5 Reddit Stocks That Are Getting Crushed

In this article, we discuss the 5 Reddit stocks that are getting crushed. If you want to read about some more Reddit stocks that are getting crushed, go directly to 10 Reddit Stocks That Are Getting Crushed. 

5. Snap Inc. (NYSE:SNAP)

Number of Hedge Fund Holders: 55  

Decline in Share Price Over Past Six Months: 52.17%  

Snap Inc. (NYSE:SNAP) is a California-based camera company. On March 23, the firm announced that it had purchased Paris-based neurotech startup NextMind. The latter has built a non-invasive technology that translates brain signals into digital commands. This discovery has potential since it will allow users to control visual interfaces through this tech in real-time. The purchase is part of a long-term investment plan of Snap that is focusing on next-gen augmented reality research projects.  

On March 25, Loop Capital analyst Alan Gould lowered the price target on Snap Inc. (NYSE:SNAP) stock to $65 from $68 but kept a Buy rating, underlining that Snap was the “fastest-growing” public internet company but was monetizing at a much lower rate than competitors. 

Among the hedge funds being tracked by Insider Monkey, Connecticut-based investment firm Lone Pine Capital is a leading shareholder in Snap Inc. (NYSE:SNAP) with 33 million shares worth more than $1.5 billion. 

In its Q4 2021 investor letter, Baron Funds, an asset management firm, highlighted a few stocks and Snap Inc. (NYSE:SNAP) was one of them. Here is what the fund said:

“Snap Inc. (NYSE:SNAP) is the leading social network among teens and young adults in North America and a growing number of overseas markets, including Western Europe and India. Shares fell this quarter on a greater-thananticipated impact from Apple’s new privacy changes for iOS mobile devices. These changes made it more difficult for Snapchat to measure the effectiveness of ads shown on its platform. We believe this is a near-term, industry-wide issue for which Snap Inc. (NYSE:SNAP) is already developing a solution. Longer term, we continue to view Snap Inc. (NYSE:SNAP) favorably as the company sustains its rapid pace of product innovation and expands its premium partnerships with advertisers.”