GF Fund Management CO. LTD. Takes Position in Reddit, Inc. (NYSE:RDDT)

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

A number of other hedge funds and other institutional investors have also recently bought and sold shares of RDDT. Vanguard Group Inc. lifted its stake in Reddit by 184.2% in the 4th quarter. Vanguard Group Inc. now owns 9,181,390 shares of the company's stock valued at $1,500,606,000 after buying an additional 5,950,909 shares in the last quarter. Jennison Associates LLC purchased a new stake in shares of Reddit during the 4th quarter valued at approximately $494,861,000. Alliancebernstein L.P. raised its position in shares of Reddit by 1,011.1% during the 4th quarter. Alliancebernstein L.P. now owns 2,788,758 shares of the company's stock valued at $455,795,000 after buying an additional 2,537,768 shares during the period. Brooklyn FI LLC purchased a new stake in shares of Reddit during the 4th quarter valued at approximately $303,082,000. Finally, GQG Partners LLC purchased a new stake in shares of Reddit during the 4th quarter valued at approximately $271,539,000.

Reddit Stock Performance

RDDT traded up $0.89 on Wednesday, hitting $105.51. 5,214,123 shares of the company were exchanged, compared to its average volume of 6,070,535. The business's fifty day moving average is $107.02 and its 200 day moving average is $144.77. Reddit, Inc. has a fifty-two week low of $49.13 and a fifty-two week high of $230.41. The firm has a market capitalization of $19.47 billion, a P/E ratio of -13.65, a price-to-earnings-growth ratio of 4.72 and a beta of 2.90.

Reddit (NYSE:RDDT - Get Free Report) last issued its 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. Reddit had a negative net margin of 37.25% and a negative return on equity of 24.71%. The company had revenue of $392.36 million for the quarter, compared to analyst estimates of $370.55 million. During the same period in the prior year, the business posted ($8.19) earnings per share. The firm's revenue for the quarter was up 61.5% compared to the same quarter last year. Analysts forecast that Reddit, Inc. will post 1.12 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

Several analysts recently weighed in on RDDT shares. Bank of America dropped their target price on shares of Reddit from $190.00 to $110.00 and set a "neutral" rating for the company in a report on Wednesday, April 9th. Roth Capital reiterated a "neutral" rating on shares of Reddit in a report on Friday, May 2nd. Oppenheimer started coverage on shares of Reddit in a report on Wednesday, April 16th. They issued an "outperform" rating and a $125.00 target price for the company. JPMorgan Chase & Co. dropped their target price on shares of Reddit from $185.00 to $110.00 and set a "neutral" rating for the company in a report on Tuesday, April 8th. Finally, Guggenheim dropped their target price on shares of Reddit from $170.00 to $165.00 and set a "buy" rating for the company in a report on Friday, May 2nd. One analyst has rated the stock with a sell rating, eight have issued a hold rating, twelve have assigned a buy rating and two have issued a strong buy rating to the stock. Based on data from MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus price target of $140.45.

Insider Activity

In related news, CEO Steve Ladd Huffman sold 14,000 shares of the company's stock in a transaction that occurred on Friday, February 28th. The shares were sold at an average price of $160.30, for a total transaction of $2,244,200.00. Following the transaction, the chief executive officer now owns 597,515 shares of the company's stock, valued at approximately $95,781,654.50. This represents a 2.29% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, CAO Michelle Marie Reynolds sold 11,965 shares of the company's stock in a transaction that occurred on Tuesday, March 4th. The shares were sold at an average price of $157.41, for a total transaction of $1,883,410.65. Following the transaction, the chief accounting officer now directly owns 48,418 shares in the company, valued at $7,621,477.38. The trade was a 19.82% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 782,139 shares of company stock worth $93,843,152 over the last ninety 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.