Mirae Asset Global Investments Co. Ltd. Cuts Stock Position in Reddit Inc. $RDDT

Mirae Asset Global Investments Co. Ltd. lowered its position in Reddit Inc. (NYSE:RDDT) by 97.4% during the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 780 shares of the company’s stock after selling 28,907 shares during the period. Mirae Asset Global Investments Co. Ltd.’s holdings in Reddit were worth $135,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently bought and sold shares of the company. Evansbrook LLC grew its holdings in Reddit by 2.2% in the first quarter. Evansbrook LLC now owns 2,736 shares of the company’s stock worth $368,000 after purchasing an additional 59 shares during the last quarter. Institute for Wealth Management LLC. lifted its holdings in shares of Reddit by 6.1% during the 4th quarter. Institute for Wealth Management LLC. now owns 1,071 shares of the company’s stock valued at $246,000 after purchasing an additional 62 shares during the last quarter. Florida Financial Advisors LLC boosted its position in shares of Reddit by 6.7% in the 4th quarter. Florida Financial Advisors LLC now owns 1,087 shares of the company’s stock worth $250,000 after purchasing an additional 68 shares in the last quarter. Diversified Trust Co boosted its position in shares of Reddit by 2.1% in the 1st quarter. Diversified Trust Co now owns 3,271 shares of the company’s stock worth $440,000 after purchasing an additional 68 shares in the last quarter. Finally, Versant Capital Management Inc grew its stake in Reddit by 31.1% during the 2nd quarter. Versant Capital Management Inc now owns 291 shares of the company’s stock worth $51,000 after buying an additional 69 shares during the last quarter.

Reddit Stock Performance

Shares of RDDT opened at $158.10 on Friday. The stock has a 50-day moving average of $175.21 and a two-hundred day moving average of $159.70. The stock has a market cap of $30.42 billion, a P/E ratio of 36.77, a P/E/G ratio of 0.52 and a beta of 2.03. Reddit Inc. has a one year low of $119.27 and a one year high of $282.95.

Reddit (NYSE:RDDT) last announced its quarterly earnings data on Thursday, July 30th. The company reported $1.25 earnings per share for the quarter, beating analysts’ consensus estimates of $0.95 by $0.30. Reddit had a return on equity of 29.02% and a net margin of 31.35%.The business had revenue of $804.91 million for the quarter, compared to analyst estimates of $731.00 million. During the same period in the prior year, the company earned $0.45 earnings per share. The company’s revenue was up 61.0% on a year-over-year basis. Analysts predict that Reddit Inc. will post 5.22 EPS for the current fiscal year.

Insider Activity at Reddit

In related news, COO Jennifer L. Wong sold 39,166 shares of the company’s stock in a transaction that occurred on Tuesday, June 16th. The stock was sold at an average price of $176.94, for a total value of $6,930,032.04. Following the sale, the chief operating officer owned 1,050,339 shares in the company, valued at $185,846,982.66. This represents a 3.59% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Steve Ladd Huffman sold 18,000 shares of the stock in a transaction that occurred on Tuesday, August 4th. The stock was sold at an average price of $159.78, for a total transaction of $2,876,040.00. Following the completion of the transaction, the chief executive officer owned 373,814 shares in the company, valued at approximately $59,728,000.92. This trade represents a 4.59% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold a total of 151,141 shares of company stock worth $25,635,785 over the last quarter. Insiders own 28.48% of the company’s stock.

Analysts Set New Price Targets

A number of equities research analysts have commented on the company. Deutsche Bank Aktiengesellschaft set a $200.00 price target on Reddit in a research note on Friday, July 31st. B. Riley Financial upped their price objective on shares of Reddit from $250.00 to $270.00 and gave the company a “buy” rating in a report on Friday, July 31st. Robert W. Baird set a $185.00 price objective on shares of Reddit in a report on Friday, July 31st. Citigroup reaffirmed a “market outperform” rating on shares of Reddit in a research report on Friday, July 31st. Finally, Guggenheim reiterated a “buy” rating on shares of Reddit in a research note on Friday, July 31st. Two research analysts have rated the stock with a Strong Buy rating, nineteen have given a Buy rating and eleven have given a Hold rating to the stock. According to data from MarketBeat, Reddit currently has an average rating of “Moderate Buy” and an average price target of $220.90.

Reddit Company 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.