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Reddit stock is falling back to Earth because the short-sellers have arrived (qz.com)
submitted 7 months ago by livus@kbin.social to c/reddit@lemmy.world
52 comments fedilink hide all child comments

Some 7% of Reddit’s free share float (or more) has been sold short so far, according to an estimate from the analytics company Ortex cited by Reuters. That’s something the social platform was worried would happen, noting in its prospectus that retail traders in its subreddits (and particularly on r/WallStreetBets) could cause “extreme volatility” in Reddit’s share price. Those Redditors had already signaled in posts that they were planning to short the stock.

Public data revealing short interest positions on Reddit won’t be available until April 9.

Reddit shares fell as much as 11% at market open to a low of $51.52 after an already-bad Wednesday. Bloomberg reports that Wednesday’s decline was in part due to a Hedgeye Risk Management report naming Reddit as a short idea, saying the stock could plummet 50%.

Reddit’s share price in the low $50 range is still well above its IPO price of $34, and even above its impressive first-day closing price of $48, which had investors chattering about the company’s impressive gains.

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[-] Schaedelbach@feddit.de 4 points 7 months ago

Yeah, same! But I guess I'm actually looking forward to any video from Dan. He makes the best long form content on YouTube. His channel is called Folding Ideas - for those who never heard of him.

this post was submitted on 29 Mar 2024
321 points (96.5% liked)

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