Reported 2 days ago
Reddit, Inc. (NASDAQ:RDDT) experienced a significant drop in stock value, falling 9.36% to $113.59, ending a five-day winning streak as investors took profits following a series of strong price increases fueled by 'meme moves.' Despite a recent turnaround showing a net income of $26.2 million in Q1 and a revenue boost of 61% year-over-year, market pessimism over broader industry trends led to its poor performance. Factors such as recent news about the co-founder's acquisition stake in Chelsea FC also placed the company in the spotlight, although not directly affecting its trading. Amidst mixed market conditions, RDDT ranked as one of the stocks investors are moving away from.
Source: YAHOO