The retail trading community has attracted much attention since the GameStop (NYSE:GME) short squeeze earlier this year. And the attraction of social media-influenced retail trading does not appear to be fading anytime soon. Driven by retail investors’ sentiments, meme stocks Rivian (RIVN) and Sundial (SNDL) gained more than 40% in price last week. So, we think it could be worth adding these stocks to one’s watchlist.Earlier this year, the retail trading community was caught in the limelight after Reddit community WallStreetBets (WSB) induced speculative trading caused several stocks to skyrocket in price. The most notable among them was the GameStop Corporation’s (GME) short squeeze. However, GME could not sustain its rally due to its weak fundamentals.
The retail trading trend has been gaining steam driven by millennial and Gen Z traders' investments in meme stocks and cryptocurrencies that has been amped up by social media frenzies. The SEC’s former Chairman Jay Clayton believes social media influence on trading is likely here to stay. These traders have been flocking to platforms such as Robinhood Markets , Inc. (NASDAQ:HOOD) for commission-free trading. And given the popularity that meme stocks have gained in recent months, Nasdaq Inc. plans to add a retail stock tracker on its website for transparent tracking of retail stock activity.
Driven by retail investors’ sentiments, meme stocks Rivian Automotive, Inc. (RIVN) and Sundial Growers Inc . (NASDAQ:SNDL) gained more than 40% in price last week. So, we think it could be worth adding these stocks to one’s watchlist.