These are the top 10 meme stocks Reddit’s Wall Street Bets is talking about right now

WallStreetBets

It’s paid to follow what stocks Reddit’s Wall Street Bets crowd are talking about this year, as several have gone through epic rallies.

From GameStop in January to AMC Entertainment last month, the 10.6 million-member forum has driven the conversation in so-called meme stocks that have exploded higher amid overwhelming demand from retail investors. Strong demand for stocks with shaky fundamentals has led to several hedge fund blowups that were caught on the opposite side of the trade betting against the company in question.

GameStop’s short-squeeze, in-part led by the Wall Street Bets crowd, led to a more than 50% drawdown in multi-billion dollar hedge fund Melvin Capital. Meanwhile, the sharp rally in struggling movie theater chain AMC Entertainment caused billions of dollar in losses for short-sellers in May and June.

As traders look to replicate the success of Wall Street Bets stocks, one data aggregator is compiling the most mentioned stocks on Reddit’s forum.

These are the top 10 meme stocks Reddit’s WallStreetBets forum is focused on right now, according to data compiled by SwaggyStocks. The list excludes mega-cap tech stocks and is based on mentions over the past 24 hours.

10. Cleveland Cliffs

Ticker: CLF
Wall Street Bet Mentions Over Past 24 Hours: 89
Market Capitalization: $10.3 billion

GettyImages 1228399692
Hot molten steel in a blast furnace.

9. Virgin Galactic

Ticker: SPCE
Wall Street Bet Mentions Over Past 24 Hours: 124
Market Capitalization: $10.7 billion

Virgin galactic whiteknighttwo
A Virgin Galactic spacecraft attached to its carrier vehicle, WhiteKnightTwo.

8. BlackBerry

Ticker: BB
Wall Street Bet Mentions Over Past 24 Hours: 145
Market Capitalization: $7.0 billion

A shareholder uses his Blackberry while waiting for the Research In Motion annual meeting to begin in Waterloo, July 17, 2007.
BlackBerry shareholder

7. Palantir

Ticker: PLTR
Wall Street Bet Mentions Over Past 24 Hours: 192
Market Capitalization: $46.9 billion

Palantir

6. Clean Energy Fuels

Ticker: CLNE
Wall Street Bet Mentions Over Past 24 Hours: 196
Market Capitalization: $2.0 billion

Clean Energy Fuels

5. SoFi

Ticker: SOFI
Wall Street Bet Mentions Over Past 24 Hours: 227
Market Capitalization: $13.9 billion

sofi fintech

4. GameStop

Ticker: GME
Wall Street Bet Mentions Over Past 24 Hours: 275
Market Capitalization: $14.4 billion

GameStop
Queue in front of Gamestop store in Christmas atmosphere in Milan during coronavirus emergency, Milan, Italy, on November 03 2020.

3. ContextLogic

Ticker: WISH
Wall Street Bet Mentions Over Past 24 Hours: 289
Market Capitalization: $7.7 billion

Wish CFO
Wish CFO Rajat Bahri.

2. AMC Entertainment

Ticker: AMC
Wall Street Bet Mentions Over Past 24 Hours: 297
Market Capitalization: $26.1 billion

AMC Entertainment

1. Clover Health

Ticker: CLOV
Wall Street Bet Mentions Over Past 24 Hours: 468
Market Capitalization: $4.3 billion

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Chamath Palihapitiya, Founder and CEO of Social Capital LP, speaks at the Sohn Investment Conference in New York on May 4, 2016.

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Ethan Allen stock is soaring as traders confuse its ticker with the identical one for ether

FILE PHOTO: A trader works on the floor of the New York Stock Exchange (NYSE) in New York, U.S., March 20, 2020. REUTERS/Lucas Jackson
  • One beneficiary of the 2021 crypto boom is furniture chain Ethan Allen, which shares an identical ticker symbol with ether.
  • The furniture retailer has seen its stock climb 51% year-to-date while ether has more than quadrupled.
  • Most of the online message forums for Ethan Allen are riddled with messages about ether.
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Shares of Ethan Allen have surged more than 50% year-to-date and are up nearly 200% over the past year, potentially due in part to trader confusion over the ticker symbol it shares with cryptocurrency ether: ETH.

Ether, which works on the ethereum blockchain, has been on a tear so far this year, quadrupling to more than $3,000 as a boom in bitcoin helped set the stage for an investor frenzy in other alt-coins like ether and dogecoin.

The StockTwits investment forum dedicated to Ethan Allen is riddled with messages about the cryptocurrency rather than the furniture seller. Daily message volume on StockTwits’ Ethan Allen page has surged 300% since the start of May, which coincides with a parabolic surge in ether’s price.

“We’ve definitely seen a massive increase on a percentage basis in mistaken activity on the Ethan Allen stream,” StockTwits CEO Rishi Khanna told The Wall Street Journal.

That’s not to say Ethan Allen is up solely due to potential ticker confusion with ether. The furniture retailer has seen a boom in business amid the pandemic as demand for homes surged to records. Year-over-year revenue growth of 18% in the first quarter of 2021, combined with a special dividend announcement of $0.75, helped propel shares higher in late April.

This isn’t the first time investors have mistaken a ticker symbol or company name with another company that was in the news, leading to a massive price increase as retail investors created buying pressure. In January, shares of Signal Advance soared more than 11,000% after Tesla CEO Elon Musk recommended a similarly named privacy app that was not publicly traded.

And in February, tweets about audio-app Clubhouse from Musk spurred a massive surge in Clubhouse Media Group, a microcap stock unrelated to the popular audio-chat application.

If anything, the trader confusion over ticker symbols and company names should serve as a warning to new investors that are eager to put money to work: slow down and perform the proper due diligence before investing in individual stocks.

Read more: ‘Wolf of All Streets’ crypto trader Scott Melker breaks down his strategy for making money using ‘HODLing’ and 100-times trade opportunities – and shares 5 under-the-radar tokens he thinks could explode

eth stock.JPG
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