Mirae Asset Global Investments Co. Ltd. Acquires 29,481 Shares of Reddit Inc. $RDDT

Key Points

• Mirae Asset boosted its stake in Reddit by 61.3%, buying 29,481 shares to own 77,611 shares valued at $17.84 million at the end of the quarter.
• Insider activity was notable: CEO Steve Huffman sold 18,000 shares for about $2.85 million under a Rule 10b5‑1 plan while director Sarah E. Farrell purchased 10,500 shares; insiders own 34.25% of the company but were net sellers last quarter.
• Reddit beat estimates with $1.24 EPS (vs. $0.96 expected) and $725.6M revenue (+69.7% YoY), and analysts hold a consensus "Moderate Buy" with an average target of $237.46.

Mirae Asset Global Investments Co. Ltd. boosted its holdings in Reddit Inc. (NYSE:RDDT - Free Report) by 61.3% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 77,611 shares of the company's stock after buying 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 reporting period.

Other large investors have also added to or reduced their stakes in the company. Raiffeisen Bank International AG acquired a new stake in Reddit during the 3rd quarter valued at approximately $25,000. GW&K Investment Management LLC acquired a new stake in Reddit during the 3rd quarter valued at approximately $30,000. Cornerstone Planning Group LLC increased its position in Reddit by 13,500.0% during the 3rd quarter. Cornerstone Planning Group LLC now owns 136 shares of the company's stock valued at $31,000 after purchasing an additional 135 shares during the period. LOM Asset Management Ltd acquired a new stake in Reddit during the 4th quarter valued at approximately $33,000. Finally, Noble Wealth Management PBC acquired a new stake in Reddit during the 4th quarter valued at approximately $34,000.

Wall Street Analyst Weigh In

A number of research firms have weighed in on RDDT. Truist Financial decreased their target price on shares of Reddit from $275.00 to $260.00 and set a "buy" rating for the company in a research report on Tuesday, April 7th. Cantor Fitzgerald decreased their target price 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. B. Riley Financial increased their target price on shares of Reddit from $245.00 to $250.00 and gave the company a "buy" rating in a research report on Friday, February 6th. JPMorgan Chase & Co. decreased their target price on shares of Reddit from $227.00 to $200.00 and set a "neutral" rating for the company in a research report on Friday, February 6th. Finally, Oppenheimer decreased their target price on shares of Reddit from $300.00 to $250.00 and set an "outperform" rating for the company in a research report on Friday, February 6th. One equities research analyst has rated the stock with a Strong Buy rating, seventeen have given a Buy rating and eleven have given a Hold rating to the company. According to MarketBeat.com, the company has a consensus rating of "Moderate Buy" and an average target price of $237.46.

Insider Activity at Reddit

In other news, CEO Steve Ladd Huffman sold 18,000 shares of the firm's stock in a transaction that occurred on Wednesday, April 15th. The shares were sold at an average price of $158.40, for a total transaction of $2,851,200.00. Following the completion of the sale, the chief executive officer owned 411,195 shares of the company's stock, valued at $65,133,288. This trade represents a 4.19% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Sarah E. Farrell acquired 10,500 shares of Reddit stock in a transaction dated Friday, March 13th. The shares were bought at an average cost of $132.26 per share, with a total value of $1,388,730.00. Following the transaction, the director owned 61,000 shares in the company, valued at approximately $8,067,860. This trade represents a 20.79% increase in their ownership of the stock. The disclosure for this purchase is available in the SEC filing. In the last quarter, insiders purchased 61,000 shares of company stock worth $8,870,815 and sold 312,441 shares worth $49,664,410. 34.25% of the stock is currently owned by company insiders.

Reddit Stock Up 0.6%

Shares of RDDT stock opened at $163.41 on Friday. The company has a market cap of $31.22 billion, a price-to-earnings ratio of 62.37, a price-to-earnings-growth ratio of 1.18 and a beta of 2.40. Reddit Inc. has a 52 week low of $90.78 and a 52 week high of $282.95. The firm has a 50 day moving average of $141.63 and a 200-day moving average of $187.25.

Reddit (NYSE:RDDT - Get Free Report) last announced its quarterly earnings data on Thursday, February 5th. The company reported $1.24 EPS for the quarter, topping the consensus estimate of $0.96 by $0.28. The company had revenue of $725.61 million during the quarter, compared to the consensus estimate of $665.80 million. Reddit had a net margin of 24.05% and a return on equity of 20.89%. The company's quarterly revenue was up 69.7% on a year-over-year basis. During the same quarter last year, the firm posted $0.36 EPS. Analysts anticipate that Reddit Inc. will post 1.12 earnings per share for the current year.

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.

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