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Top 10 Trending Reddit Stocks For October 2021

By (Chris Markoch )Stock MarketsOct 12, 2021 12:59AM ET
Top 10 Trending Reddit Stocks For October 2021
By (Chris Markoch )   |  Oct 12, 2021 12:59AM ET
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The term “Reddit stock” has become a pejorative for a stock being bought by speculative retail traders. One reason for this is that the social media forum is often used synonymously with the subreddit group, WallStreetBets. However, if you look at the stocks that are drawing the most interest from the Reddit community, you’ll see stocks such as Apple (NASDAQ:AAPL) and Amazon (NASDAQ:AMZN), which are certainly not speculative stocks.

MarketBeat tracks the number of mentions a company receives on Reddit and provides a ranking over a certain period of time. This newly launched tool lets investors identify companies that may be poised for future growth, based on the number of mentions they’ve received on Reddit.

The following list was based on the results received on Oct. 4, 2021. The only default setting changed was to move the time frame from 7 days to 30 days. Keep in mind, these results are updating themselves in real-time so you could wind up with a different list than the stocks below.

Here’s a list of ten stocks that the Reddit community has been buzzing about during the last 30 days.

  1. GameStop (NYSE:GME)GameStop remains the top stock being mentioned among the Reddit community. GME stock has been trending sharply lower from its closing high of around $300 in early June. Still, the stock is attempting to find support and on Oct. 4, 2021, it gapped up 2.2% higher in pre-market trading. The only real news surrounding the stock is that the Securities & Exchange Commission (SEC) is expecting to release its report on the short squeeze that sent GameStop shares soaring in the early part of this year.
  2. Credit Suisse Group (NYSE:CS)– The global investment bank and financial services firm is making news for all the wrong reasons. Specifically, the bank’s Zurich offices were raided as part of an investigation into the collapse of Greensill Capital, a finance firm. This is the kind of headline that stirs up interest in the Reddit community because momentum is building to short sell CS stock which is already trading near its 52-week low.
  3. AMC Entertainment (NYSE:AMC) – AMC Entertainment remains a favorite of the Reddit community. And heading into October, the “apes” may have good reason. For the weekend of Oct. 1-3, the company said it achieved new post-opening records for global attendance, admission revenue, and food and beverage sales. Shares of AMC stock gapped up over 3.5% from their Oct. 1, 2021 closing price. Shares are still trading well above their pre-pandemic levels and it still remains to be seen if that valuation will be justified simply through strong attendance numbers.
  4. Apple – Apple remains a popular stock with the Reddit community and right now, opportunistic investors may be able to buy AAPL at a nice discount. The stock is down 9% in the last month. However, this seems to be due more to the general sell-off that’s going on in the tech sector and the market in general. The consensus price target of analysts suggests Apple has a 17% upside. And at least one analyst, Gene Munster of Loup Ventures gives Apple a price target of $200 over the next 12 to 24 months.
  5. – Even Amazon hasn’t been immune to the sell-off that’s befalling the broader market. As of this writing, shares of AMZN stock are flat for the year. However, there’s no reason to believe that Americans will regard the company’s e-commerce business as less essential. That opinion is shared by the analyst community which gives the stock a 30% upside.
  6. Alphabet (NASDAQ:GOOGL) – The recent performance of GOOGL stock may have some investors wondering if it’s too late to buy shares of the tech giant. Like most tech stocks, Alphabet has not been immune to the sell-off in the tech sector. Right now, investors have to weigh the fundamental strengths of the company’s businesses with the potential for antitrust regulation. Even if the company comes through this turbulence unscathed, GOOGL stock may remain turbulent for the near future.
  7. Twitter (NYSE:TWTR) – Shares of the social media giant gapped down on Oct. 4, 2021. This has been part of a pattern for the stock which is trading in the middle of its 52-week range. Investors seem to be content, for now, to move money towards slower-growing stocks with more certain valuations. However, with Twitter set to report earnings in late October, long-term investors may want to look at this sell-off as a buying opportunity.
  8. Interactive Brokers Group (NASDAQ:IBKR) – Interactive Brokers is a multinational brokerage firm headquartered in the United States. The firm operates the largest electronic trading platform in the country by the number of daily average revenue trades. There has been some insider selling of IBKR stock in the past month, but what may be getting the attention of the Reddit community is the sharp increase in short interest that the stock has garnered.
  9. IronNet (NYSE:IRNT) – IronNet is a relatively new publicly-traded company having debuted in March 2020. That may have been unfortunate timing, but the increased interest in cybersecurity stocks in 2021 has benefited IRNT stock. However, the small-cap stock just had a sharp gap down on Oct. 1, 2021, and that may create a buying opportunity for risk-tolerant investors.
  10. Tesla (NASDAQ:TSLA)– Tesla has been a favorite of the Reddit community for many reasons. One reason is that many Tesla true believers regard the company as a technology company more than an electric vehicle (EV) company. However, the reason for the recent run-up on TSLA stock appears to be firmly linked to the company’s ability to deliver electric vehicles. The company’s ability to do that has largely drawn the short-sellers out of the market. This will be an interesting dynamic to watch as short-sellers have provided a significant amount of gas for the stock’s growth.

Original Post

Top 10 Trending Reddit Stocks For October 2021

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Top 10 Trending Reddit Stocks For October 2021

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