Why Reddit Stock Is Plummeting Today
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Shares of Reddit (RDDT) fell 12.3% on Monday, influenced by a broader market decline and negative analyst coverage. Redburn Atlantic initiated coverage with a "sell" recommendation and set a price target of $75, citing concerns over the sustainability of Reddit's user growth, which they attribute to changes in Google's algorithm. Analysts believe that the recent surge in users may not convert to valuable logged-in users, and they express skepticism about Reddit's advertising effectiveness compared to other social media platforms.
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