These 5 Reddit Stocks Are Getting Crushed in March

In this article, we discuss 5 Reddit stocks that are getting crushed in March. If you want to see some more stocks in this selection, click These 10 Reddit Stocks Are Getting Crushed in March.

5. Ally Financial Inc. (NYSE:ALLY)

1-Month Decline in Share Price as of March 29: 10.10%

Number of Hedge Fund Holders: 48

Ally Financial Inc. (NYSE:ALLY) was founded in 1919 and is based in Detroit, Michigan. The company provides digital financial services to customers in the United States and Canada. Ally Financial Inc. (NYSE:ALLY) operates via four business segments – Automotive Finance Operations, Insurance Operations, Mortgage Finance Operations, and Corporate Finance Operations. Over the last month, the stock has dropped by more than 10%. 

On March 28, Morgan Stanley analyst Betsy Graseck reduced the price target on Ally Financial Inc. (NYSE:ALLY) to $55 from $73 and reiterated an Overweight rating on the shares. The analyst contended that rampant inflation owing to the war macro backdrop increases credit risk, which could slow growth and possibly lead to recession. These factors led to the downgrade of the financial services sector to In-Line from Attractive. 

Among the hedge funds tracked by Insider Monkey, 48 funds were bullish on Ally Financial Inc. (NYSE:ALLY) in Q4 2021, down from 57 funds in the earlier quarter. Harris Associates is the largest shareholder of the company,  with roughly 25 million shares worth $1.18 billion.