Posted by It’s paid to follow what stocks Reddit’s Wall Street Bets crowd are talking about this year, as several have gone through epic rallies.
From GameStop in January to AMC Entertainment last month, the 10.7 million-member forum has driven the conversation in so-called meme stocks that have exploded higher amid overwhelming demand from retail investors. Strong demand for stocks with shaky fundamentals has led to several hedge fund blow ups that were caught on the opposite side of the trade betting against the company in question.
GameStop’s short-squeeze, in-part led by the Wall Street Bets crowd, led to a more than 50% drawdown in multi-billion dollar hedge fund Melvin Capital. Meanwhile, the sharp rally in struggling movie theater chain AMC Entertainment caused billions of dollars in losses for short-sellers in May and June.
But while some stocks popular with the Reddit crowd have seen massive gains, some have also seen epic losses. In the past few weeks, many meme stocks have seen accelerating declines, with AMC Entertainment and GameStop both down about 50% from their June highs.
As traders look to replicate the success of Wall Street Bets stocks, one data aggregator is compiling the most mentioned stocks on Reddit’s forum.
The following is the top 10 meme stocks Reddit’s WallStreetBets forum is focused on right now, according to data compiled by SwaggyStocks. The list excludes mega-cap tech stocks and is based on mentions over the past 24 hours.
No. 10 BlackBerry (Ticker: BB)
Market Capitalization: $5.9 billion
1-week Performance: -10%
No. 9 Tilray (Ticker: TLRY)
Market Capitalization: $6.5 billion
1-week performance: -14%
No. 8 AMC Entertainment (Ticker: AMC)
Market Capitalization: $18.8 billion
1-week Performance: -23%
No. 7 Palantir (Ticker: PLTR)
Market Capitalization: $39.9 billion
1-week Performance: -7%
No. 6 Corsair Gaming (Ticker: CRSR)
Market Capitalization: $2.7 billion
1-week Performance: -3%
No. 5 Clean Energy Fuels (Ticker: CLNE)
Market Capitalization: $1.5 billion
1-week Performance: -17%
No. 4 Virgin Calactic (Ticker: SPCE)
Market Capitalization $8.2 billion
1-week Performance: -40%
No. 3 Clover Health (Ticker: CLOV)
Market Capitalization: $3.4 billion
1-week Performance: -11%
No. 2 SoFi (TICKER: SOFI)
Market Capitalization: $12.9 billion
1-week Performance: -5%
No. 1 ContextLogic (Ticker: WISH)
Market Capitalization: $6.2 billion
1-week Performance: -11%
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