8 Reddit stocks that are currently trending | Invest

A new generation of investors, bored and sometimes desperate during the pandemic, banded together on social media to swap war stories and sometimes band together to make big bets. For better or worse, the people on Reddit and other social media platforms have forever changed the way Wall Street works.

The most notable example of a Reddit stock rally is GameStop Corp. (ticker: GME), which became synonymous with the so-called meme stock revolution after soaring in 2021. From the trading desks of major investment banks to regulators, the U.S. Securities and Exchange Commission says they ignore the often brash and sometimes ignorant behavior of traders who rely on social media for stock information. Everyone has learned that is dangerous.

The eight stocks below have all been making big waves lately for different reasons. It goes without saying that Reddit stocks should not be traded on a whim, and it is important to do your own research before buying or selling anything. However, if you're looking for ideas or interested in what others think are his 2024 hot trades, this list of trending stocks on Reddit is worth a look.

Alibaba Group Holding Co., Ltd. (BABA)

Back in late 2020, Asian e-commerce king Alibaba was trading at around $300 per share. A number of issues since then, including the unusually low profile of once-iconic CEO Jack Ma after a feud with Chinese officials, have weighed on the stock, which now trades in the $70s. ing. Obviously, such a dramatic decline is a cause for concern. But if you know anything about the meme stock crowd, they're only interested in big future moves, not past risks. And many on Reddit are taking positions in hopes that Alibaba will make a big comeback this year.

ChargePoint Holdings Inc. (CHPT)

In 2020, ChargePoint got caught up in the original meme stock mania, quadrupling from around $10 per share to brief highs of over $40. But after a few years of crashes and flames, CHPT is now trading at around $2 a share. The combination of past success and current single-digit stock price makes CHPT a prime target for meme stock investors looking to pick up cheap stocks in his EV space. Charging station operator ChargePoint is currently unprofitable as it looks to scale up and serve a future plug-in fleet. If the long-term promise still holds out, $2 a share could be a bargain…at least that's what the bulls on Reddit would have you believe, if you can overlook the ugly 95%+ plunge from highs a few years ago. right.

DraftKings has been at the center of a steadily growing online betting business since a 2018 Supreme Court ruling overturning the federal government's ban on sportsbooks. The company operates in more than half of the states in the US, and as bettors continue to learn about new games and formats, there is continued room for upside if DKNG plays its proverbial cards right. Like many meme stocks, the stock has been volatile, but it's more than doubled in value over the past year or so, thanks to strong growth and expectations for steady returns in the near future. Reddit investors love to admit that their aggressive style isn't all that different from a little informed gambling, so it's no surprise that DKNG becomes a popular meme stock in 2024. there is no.

Joby Aviation Co., Ltd. (JOBY)

Over the years, there have been a number of stocks with high volatility and disruptive potential that have had their moment, but Joby Aviation is in the same league as other 3D printing stocks and cloud computing companies that are gaining traction. in a position. That's because Joby is a startup betting on a big, dynamic idea: an all-electric vertical takeoff and landing (VTOL) aircraft that can operate as a taxi or short-haul air delivery vehicle. Ordering a flying Uber from your smartphone is an idea too sexy for many investors to pass up. As such, JOBY remains a popular meme stock on Reddit, even though it hasn't moved past the experimental stage yet. This could be a make-or-break year for the company as it moves toward the final stages of certification by the U.S. Federal Aviation Administration.

Riot Platforms, Inc. (RIOT)

Riot is a cryptocurrency miner that came under fire in 2023. Indeed, Bitcoin rose about 160% or so that year. But RIOT stock has soared more than twice that amount in the last year. Just as many investors are focusing on oil prices and focusing on certain energy stocks and gold prices, investors in meme stocks are looking at similar strongholds for the Riot Platform to play Bitcoin in 2023. I thought there was a possibility of providing a method. Of course, that's not the million-dollar question for 2024. What matters is not only whether Bitcoin continues to exist, but also whether RIOT continues to outperform highly dependent assets.

SoFi Technologies Inc. (SOFI)

Mid-sized financial technology company SoFi has had its ups and downs, and there's currently a lot of buzz behind the scenes fueling its potential for a big rally. Case in point: On January 29, the stock soared an astonishing 20% ​​in a single transaction, thanks to explosive fourth-quarter profit growth. The company, which is not yet profitable, operates a digital portal for mortgages, student loans, investments, and many other money-related services. Its long-term goal is to disrupt Wall Street's traditional leaders. And while the situation is volatile, the meme stock crowd seems very interested in seeing what SoFi can do this year.

Unlike other stocks on this list, Tesla is very well known. But the reason Tesla is a hot meme stock isn't the fact that it may be a hidden gem. Rather, it's because it's so interesting to the Reddit crowd that they can't stop talking about it. The electric vehicle leader is not alone, as he regularly trades over 100 million shares in a single session. There are many reasons for this, from CEO Elon Musk's recent antics to the recent price crash that wiped out about $100 billion in market value since New Year's Day. Will Tesla bounce back and orchestrate a meteoric rise? Will the stock continue to fall? No matter which side you're on, you're sure to find plenty of lively discussions on this subject on social media.

Tilray Brands, Inc. (TLRY)

There are many reasons why Tilray is a popular stock among young, active investors these days. It became the first major cannabis stock to trade on a U.S. exchange in 2018. And after merging with Aphria in 2020, the company is now one of the largest companies in both the medical and recreational cannabis industries. The company also owns several craft breweries, including Red Hook and Shock Top. There's every reason why Millennials and his Gen Z are drawn to his TLRY, which has a “good times” appeal. Of course, that buoyant vibe may not necessarily be shared by many former investors, as the stock price has fallen to about $2 per share compared to a peak of about $150 in 2018. do not have.