Reddit stocks were mostly lower Thursday while the frenzy behind the rally in the likes of AMC Entertainment (AMC) and GameStop (GME) shows signs of extending beyond social-media buzz.
Bank of America analysts also ranked Reddit stocks in order of mentions in the top 100 posts on WallStreetBets over the last week.
In the process, they also found total discussion across all Reddit stocks on the influential forum hasn’t grown recently, with mentions of AMC stock and GME stock below highs seen early this year.
“In addition, our proxy for retail demand for equity call options has barely moved the past two weeks. This suggests others beyond just Reddit users may be driving up the stocks,” BofA analysts wrote.
AMC stock fell 11% to 43.79 on the stock market today. GME stock tumbled 21% after announcing another share offering and disclosing an SEC probe.
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Top 10 Reddit Stocks
- Clean Energy Fuels (CLNE)
- Workhorse Group (WKHS)
- Wendy’s (WEN)
- Virgin Galactic (SPCE)
- Academy Sports and Outdoors (ASO)
- Athene Holding (ATH)
- Beyond Meat (BYND)
- Silvergate Capital (SI)
Other top Reddit stocks according to BofA include Antero Midstream (AM), Natus Medical (NTUS) and Bed Bath & Beyond (BBBY)
In addition, World Wrestling Entertainment (WWE) has also seen high short interest and joined the Reddit stocks list for the first time.
While the stocks have notched several new highs and created wealth for many investors, they’re not traditional CAN SLIM stocks. Many of them have weak fundamentals and don’t yet deserve their high valuation.
Find Aparna Narayanan on Twitter at @IBD_Aparna.
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