Reddit Stock Nosedives After $1.2B Stake Sale Announcement–What’s Next?
Reddit (NYSE:RDDT) just dropped a plot twist that’s shaking up Wall Street. After skyrocketing 16% on Thursday to $158, fueled by Piper Sandler’s Thomas Champion raising his price target to a record $150, the stock hit turbulence. Late Thursday, news broke that Advance Magazine Publishers, one of Reddit’s largest shareholders, is offloading a $1.2 billion…