From GameStop to Boeing: The 10 Most Talked-About Stocks on Reddit This Week
(MENAFN- clickoutmedia) Social media platforms have become hotbeds of discussions and debates surrounding the stock market. Although information and opinions across social media spread quickly, leading to significant shifts in investor sentiment, Reddit has emerged as the undisputed leader in driving the stock market buzz.
According to the alternative data platform AltIndex.com, which analyzes stock-related discussions across forums and social media, a diverse range of companies across industries have captured the attention of Reddit users this week. Here are the ten that generated the most buzz.
GameStop, Tesla, and Nvidia Take the Spotlight
Reddit's rise as an investment powerhouse began three years ago with the GameStop phenomenon. What started as a collective effort by retail investors to challenge institutional short sellers became a global phenomenon. In just a few weeks, GameStop's stock price skyrocketed by more than 2000%, showcasing the power of Reddit's investor community.
A few recent examples underscored the platform`s impact on the stock prices. Three weeks ago, AltIndex flagged Rigetti Computing (RGTI) as a rising star on Reddit. Since then, its stock price has soared by over 300%, hitting an all-time high of $15.1. Similarly, KULR Technology (KULR) saw its price double after gaining traction on the platform. These examples highlight how alternative data can offer early insights into emerging opportunities.
This week’s most-mentioned stocks on Reddit include a mix of established names and rising stars. Reddit`s stock posterchild, GameStop (GME), continues to lead the pack. Its Reddit mentions rose by 6%, coinciding with a 5% uptick in stock price.
Despite maintaining its spot as the second most-talked-about stock, the world's most valuable car producer, Tesla (TSLA), saw a 20% drop in Reddit mentions and a 10% decline in stock price, reflecting tempered enthusiasm.
Nvidia (NVDA), the third most talked about stock, collected around 2,500 Reddit mentions, though both its mentions and stock price dipped slightly by 0.5% and 1.5%, respectively. Microstrategy and AMD, which round the top five names, both faced declines in discussions and stock performance. MicroStrategy (MSTR) mentions dropped by 12%, with a corresponding 14% price drop. AMD experienced a massive 47% drop in mentions, while its price dipped by only 3%.
Boeing’s Reddit Mentions Surged by 495%
Outside the top five, Boeing (BA) made waves with a massive 495% increase in Reddit mentions. However, this surge didn’t translate into positive market sentiment. The company`s stock remains 32% below its level in December last year, trading at $176.5. Also, according to the AltIndex algorithm, the stock holds a low AI score of 34 out of 100 and is marked with a sell signal.
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