GF Fund Management CO. LTD. Acquires Shares of 46,954 Reddit, Inc. (NYSE:RDDT)

GF Fund Management CO. LTD. bought a new position in shares of Reddit, Inc. (NYSE:RDDT - Free Report) in the fourth quarter, according to the company in its most recent filing with the SEC. The fund bought 46,954 shares of the company's stock, valued at approximately $7,674,000.

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

Reddit Price Performance

Reddit stock traded up $4.63 during mid-day trading on Thursday, hitting $110.06. 6,909,522 shares of the company's stock traded hands, compared to its average volume of 6,086,027. The firm has a 50 day simple moving average of $106.82 and a two-hundred day simple moving average of $144.50. Reddit, Inc. has a fifty-two week low of $49.13 and a fifty-two week high of $230.41. The stock has a market cap of $20.31 billion, a price-to-earnings ratio of -14.21, a P/E/G ratio of 4.72 and a beta of 2.90.

Reddit (NYSE:RDDT - Get Free Report) last posted its earnings results on Thursday, May 1st. The company reported $0.13 earnings per share for the quarter, topping analysts' consensus estimates of $0.02 by $0.11. The company had revenue of $392.36 million during the quarter, compared to the consensus estimate of $370.55 million. Reddit had a negative return on equity of 24.71% and a negative net margin of 37.25%. The company's revenue was up 61.5% on a year-over-year basis. During the same quarter last year, the firm earned ($8.19) earnings per share. On average, research analysts anticipate that Reddit, Inc. will post 1.12 earnings per share for the current fiscal year.

Insiders Place Their Bets

In related news, CEO Steve Ladd Huffman sold 124,408 shares of the company's stock in a transaction that occurred on Tuesday, April 15th. The stock was sold at an average price of $96.65, for a total value of $12,024,033.20. Following the sale, the chief executive officer now directly owns 577,013 shares in the company, valued at $55,768,306.45. This represents a 17.74% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, COO Jennifer L. Wong sold 33,334 shares of the stock in a transaction that occurred on Wednesday, April 16th. The stock was sold at an average price of $93.99, for a total value of $3,133,062.66. Following the transaction, the chief operating officer now owns 1,466,119 shares in the company, valued at $137,800,524.81. The trade was a 2.22% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 782,139 shares of company stock valued at $93,843,152.

Analyst Upgrades and Downgrades

A number of research firms recently weighed in on RDDT. Oppenheimer started coverage on Reddit in a research report on Wednesday, April 16th. They issued an "outperform" rating and a $125.00 price target for the company. B. Riley reaffirmed a "buy" rating and set a $220.00 price target (down from $222.00) on shares of Reddit in a research note on Friday, May 2nd. Guggenheim cut their price objective on Reddit from $170.00 to $165.00 and set a "buy" rating on the stock in a research note on Friday, May 2nd. Roth Capital reissued a "neutral" rating on shares of Reddit in a research note on Friday, May 2nd. Finally, Truist Financial began coverage on Reddit in a report on Monday, April 7th. They issued a "buy" rating and a $150.00 target price on the stock. One investment analyst has rated the stock with a sell rating, eight have assigned a hold rating, twelve have assigned a buy rating and two have issued a strong buy rating to the company. According to data from MarketBeat, Reddit has a consensus rating of "Moderate Buy" and a consensus price target of $140.45.

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.