8 Reddit Stocks Trending Now

The Reddit community could send these stocks soaring.

Reddit became an unlikely stock trading hub in 2021. Groups of traders in Reddit’s WallStreetBets community orchestrated targeted buying campaigns in some of the market’s most heavily shorted stocks. The resulting volatility sent share prices of so-called meme stocks soaring, triggered temporary trading restrictions and even prompted a congressional hearing. Some of the most popular meme stocks got hot again in March, but the volatility associated with these names is not for the faint of heart. Here are the eight latest Reddit stocks generating the most buzz on WallStreetBets, according to social media tracking tool Swaggy Stocks.

GameStop Corp. (ticker: GME)

GameStop has been the poster child of the WallStreetBets short squeeze trade. While its underlying business is still struggling, the stock came alive once again in late March after activist investor and chairman Ryan Cohen purchased another 100,000 shares of GameStop stock and the company announced a new stock split proposal. GameStop’s revenue peaked back in 2012 and was steadily drifting lower even before 2020 shutdowns hit. In the most recent quarter, the company reported a $147.5 million net loss, and the company still has an unclear long-term turnaround plan. Reddit traders don’t seem to care. They just like the stock.

Tesla Inc. (TSLA)

Electric vehicle maker Tesla and its controversial CEO Elon Musk are seemingly perpetually trending on social media, and March was a spectacular month for Tesla bulls. Tesla shares are up about 30% in the past month, driven largely by a new filing indicating that Tesla shareholders will vote on another stock split at its upcoming annual meeting. Tesla shares have more than doubled since its previous stock split in August 2020. Stock splits don’t create any inherent value, however, so Tesla bears are understandably questioning the stock’s big move following the filing. Reddit traders seemingly approve of the split.

AMC Entertainment Holdings Inc. (AMC)

Social distancing completely shut down AMC’s movie theater business in 2020, leaving the company at risk of financial insolvency in early 2021. But WallStreetBets got the hashtag #saveAMC trending on social media, and AMC took advantage of its soaring share price to raise hundreds of millions of dollars of desperately needed capital. In recent weeks, AMC shares ripped higher once again after the company announced a somewhat puzzling investment in penny stock gold and silver miner Hycroft Mining Holding Corp. (HYMC). WallStreetBets isn’t questioning why a movie theater would invest in a struggling miner. The AMC “ape army,” as some enthusiast investors call themselves, remains bullish.

Tilray Brands Inc. (TLRY)

Last year, Canadian legal cannabis producer Tilray completed a blockbuster merger with Aphria, making Tilray the world’s largest cannabis company. In February 2021, WallStreetBets traders helped drive Tilray shares from less than $20 to more than $60 in a matter of days. While TLRY stock has since traded at about $8 per share, Reddit’s interest in Tilray recently returned after the U.S. House of Representatives passed the Marijuana Opportunity Reinvestment and Expungement Act, known as the MORE Act, to decriminalize marijuana on April 1. Unfortunately, some experts say the bill will likely die in the Senate. The stock got another boost on April 6 after the company reported an unexpected quarterly profit and announced a deal to sell hemp powders produced by subsidiary Manitoba Harvest at supermarket chain Whole Foods.

Apple Inc. (AAPL)

Apple has been one of the best and most consistent blue-chip tech stocks of the past decade. In the near term, Apple will continue to face uncertainties surrounding supply chain disruptions and geopolitical tensions in Asia, where the vast majority of its suppliers are located. However, Apple reported 9% year-over-year iPhone revenue growth, 24% services growth, 13% other products growth and a whopping $34.6 billion in net income in the most recent quarter — once again demonstrating its world-class business model. Apple may not be the high-flying story stock it once was, but it certainly has Reddit traders buzzing.

Advanced Micro Devices Inc. (AMD)

Chipmaker Advanced Micro Devices is exposed to some of the largest and fastest-growing tech fields, including PC gaming, data centers and autonomous vehicles. The company’s booming sales growth has generated an incredible more than 1,200% return for investors over the past 10 years. Despite supply chain disruptions, AMD recently reported impressive 48.7% revenue growth in the fourth quarter. Reddit investors seem to believe that AMD will continue to gain market share from Intel Corp. (INTC) for the foreseeable future as AMD pushes to roll out cutting-edge chips in 2022. Reddit traders are undeterred by AMD’s lofty 10.7 price-sales ratio.

Nvidia Corp. (NVDA)

Shares of chipmaker Nvidia are up more than 70% over the past year as investors bet on Nvidia’s processing power. Reddit doesn’t always see eye to eye with Wall Street analysts, but 37 of the 44 analysts covering the stock have either “buy” or “outperform” ratings for Nvidia, according to CNN. On March 29, Tigress Financial analyst Ivan Feinseth was the latest to raise the price target for Nvidia, increasing the forecast from $400 to $410. Feinseth said Nvidia is “the world’s leading AI (artificial intelligence) processing provider” and said its Omniverse products and graphics processing units will help drive adoption of the metaverse, or integrated virtual online environments in which people live, work and play.

BlackBerry Ltd. (BB)

BlackBerry has undergone a painful transition away from its legacy smartphone business and toward enterprise security and software. BlackBerry is selling off non-core patent assets to raise money to invest in its new initiatives. After years of negative growth, BlackBerry is still struggling to right the ship, recently reporting a 12% revenue decline in the fourth quarter and missing analyst estimates with its fiscal 2023 sales guidance. Despite its buzz as a WallStreetBets meme stock favorite, BlackBerry has demonstrated little success through multiple business model pivots in the past decade and still has a lot to prove to long-term investors.

8 Reddit stocks trending now:

— GameStop Corp. (GME)

— Tesla Inc. (TSLA)

— AMC Entertainment Holdings Inc. (AMC)

— Tilray Brands Inc. (TLRY)

— Apple Inc. (AAPL)

— Advanced Micro Devices Inc. (AMD)

— Nvidia Corp. (NVDA)

— BlackBerry Ltd. (BB)

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8 Reddit Stocks Trending Now originally appeared on usnews.com

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