Reddit shares are plummeting after experiencing a rally stemming from the social media company's IPO last week.
Shares closed at $49.32, ending the week below their closing price on Reddit's first day of trading on the New York Stock Exchange.
Reddit shares began their downward spiral on Wednesday, when they sank about 11% to $57.75 at market close.
Meanwhile, Reddit Chief Operating Officer Jennifer Wong disclosed that she sold 514,000 shares and now holds 1.4 million of the company's shares.
The company's shares then rose 8.8% on Tuesday to close at $65.11, even after New Street Research issued a neutral rating on the company.
Persons:
Reddit, Steve Huffman, Ben Silverman, Verity, Jennifer Wong, Silverman, It's
Organizations:
New York Stock Exchange, Stock, Bloomberg News, CNBC, New, Research, New Street Research
Locations:
New York City