Reddit stock slips late as insider sale disclosure and AI-search thesis stay in focus
Reddit shares fell 1.5% to $229.89 in late Wednesday trading after a regulatory filing showed CTO Christopher Slowe sold 14,000 shares last week under a pre-arranged plan. Needham reiterated a Buy rating, citing Reddit’s frequent citations in AI-generated answers as a key factor for valuation. Reddit’s market cap stood at about $43 billion. U.S. stocks were broadly lower ahead of the New Year’s holiday.