, April 14th. Piper Sandler reissued an “overweight” rating and issued a $205.00 price target (down from $290.00) on shares of Reddit in a research report on Friday, February 6th. Cantor Fitzgerald reduced their price target on shares of Reddit from $240.00 to $170.00 and set a “neutral” rating for the company in a research report on Friday, February 6th. Argus set a $300.00 price target on shares of Reddit in a research report on Friday, January 9th. Finally, Deutsche Bank Aktiengesellschaft reissued a “buy” rating and issued a $285.00 price target on shares of Reddit in a research report on Tuesday, January 20th. One analyst has rated the stock with a Strong Buy rating, seventeen have assigned a Buy rating and eleven have issued a Hold rating to the company. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $237.46.

About Reddit

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.