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Why Reddit Stock Is Plummeting Today

TheMotleyFool 
0 0 18.03.25
Why Reddit Stock Is Plummeting TodayPhoto, wide shot, wide-angle lens, Coal company, Blue hour, twilight, cool, ISO1200, slow shutter speed, photo by David Maisel: https://img.midjourneyapi.xyz/temp/2a011bdc-adca-4de9-8457-d868b31178cf.png
 

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.

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Source Fool.com

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