Krane Funds Advisors LLC Purchases Shares of 6,593 Reddit Inc. $RDDT

Krane Funds Advisors LLC acquired a new stake in shares of Reddit Inc. (NYSE:RDDT) in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor acquired 6,593 shares of the company’s stock, valued at approximately $1,516,000.

Several other large investors also recently modified their holdings of RDDT. Capital World Investors bought a new position in shares of Reddit during the fourth quarter valued at approximately $1,293,258,000. Norges Bank bought a new position in Reddit in the 4th quarter worth $372,047,000. Vanguard Group Inc. lifted its position in shares of Reddit by 12.9% in the 3rd quarter. Vanguard Group Inc. now owns 12,238,508 shares of the company’s stock worth $2,814,734,000 after purchasing an additional 1,401,293 shares during the period. Invesco Ltd. boosted its stake in shares of Reddit by 419.0% during the 3rd quarter. Invesco Ltd. now owns 1,487,941 shares of the company’s stock valued at $342,212,000 after purchasing an additional 1,201,237 shares in the last quarter. Finally, State Street Corp increased its position in shares of Reddit by 138.5% during the second quarter. State Street Corp now owns 2,030,139 shares of the company’s stock valued at $305,678,000 after buying an additional 1,178,890 shares during the period.

Wall Street Analyst Weigh In

Several analysts have commented on the stock. Oppenheimer restated an “outperform” rating and issued a $225.00 price objective on shares of Reddit in a report on Friday, May 1st. Bank of America reduced their target price on Reddit from $205.00 to $175.00 and set a “neutral” rating on the stock in a report on Thursday, April 2nd. Zacks Research cut Reddit from a “strong-buy” rating to a “hold” rating in a research note on Wednesday, June 3rd. Wall Street Zen lowered Reddit from a “buy” rating to a “hold” rating in a research report on Sunday, May 10th. Finally, Raymond James Financial set a $180.00 price target on Reddit and gave the stock a “market perform” rating in a research note on Friday, May 1st. Eighteen analysts have rated the stock with a Buy rating and twelve have given a Hold rating to the stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $230.75.

Reddit Stock Performance

Shares of RDDT stock opened at $173.37 on Monday. Reddit Inc. has a one year low of $110.85 and a one year high of $282.95. The company’s 50-day moving average is $153.12 and its 200 day moving average is $177.29. The company has a market capitalization of $33.37 billion, a price-to-earnings ratio of 49.53 and a beta of 1.91.

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

Insider Buying and Selling

In related news, COO Jennifer L. Wong sold 39,167 shares of the company’s stock in a transaction that occurred on Thursday, April 16th. The stock was sold at an average price of $161.47, for a total value of $6,324,295.49. Following the transaction, the chief operating officer directly owned 1,088,451 shares of the company’s stock, valued at approximately $175,752,182.97. This represents a 3.47% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CTO Christopher Brian Slowe sold 15,500 shares of the company’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 in the company, valued at $5,787,686.71. This represents a 28.75% 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. Insiders sold a total of 250,499 shares of company stock worth $38,515,283 in the last three months. Insiders own 28.48% of the company’s stock.

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.