It’s safe to say meme stocks have created a new segment in many young retail investors’ portfolios. Starting with the GameStop saga, which has been ongoing since Jan. 2021, investors have been tuned in to the chatter on Reddit group WallStreetBets.
Like CNBC or Fox Business, WallStreetBets may provide some investing insights—though it should be taken with a larger grain of salt. While GameStop and AMC continue their runs, what other “stonks” are being discussed on WallStreetBets?
Mobile e-commerce platform ContextLogic—better known as Wish—has perhaps been the largest benefactor of WallStreetBets activity. WISH has soared 70 percent since early Jun. 2021 as a result of extremely high trading volumes.
Just a couple of months ago, an average of 5 million shares of Wish were being traded each day, and on Jun. 21, 335 million trades were made. WISH has risen 28.14 percent over the past five days, and 83.55 percent over the past month.
Tesla is hardly a name you’d relate to a WallStreetBets-style short squeeze. However, the EV (electric vehicle) maker has emerged as one of the forum's most discussed stocks. CEO Elon Musk has never shied away from the social media spotlight. A frequent tweeter of all things cryptocurrencies, Musk showed his support of the GameStop short squeeze.
Tesla has fallen in recent weeks due to market speculation on supply constraints and a decrease in demand for EVs in China. However, in the fourth week of Jun. 2021, Tesla shares have rallied by 10.25 percent, peaking at $697.62.
BlackBerry was a household name in the early 2000s, known for its pagers and early iterations of smartphones. The company has since fallen out of the smartphone arms race, but that hasn’t stopped WallStreetBets from jumping on board.
While BlackBerry could be considered a meme stock, there’s much to like about the company. WallStreetBets members are banking on the fact that BlackBerry has transitioned from phones to cybersecurity. BlackBerry has deals with Amazon and others, and could be positioned to play a major role in the EV space.
BlackBerry stock has fallen in the fourth week of Jun. 2021, by 6.14 percent, but has climbed an impressive 47.61 percent over the past month, peaking at $20.17.
Clover Health Investments (CLOV)
Medical Insurance tech company Clover Health mentions have increased on WallStreetBets lately. According to data from Quiver Quantitative, mentions are their highest in weeks.
CLOV stock has risen over the past month, almost doubling from $6.98 to $13.79. As of Jun. 25, 2021, over the past five days, CLOV has risen 9.79 percent, a far cry from its early Jun. 2021 peak of $28.84. Momentum from WallStreetBets’ army of retail investors could support its value for some time.