10 Stocks Trade Weaker on Disappointing News

3. Reddit Inc. (NYSE:RDDT)

Reddit dropped its share prices for a second day on Friday, slashing 11.11 percent to end at $133.98 apiece following news that its chief accounting officer, Michelle Reynolds, disposed of a significant portion of her holdings in the company.

In a regulatory filing, RDDT said Reynolds sold shares amounting to $1.88 million at a stock price ranging from $151.35 to $164.31 apiece.

Following the sale, Reynolds’s ownership in the company now stands at 48,418 shares.

Amid the lack of a clear reason for the sell-off, investors will be closely looking out for cues on broader trends and changes within the company.

Last year, RDDT saw net losses expand by 433 percent to $484.27 million from the $90.82 million registered in 2023, despite revenues growing by 62 percent to $1.3 billion from $804 million.

However, it recorded a 283.7-percent jump in its net income for the fourth quarter last year at $71 million versus $18.5 million in the same period a year earlier. Revenues for the quarter also surged by 71 percent to $427.7 million versus $249.8 million.