Reddit Inc. Shares Drop Amid Hedgeye Report

Reddit Inc. shares are experiencing a significant drop in the wake of Hedgeye Risk Management's report, stating it as a short idea and foreseeing a potential 50% decrease from current levels. The stock plummeted by as much as 15% on Wednesday, reaching its lowest level since March 22. This recent decline comes after Reddit's remarkable surge of 48% on its trading debut following its initial public offering on March 21. The company's shares had been performing strongly, trading at $34 per share after the IPO. Now, however, the tables seem to have turned as investors react to the short idea report from Hedgeye Risk Management, causing a substantial impact on Reddit Inc.'s stock performance.