Reddit Stock and the Apple Jonathan
Some notes & quotes from recent reads:
Reddit Shares Plunge Almost 25% In Two Days, Finish The Week Below First Day Close
Quotes:
Reddit shares are plummeting after experiencing a rally stemming from the social media company’s IPO last week.
Shares closed at $49.32, ending the week below their closing price on Reddit’s first day of trading on the New York Stock Exchange. They closed at $50.44 last Thursday. Stock markets are closed on Good Friday.
Reddit shares began their downward spiral on Wednesday, when they sank about 11% to $57.75 at market close. That day, Hedgeye Risk Management described Reddit’s stock as “grossly overvalued” in a report cited by Bloomberg News, adding the company was on the firm’s “short bench.”
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