Overview
- Reddit shares, which slumped Thursday, fell as much as 10.86% to an intraday low of $128.11.
- The move followed SEC disclosures that CTO Christopher Slowe sold 9,500 shares on March 23 and COO Jennifer Wong sold more than 39,000 shares on March 18, totaling roughly $5.6 million.
- The drop came during a weak session for tech, with the Nasdaq down 1.35% and the S&P 500 off 0.99%.
- Analysts flagged soft feedback from advertising sales and slowing user engagement, with Cantor Fitzgerald cutting its target to $170 and Goldman Sachs to $206, while Needham kept a $300 buy rating.
- Technical gauges show strain as shares trade below their 50- and 200-day moving averages and sit nearly 40% lower year to date, with volume around 2.4 million shares, about 56% under the stock’s typical daily level.