Mirae Asset Global Investments Co. Ltd. Grows Stock Holdings in Reddit Inc. $RDDT

Mirae Asset Global Investments Co. Ltd. grew its stake in Reddit Inc. (NYSE:RDDT) by 13,730.5% during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 48,130 shares of the company’s stock after acquiring an additional 47,782 shares during the period. Mirae Asset Global Investments Co. Ltd.’s holdings in Reddit were worth $11,069,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently modified their holdings of RDDT. Resona Asset Management Co. Ltd. increased its holdings in Reddit by 53.2% during the 3rd quarter. Resona Asset Management Co. Ltd. now owns 30,944 shares of the company’s stock worth $7,166,000 after purchasing an additional 10,743 shares during the period. Teacher Retirement System of Texas grew its position in shares of Reddit by 880.5% during the 2nd quarter. Teacher Retirement System of Texas now owns 94,676 shares of the company’s stock worth $14,255,000 after buying an additional 85,020 shares in the last quarter. J. Safra Sarasin Holding AG purchased a new position in shares of Reddit during the second quarter valued at $226,000. Plato Investment Management Ltd lifted its stake in Reddit by 120.2% in the second quarter. Plato Investment Management Ltd now owns 2,970 shares of the company’s stock worth $446,000 after acquiring an additional 1,621 shares during the period. Finally, Wealth Enhancement Advisory Services LLC grew its holdings in Reddit by 95.4% during the 3rd quarter. Wealth Enhancement Advisory Services LLC now owns 16,139 shares of the company’s stock worth $3,712,000 after acquiring an additional 7,881 shares in the last quarter.

Reddit Stock Down 5.2%

Shares of RDDT opened at $180.13 on Friday. The company has a 50 day moving average of $226.40 and a two-hundred day moving average of $214.25. Reddit Inc. has a twelve month low of $79.75 and a twelve month high of $282.95. The company has a market cap of $34.13 billion, a price-to-earnings ratio of 103.52, a price-to-earnings-growth ratio of 1.32 and a beta of 2.17.

Reddit (NYSE:RDDT) last issued its quarterly earnings results on Thursday, October 30th. The company reported $0.80 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.50 by $0.30. Reddit had a return on equity of 14.94% and a net margin of 18.33%.The business had revenue of $584.91 million for the quarter, compared to the consensus estimate of $546.65 million. During the same period in the prior year, the firm posted $0.16 earnings per share. The business’s quarterly revenue was up 67.9% on a year-over-year basis. On average, sell-side analysts expect that Reddit Inc. will post 1.12 EPS for the current year.

Insiders Place Their Bets

In other news, COO Jennifer L. Wong sold 63,427 shares of the business’s stock in a transaction dated Monday, November 24th. The stock was sold at an average price of $192.72, for a total transaction of $12,223,651.44. Following the sale, the chief operating officer owned 1,184,528 shares in the company, valued at approximately $228,282,236.16. The trade was a 5.08% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CTO Christopher Brian Slowe sold 24,000 shares of the company’s stock in a transaction dated Monday, November 24th. The shares were sold at an average price of $192.72, for a total transaction of $4,625,280.00. Following the transaction, the chief technology officer owned 175,694 shares in the company, valued at approximately $33,859,747.68. This trade represents a 12.02% decrease in their position. The SEC filing for this sale provides additional information. Over the last quarter, insiders sold 519,422 shares of company stock valued at $113,573,815. 34.25% of the stock is currently owned by corporate insiders.

Analyst Upgrades and Downgrades

Several equities research analysts have recently commented on RDDT shares. Needham & Company LLC restated a “buy” rating and issued a $300.00 price target on shares of Reddit in a report on Monday, December 29th. Piper Sandler reissued an “overweight” rating on shares of Reddit in a report on Monday, December 1st. Jefferies Financial Group boosted their price objective on shares of Reddit from $300.00 to $325.00 and gave the stock a “buy” rating in a research note on Thursday, December 11th. Sanford C. Bernstein increased their target price on Reddit from $190.00 to $210.00 and gave the company a “market perform” rating in a research report on Friday, October 31st. Finally, Argus set a $300.00 price target on Reddit in a report on Friday, January 9th. Two equities research analysts have rated the stock with a Strong Buy rating, sixteen have given a Buy rating, eleven have issued a Hold rating and one has given a Sell rating to the company. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $245.36.

Reddit Profile

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.