8 Latest Reddit Stocks Trending in May

WallStreetBets posters are buzzing about these eight Reddit stocks.

The 10 million members of Reddit’s WallStreetBets community have certainly gotten Wall Street’s attention in 2021. These traders have repeatedly leveraged the full power of the stock market by executing targeted buying campaigns in some of the most heavily shorted stocks. The resulting short squeezes created extreme market volatility and sent share prices soaring, while Robinhood and other trading apps restricted trading, hedge funds saw catastrophic losses and Congress held a hearing on the issue. Here’s a look at the eight stocks getting the most WallStreetBets buzz in May, according to Swaggy Stocks.

Palantir Technologies (ticker: PLTR)

Data analytics company Palantir has been a favorite of WallStreetBets since the company completed its initial public offering back in September 2020. WallStreetBets sent the stock soaring from its $10 IPO price to as high as $35 in January. Unfortunately, Palantir’s impressive growth also appears to be slowing. Palantir reported 51% revenue growth in the third quarter of 2020 and 41% growth in the fourth quarter. Palantir guided for full-year 2021 revenue growth of more than 30%, but the company still isn’t profitable. PLTR stock has been getting the most comment volume of any stock on WallStreetBets heading into May.

Microvision (MVIS)

Microvision is developing a lidar sensor for autonomous vehicles and is one of WallStreetBets’ latest favorites. Aggressive buying sent the stock soaring from around $10 to as high as $28 within just four trading days in late April. Unfortunately, Microvision’s first-quarter earnings and revenue numbers fell short of analyst expectations, sending the stock back down to less than $16. WallStreetBets seems to see the earnings-driven sell-off as a buying opportunity. With the stock priced at more than 1,000 times sales, Microvision’s future hinges on its new automotive lidar sensors that will hit the market in the second half of 2021.

Rocket Companies (RKT)

The rocket is the official emoji of WallStreetBets to signal a stock is “going to the moon,” so perhaps it’s no surprise that Reddit traders fell in love with Quicken Loans parent company Rocket Companies. In just three trading days starting in late February, RKT stock skyrocketed from under $20 to as high as $42 thanks to WallStreetBets. The stock has since returned to earth and is trading at around $18. Unlike many other so-called “meme” stocks, Rocket is generating record profits on the strength of a booming U.S. housing market, and WallStreetBets still likes the stock.

Tesla (TSLA)

Shares of electric vehicle maker Tesla caught fire in 2020 during an EV stock buying frenzy in the market. Even though Tesla and other popular EV stocks have cooled off significantly in the past couple of months, the WallStreetBets community is still buzzing about Tesla. TSLA stock is up more than 700% since the beginning of 2020, yet critics point out that the company still isn’t profitable without relying heavily on temporary revenue from regulatory credit sales and income from Bitcoin trading. Tesla shares are down since its latest earnings report, but WallStreetBets appears to be buying the dip.

Apple (AAPL)

Blue-chip tech stock Apple is proof that WallStreetBets is not just memes, “stonks” and YOLO. Apple recently reported 53.6% revenue growth and $23.6 billion in net income in its fiscal second quarter. The company also announced a new $90 billion buyback program as it progresses toward its goal of becoming net cash-neutral. After a big 2020, Apple shares have stalled so far in 2021, but WallStreetBets appears to see more upside ahead. It’s unlikely Reddit can trigger a short squeeze in Apple, but investors should expect Apple’s booming business and aggressive buybacks to carry the stock higher.

Advanced Micro Devices (AMD)

Chipmaker Advanced Micro Devices has been one of the best-performing stocks in the market over the past five years, gaining about 2,000% in that time. WallStreetBets traders likely recognize the boom in online personal computer gaming in recent years that has driven sales of AMD’s Ryzen central processing units and Radeon graphics processing units. AMD’s strong product lineup has helped the company steal market share from larger competitor Intel (INTC). Gaming demand boomed during the 2020 lockdowns, and AMD just reported 92.9% revenue growth and 242.5% net income growth in the first quarter.

GameStop (GME)

Of all the top WallStreetBets stocks of 2021, the whirlwind surrounding video game retailer GameStop has been the wildest. GameStop’s brick-and-mortar business was struggling even prior to last year’s health crisis. The company’s poor performance understandably made it the most heavily shorted stock in the market relative to its float entering 2021, according to S3 Partners. Reddit traders jumped in to trigger an epic short squeeze in January that sent the stock flying from less than $18 to as high as $483 in a matter of weeks. GameStop’s media coverage has died down lately, but WallStreetBets is still bullish.

Corsair Gaming (CRSR)

Corsair Gaming makes headsets, mice, keyboards and other high-end tech gear for professional and amateur gamers. The company went public at an IPO price of $17 back in September 2020. Corsair reported 55.1% revenue growth in 2020. However, unlike many other high-growth tech stock IPOs, Corsair is actually profitable, generating $103.2 million in net income last year. CRSR stock has now pulled back significantly from its all-time high of $51 in December 2020, but WallStreetBets appears to be buying the dip and betting the boom in high-end video gaming and streaming will continue.

Eight latest Reddit stocks trending in May:

— Palantir Technologies (PLTR)

— Microvision (MVIS)

— Rocket Companies (RKT)

— Tesla (TSLA)

— Apple (AAPL)

— Advanced Micro Devices (AMD)

— GameStop (GME)

— Corsair Gaming (CRSR)

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8 Latest Reddit Stocks Trending in May originally appeared on usnews.com

Update 05/10/21: This story was published at an earlier date and has been updated with new information.

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