- Reddit's Wall Street Bets forum entered the mainstream during the January GameStop craze.
- From GameStop to AMC Entertainment, retail investors congregating on the subreddit are a driving force in the stock market.
- These are the 10 most popular stocks Wall Street Bets is talking about right now.
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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 and seen heightened volatility.
From GameStop in January to AMC Entertainment in June, the near 11 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.
But while some stocks popular with the Reddit crowd have seen massive gains, some have also seen epic losses. Many meme stocks have seen accelerating declines, with AMC Entertainment and GameStop both down more than 40% from their June highs.
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 stocks Reddit's WallStreetBets forum is focused on right now, according to data compiled by SwaggyStocks. The list is based on mentions over the past 24 hours.
Wall Street Bet Mentions Over Past 24 Hours: 85
Market Capitalization: $7.8 billion
1-Week Performance: -22%
Wall Street Bet Mentions Over Past 24 Hours: 88
Market Capitalization: $13.8 billion
1-Week Performance: -15%
Wall Street Bet Mentions Over Past 24 Hours: 107
Market Capitalization: $1.67 trillion
1-Week Performance: -1%
7. UWM Holdings
Wall Street Bet Mentions Over Past 24 Hours:111
Market Capitalization: $12.0 billion
1-Week Performance: 2%
Wall Street Bet Mentions Over Past 24 Hours: 114
Market Capitalization: $11.6 billion
1-Week Performance: 2%
5. AMC Entertainment
Wall Street Bet Mentions Over Past 24 Hours: 178
Market Capitalization: $17.0 billion
1-Week Performance: 4%
4. Clover Health
Wall Street Bet Mentions Over Past 24 Hours: 182
Market Capitalization: $3.7 billion
1-Week Performance: -4.7%
Wall Street Bet Mentions Over Past 24 Hours: 217
Market Capitalization: $2.46 trillion
1-Week Performance: 3%
Wall Street Bet Mentions Over Past 24 Hours: 282
Market Capitalization: $5.8 billion
1-Week Performance: -33%
Wall Street Bet Mentions Over Past 24 Hours: 294
Market Capitalization: $690.9 billion
1-Week Performance: -4%