Reddit's IPO shares plummet, executives sell, volatility concerns persist

Summary: Reddit's IPO on March 21, 2024, saw shares plummet to $49.30, below the first day's closing price. Hedgeye Risk Management labeled the stock "grossly overvalued." CEO Steve Hoffman sold 500,000 shares, while COO Jennifer Wong sold 514,000. Despite a 30% surge on Monday, shares fell 11% on Wednesday to $57.75. New Street Research maintained a $54 price target amid volatility concerns.

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