Stock Track | Reddit Plummets 5.11% Intraday Amid Multiple Analyst Price Target Cuts

Stock Track02-06 23:16

Reddit's stock fell sharply by 5.11% during intraday trading on Friday, reversing earlier gains from its positive earnings report.

The social media company had initially rallied after reporting better-than-expected fourth-quarter results and issuing strong first-quarter revenue guidance that exceeded analyst estimates. However, the upward momentum was quickly overshadowed by a wave of analyst downgrades.

Multiple financial firms, including Piper Sandler, Bernstein, BofA Global Research, Morgan Stanley, JP Morgan, Evercore ISI, and Jefferies, cut their price targets on Reddit shares. These downward revisions reflect growing concerns about the company's valuation and competitive positioning following its recent earnings report, contributing to the stock's sudden decline.

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