Shares in the company soared over 500% at one point, creating huge profits for some amateur investors who sold up and devastating losses for professional hedge funds who had shorted the stock and were left exposed. They thought the market was undervaluing the "bricks-and-mortar" computer game store, and rallied around it, forcing the price of the stock upwards with their purchases. A crowd that large can collectively unearth a ton of investment ideas, and while those traders may sometimes focus on potential short-term opportunities of questionable long-term value, I see two. Using VADER (Valence Aware Dictionary and sEntiment Reasoner), Pushshift API, Spacys. The wild ride began in January 2021 when t he struggling video game retailer saw an unprecedented rise in its share price.Īmateur, or retail investors, communicating through social media, particularly on Reddit's WallStreetBets community, created a surge in interest in the company. Finding correlations between Reddit and the Stock Market using Statistics. Palantir Technologies ( NYSE:PLTR) and Walt Disney ( NYSE:DIS) are among the most-discussed stocks on the social media platform Reddit. The clash of amateurs and traditional Wall Street investors was a key feature of the GameStop drama last year - with many Reddit investors citing the fallout from the 2008 financial crash as motivation for challenging the status quo. On Thursday, shares in Bed Bath & Beyond tumbled more than 20% after famed meme-stock investor Ryan Cohen revealed that he intended to sell his entire stake of almost 12 per cent in the company.įrenzy conjures memories of GameStop drama that cost Wall Street billions A part of me seems to believe that once you’re on top, there’s nowhere to go but down. By Tuesday this week the stock had soared to more than $27 (£22.81) a share amid huge online attention.Īs the stock surged, he sold more than $130m (£109.8m) worth of stock, earning a profit of around $110m (£92.8m). r/Stocks Daily Discussion & Options Trading Thursday - 477 comments 197 Posted by 10 hours ago Anyone else think Google has a lot of growth left Google has a 1.64 trillion market cap. Ford Investors wouldn't normally associate a stodgy, blue chip. Mr Freeman bought his stake at under $5.50 (£4.65) a share. Here are two of the most popular Reddit stocks that an investor can actually buy and hold for years to come. Shares in the company had recently plummeted amid poor performance and the ousting of its chief executive.
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