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Insiders of Reddit are selling shares shortly after the company’s IPO, leading to a late drop in share prices.

On Wednesday, Reddit CEO Steve Huffman and other top executives disclosed share sales, just a week after the social network’s initial public offering. In response to this news, RDDT stock fell overnight.

On Monday, Huffman sold 500,000 shares at an average price of $32.30, resulting in a total of $16.15 million. CFO Vollero Andrew sold 71,765 Reddit shares for $2.318 million, while Chief Operating Officer Jennifer Wong sold 514,000 shares for $16.602 million. Chief Technology Officer Christopher Slowe sold 185,000 shares for $5.975 million, and Chief Accounting Officer Michelle Reynolds sold 3,033 RDDT shares for $97,966. Additionally, board member David Habiger sold 3,000 shares for $102,000, amounting to a total of $41.245 million worth of Reddit shares sold.

The Reddit stock experienced a 4.85% fall in late trade on Wednesday evening and reached its low point of the day at 54.95 after previously tumbling by 11.3% to 77.75 in Wednesday’s trading session after reaching a record high of 84 intraday on Tuesday morning before its IPO was priced at $34 per share on March 22nd at the top end of the expected range with an initial price-to-earnings ratio (P/E) ratio of over 96 times compared to the industry average P/E ratio of about 29 times suggesting that the stock may be overvalued at this stage . For the latest stock market updates and more you can follow Ed Carson on Threads @edcarson1971 and Twitter @IBD\_ECarson If you are interested in finding top stocks simplifying the stock search process catching

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