Reddit is 'an institutional meme stock' says analyst, sees 15% downside risk
) took the investing world by storm after staging a substantial rally following its debut. Yet, Reddit stock recently lost all of these gains, and some on Wall Street believe there is more downside risk.Last month, social media platform Reddit made headlines after its long-awaited IPO delivered triple-digit gains to investors.
They, along with their friends and family, had the opportunity to invest in Reddit's IPO through a directed-share program, similar to what companies like Airbnb Inc . Moreover, Reddit revealed in last week’s regulatory filing that CEO Steve Huffman had sold 500,000 shares. Commenting on this, Ben Silverman, vice president of research at Verity, told CNBC that Huffman's sale was anticipated and only represented"a portion of his holdings."The recent negative sentiment surrounding Reddit stock has been also noted on Wall Street.
They noted that Reddit faces demand challenges similar to those that smaller social platforms have encountered, including genuine structural limitations affecting ad targeting, measurement, and consumer purchasing intent.
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