Krane Funds Advisors LLC Invests $1.52 Million in Reddit Inc. $RDDT

Krane Funds Advisors LLC purchased a new position in Reddit Inc. (NYSE:RDDT) in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor purchased 6,593 shares of the company’s stock, valued at approximately $1,516,000.

Several other large investors have also made changes to their positions in the business. Raiffeisen Bank International AG bought a new stake in Reddit during the 3rd quarter valued at approximately $25,000. GW&K Investment Management LLC purchased a new position in Reddit during the third quarter valued at $30,000. LOM Asset Management Ltd purchased a new stake in Reddit in the 4th quarter worth $33,000. Noble Wealth Management PBC bought a new position in shares of Reddit during the 4th quarter valued at about $34,000. Finally, Geneos Wealth Management Inc. grew its position in shares of Reddit by 344.6% during the first quarter. Geneos Wealth Management Inc. now owns 369 shares of the company’s stock valued at $39,000 after purchasing an additional 286 shares in the last quarter.

Reddit Price Performance

Shares of NYSE:RDDT opened at $173.37 on Monday. The business has a 50 day simple moving average of $153.12 and a two-hundred day simple moving average of $177.29. Reddit Inc. has a 1 year low of $110.85 and a 1 year high of $282.95. The firm has a market capitalization of $33.37 billion, a PE ratio of 49.53 and a beta of 1.91.

Reddit (NYSE:RDDT) last posted its quarterly earnings data on Thursday, April 30th. The company reported $1.01 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.62 by $0.39. Reddit had a return on equity of 25.48% and a net margin of 28.60%.The company had revenue of $663.41 million during the quarter, compared to analysts’ expectations of $607.74 million. During the same quarter in the previous year, the business earned $0.13 EPS. Reddit’s revenue was up 69.1% compared to the same quarter last year. Equities research analysts expect that Reddit Inc. will post 4.83 EPS for the current fiscal year.

Insiders Place Their Bets

In other Reddit news, CTO Christopher Brian Slowe sold 15,500 shares of the firm’s stock in a transaction dated Wednesday, April 8th. The shares were sold at an average price of $150.67, for a total transaction of $2,335,385.00. Following the transaction, the chief technology officer owned 38,413 shares of the company’s stock, valued at approximately $5,787,686.71. This trade represents a 28.75% decrease in their position. The transaction was disclosed in a document filed with the SEC, 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 company’s stock in a transaction on Friday, May 29th. The stock was sold at an average price of $174.13, for a total value of $3,134,340.00. Following the sale, the chief executive officer owned 373,814 shares of the company’s stock, valued at approximately $65,092,231.82. This represents a 4.59% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last ninety days, insiders sold 250,499 shares of company stock worth $38,515,283. 28.48% of the stock is currently owned by company insiders.

Wall Street Analysts Forecast Growth

Several research firms have weighed in on RDDT. The Goldman Sachs Group restated a “neutral” rating and set a $200.00 price target on shares of Reddit in a report on Friday, May 1st. Zacks Research downgraded shares of Reddit from a “strong-buy” rating to a “hold” rating in a research note on Wednesday, June 3rd. Jefferies Financial Group lowered their price objective on shares of Reddit from $285.00 to $250.00 and set a “buy” rating for the company in a research report on Tuesday, March 10th. Wall Street Zen downgraded shares of Reddit from a “buy” rating to a “hold” rating in a report on Sunday, May 10th. Finally, Cantor Fitzgerald increased their price target on shares of Reddit from $170.00 to $180.00 and gave the company a “neutral” rating in a report on Friday, May 1st. Eighteen analysts have rated the stock with a Buy rating and twelve have given a Hold rating to the company’s stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $230.75.

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.