Reddit Inc. (NYSE:RDDT) Shares Sold by Mirae Asset Global Investments Co. Ltd.

Mirae Asset Global Investments Co. Ltd. decreased its position in shares of Reddit Inc. (NYSE:RDDT - Free Report) by 98.9% during the first quarter, according to its most recent filing with the SEC. The firm owned 280 shares of the company's stock after selling 24,670 shares during the period. Mirae Asset Global Investments Co. Ltd.'s holdings in Reddit were worth $30,000 at the end of the most recent quarter.

A number of other hedge funds have also recently made changes to their positions in RDDT. FMR LLC lifted its position in Reddit by 7.5% in the 4th quarter. FMR LLC now owns 13,070,780 shares of the company's stock valued at $2,136,288,000 after acquiring an additional 913,189 shares in the last quarter. Vanguard Group Inc. increased its stake in shares of Reddit by 184.2% in the 4th quarter. Vanguard Group Inc. now owns 9,181,390 shares of the company's stock worth $1,500,606,000 after purchasing an additional 5,950,909 shares in the last quarter. Alliancebernstein L.P. increased its stake in Reddit by 1,011.1% in the 4th quarter. Alliancebernstein L.P. now owns 2,788,758 shares of the company's stock worth $455,795,000 after buying an additional 2,537,768 shares in the last quarter. Lord Abbett & CO. LLC increased its stake in Reddit by 12.8% in the 4th quarter. Lord Abbett & CO. LLC now owns 1,861,998 shares of the company's stock worth $304,325,000 after buying an additional 211,636 shares in the last quarter. Finally, Brooklyn FI LLC purchased a new stake in Reddit in the 4th quarter worth $303,082,000.

Insider Activity

In other news, CEO Steve Ladd Huffman sold 14,000 shares of the business's stock in a transaction on Monday, June 30th. The shares were sold at an average price of $151.35, for a total transaction of $2,118,900.00. Following the sale, the chief executive officer directly owned 539,631 shares of the company's stock, valued at $81,673,151.85. The trade was a 2.53% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CTO Christopher Brian Slowe sold 16,000 shares of the business's stock in a transaction on Monday, June 23rd. The shares were sold at an average price of $136.47, for a total transaction of $2,183,520.00. Following the sale, the chief technology officer directly owned 246,373 shares in the company, valued at $33,622,523.31. This trade represents a 6.10% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 617,285 shares of company stock worth $69,599,110. Company insiders own 34.25% of the company's stock.

Reddit Trading Down 4.7%

Shares of RDDT traded down $7.15 during midday trading on Tuesday, hitting $146.22. 7,043,280 shares of the company's stock traded hands, compared to its average volume of 8,043,339. Reddit Inc. has a 1 year low of $49.13 and a 1 year high of $230.41. The firm's fifty day moving average is $122.21 and its 200-day moving average is $141.05. The stock has a market capitalization of $26.98 billion, a price-to-earnings ratio of 247.83, a price-to-earnings-growth ratio of 4.03 and a beta of 2.33.

Reddit (NYSE:RDDT - Get Free Report) last issued its quarterly earnings data on Thursday, May 1st. The company reported $0.13 EPS for the quarter, beating the consensus estimate of $0.02 by $0.11. Reddit had a return on equity of 5.69% and a net margin of 8.07%. The firm had revenue of $392.36 million during the quarter, compared to analyst estimates of $370.55 million. During the same quarter in the prior year, the business posted ($8.19) EPS. The business's revenue for the quarter was up 61.5% compared to the same quarter last year. On average, equities research analysts anticipate that Reddit Inc. will post 1.12 EPS for the current year.

Analyst Ratings Changes

A number of research firms recently weighed in on RDDT. Wall Street Zen raised shares of Reddit from a "hold" rating to a "buy" rating in a research report on Saturday, June 14th. B. Riley reaffirmed a "buy" rating and set a $220.00 target price (down from $222.00) on shares of Reddit in a research report on Friday, May 2nd. JPMorgan Chase & Co. reduced their target price on shares of Reddit from $185.00 to $110.00 and set a "neutral" rating on the stock in a research report on Tuesday, April 8th. Citigroup raised their target price on shares of Reddit from $158.00 to $163.00 and gave the stock a "buy" rating in a research report on Tuesday, June 24th. Finally, JMP Securities reaffirmed a "market outperform" rating and set a $180.00 target price on shares of Reddit in a research report on Friday, May 2nd. One equities research analyst has rated the stock with a sell rating, nine have assigned a hold rating, thirteen have issued a buy rating and two have assigned a strong buy rating to the company. According to data from MarketBeat, Reddit has an average rating of "Moderate Buy" and an average target price of $141.04.

About Reddit

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.