Mar 27, 03:26 PM

Reddit $RDDT Shares Surge Post-IPO, Plunge Amid Short-Selling Concerns and Insider Sales

Reddit $RDDT, the first social media company to go public in 5 years, saw its shares rise 92% above the $34 listing price, reaching a market cap of $10.6 billion. However, the stock fell 16% after a report by Hedgeye Risk Management recommended it as a short idea. Insiders, including CEO Steve Huffman, sold millions of dollars worth of stock post-IPO. Reddit shares continued to decline, with the CEO selling nearly half his shares within a week of the IPO, contributing to the stock's slide.

#Reddit #Hedgeye Risk Management #Steve Huffman

Written with ChatGPT (GPT-3).