Digital World Acquisition tops 10 most talked about stocks on Reddit's WallStreetBets forum
- Reddit's WallStreetBets forum entered the mainstream at the beginning of 2021 during the GameStop craze.
- Driving stocks like GameStop and AMC, retail investors congregating on the subreddit are a force in the stock market.
- These are the 10 most popular stocks WallStreetBets is talking about right now.
Following which stocks Reddit's WallStreetBets crowd is talking about paid off handsomely in 2021, as several have gone through epic rallies and heightened volatility.
From GameStop to AMC Entertainment, the more than 11 million-member forum has driven the conversation in so-called meme stocks that have exploded higher amid overwhelming demand from retail investors. The surge in stocks with shaky fundamentals has led to several hedge fund blowups that were caught on the opposite side of the trade betting against the company in question.
GameStop's short-squeeze, driven in part by the WallStreetBets crowd, led to a more than 50% drawdown in multibillion-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 since those short-squeezes caused destruction for some short sellers, shares of GameStop and AMC Entertainment have fallen by about 60% from their record highs as investors begin to confront the fundamental backdrop behind the companies.
As traders look to replicate the success of WallStreetBets stocks, one data aggregator is compiling the most mentioned stocks on Reddit's forum.
These are the top 10 stocks Reddit's WallStreetBets forum is focused on right now, according to data compiled by SwaggyStocks. The list is based on mentions over the past 24 hours, and financial data is sourced from Koyfin.
10. Alibaba
Ticker: BABA
WallStreetBets Mentions Over Past 24 Hours: 93
Market Capitalization: $306.7 billion
One-Week Performance: -5.7%
9. ContextLogic
Ticker: WISH
WallStreetBets Mentions Over Past 24 Hours: 97
Market Capitalization: $1.3 billion
One-Week Performance: -18.1%
8. Advanced Micro Devices
Ticker: AMD
WallStreetBets Mentions Over Past 24 Hours: 122
Market Capitalization: $139.5 billion
One-Week Performance: -6.3%
7. Nvidia
Ticker: NVDA
WallStreetBets Mentions Over Past 24 Hours: 148
Market Capitalization: $588.9 billion
One-Week Performance: -10.8%
6. Palantir
Ticker: PLTR
WallStreetBets Mentions Over Past 24 Hours: 159
Market Capitalization: $21.1 billion
One-Week Performance: -22.2%
5. GameStop
Ticker: GME
WallStreetBets Mentions Over Past 24 Hours: 166
Market Capitalization: $9.2 billion
One-Week Performance: -3.7%
4. Apple
Ticker: AAPL
WallStreetBets Mentions Over Past 24 Hours: 178
Market Capitalization: $2.68 trillion
One-Week Performance: -3.2%
3. Meta Platforms
Ticker: FB
WallStreetBets Mentions Over Past 24 Hours: 214
Market Capitalization: $553.5 billion
One-Week Performance: -6.7%
2. Tesla
Ticker: TSLA
WallStreetBets Mentions Over Past 24 Hours: 362
Market Capitalization: $867.1 billion
One-Week Performance: -4.3%
1. Digital World Acquisition
Ticker: DWAC
WallStreetBets Mentions Over Past 24 Hours: 424
Market Capitalization: $2.5 billion
One-Week Performance: 12.3%
