MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. Increases Stock Position in Reddit, Inc. (NYSE:RDDT)

MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its position in Reddit, Inc. (NYSE:RDDT - Free Report) by 120.1% during the 4th quarter, according to its most recent disclosure with the SEC. The fund owned 36,263 shares of the company's stock after purchasing 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 reporting period.

Other hedge funds have also made changes to their positions in the company. Proficio Capital Partners LLC increased its stake in shares of Reddit by 2.1% during the 4th quarter. Proficio Capital Partners LLC now owns 5,908 shares of the company's stock worth $966,000 after purchasing an additional 120 shares in the last quarter. Farther Finance Advisors LLC grew its holdings in Reddit by 148.5% during the 4th quarter. Farther Finance Advisors LLC now owns 246 shares of the company's stock valued at $40,000 after buying an additional 147 shares during the last quarter. UMB Bank n.a. increased its position in Reddit by 10.8% during the fourth quarter. UMB Bank n.a. now owns 1,533 shares of the company's stock worth $251,000 after buying an additional 150 shares in the last quarter. Foundations Investment Advisors LLC increased its position in Reddit by 3.0% during the fourth quarter. Foundations Investment Advisors LLC now owns 5,325 shares of the company's stock worth $870,000 after buying an additional 155 shares in the last quarter. Finally, Plato Investment Management Ltd acquired a new position in shares of Reddit in the fourth quarter worth $27,000.

Analyst Upgrades and Downgrades

RDDT has been the topic of a number of analyst reports. Redburn Partners set a $75.00 price objective on Reddit in a research note on Monday, March 17th. Citigroup upped their target price on shares of Reddit from $150.00 to $158.00 and gave the company a "buy" rating in a report on Friday, May 2nd. Bank of America lowered their price target 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. JPMorgan Chase & Co. cut their price objective on shares of Reddit from $185.00 to $110.00 and set a "neutral" rating for the company in a research report on Tuesday, April 8th. Finally, JMP Securities restated a "market outperform" rating and set a $180.00 target price on shares of Reddit in a research report on Friday, May 2nd. One investment analyst has rated the stock with a sell rating, eight have issued a hold rating, twelve have given a buy rating and two have given a strong buy rating to the company's stock. According to MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $140.45.

Insiders Place Their Bets

In other news, Director Mary Porter Gale sold 20,000 shares of the stock in a transaction dated Friday, February 21st. The stock was sold at an average price of $169.71, for a total value of $3,394,200.00. Following the completion of the sale, the director now owns 26,309 shares in the company, valued at approximately $4,464,900.39. This trade represents a 43.19% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Steve Ladd Huffman sold 124,408 shares of the firm's stock in a transaction dated Friday, March 14th. The shares were sold at an average price of $127.36, for a total value of $15,844,602.88. Following the sale, the chief executive officer now owns 583,515 shares in the company, valued at approximately $74,316,470.40. The trade was a 17.57% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 835,678 shares of company stock worth $104,986,901 over the last ninety days.

Reddit Price Performance

RDDT stock traded up $2.81 during trading on Thursday, reaching $98.66. 8,510,573 shares of the stock traded hands, compared to its average volume of 6,029,307. The business's 50 day moving average price is $107.99 and its 200-day moving average price is $145.25. The firm has a market capitalization of $18.21 billion, a PE ratio of -12.76, a P/E/G ratio of 4.72 and a beta of 2.90. Reddit, Inc. has a 52-week low of $49.13 and a 52-week high of $230.41.

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

Reddit Company 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.