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Reddit's Shares Plummet Almost 25% in Two Days, Dropping Below Its First Day's Close
Last Monday shares of Reddit's stock soared 30%, reports CNBC — and then another 8.8% on Tuesday. But the moves happened "even after New Street Research issued a neutral rating on the company" — and by the end of the week, CNBC was reporting that "Reddit shares are plummeting..." Shar...
Reddit shares began their downward spiral on Wednesday, when they sank about 11% to $57.75 at market close. That day, Hedgeye Risk Management described Reddit's stock as "grossly overvalued" in a report cited by Bloomberg News, adding the company was on the firm's "short bench." The article notes Reddit's CEO sold 500,000 shares in the company — nearly 40% of his holdings — which Ben Silverman, vice president of research at Verity, told CNBC was expected — while Reddit's COO sold another 514,000 shares.
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