10 Firms Mirror Wall Street Slump on Thursday

7. Reddit Inc. (NYSE:RDDT)

Reddit Inc. saw its share prices decline by 8.29 percent on Thursday to finish at $110.23 apiece after its website and mobile platform temporarily shut down in the afternoon.

According to the Downdetector website, it saw a huge number of users reporting trouble accessing the Reddit platform.

RDDT said its monitoring and investigation found that it suffered a degraded performance. Both platforms were restored shortly after.

Last week, RDDT earned mixed ratings from two investment firms, with Needham giving the company a “buy” rating, while Redburn gave the platform operator a pessimistic outlook, saying that its sustainability is a “gift” from Google.

Needham set a $220 price target for RDDT, more than double its last closing price. Meanwhile, Redburn believed that most of its users looking for answers to specific questions do not convert to RDDT log-in users, who are ultimately much more valuable.