Why Reddit Stock Is Plummeting Today

Shares of Reddit (NYSE: RDDT) are tumbling on Monday. The stock lost 12.3% as of 1:25 p.m. ET and was down as much as 12.4% earlier in the day. The drop comes as the S 500 (SNPINDEX: ^GSPC) fell 1.2% and the Nasdaq Composite (NASDAQINDEX: ^IXIC) lost 1.4%.

The social media platform received pretty dim coverage from Wall Street analysts.

Redburn Atlantic analysts James Cordwell and Joseph Barker initiated coverage of Reddit with a "sell" recommendation. The pair set the lowest price target thus far: $75. While Reddit has seen impressive user growth, the Redburn analysts have doubts on its sustainability, calling it a "gift" from Alphabet's Google.

Source Fool.com