Reddit Stock Is Headed 17% Lower, According to 1 Wall Street Analyst Firm
Reddit (NYSE: RDDT) stock had its initial public offering (IPO) on March 21, with an IPO price of $34 per share, and the social media company's share price has seen strong bullish momentum.
With the stock now sitting at roughly $65 per share, Reddit has roared 91% from its pre-trading IPO price. But one Wall Street firm is advising investors to take a more cautious approach to the otherwise red-hot stock.
New Street published a note initiating coverage on Reddit stock on March 26, assigning a neutral rating. The firm also assigned a one-year price target of $54 per share. That would suggest potential downside of roughly 17%.
Source Fool.com