Why Reddit Stock Got Hammered on Wednesday
One of the more up-and-coming social media stocks in recent times, Reddit (NYSE: RDDT), went down quite a bit on Wednesday. Investors traded assertively out of the stock following an analyst's price-target cut, to the point where it closed the day more than 9% in the red. That was a far steeper fall than the S&P 500 index's 1.6% decline.
That pundit was Baird's Colin Sebastian, and before market open he changed his Reddit fair-value assessment to $120 per share, well down from his previous $140. Despite the double-digit adjustment, he left his "neutral" recommendation on the shares unchanged.
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Source Fool.com
