Wendy's (WEN) and World Wrestling Entertainment (WWE) Are New Reddit Stocks to Watch, While Clean Energy (CLNE) Climbs List - BofA
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BofA quant Jill Carey Hall updated the list of top 20 stocks to watch based on the activity on Reddit’s Wallstreetbets forum.
Shares of AMC Entertainment (NYSE: AMC) and GameStop (NYSE: GME) are still top of the chart while Clean Energy Fuels (NASDAQ: CLNE), which also has a high short interest than the index, is now number 3 following a surge in mentions on Reddit.
“Overall conversation activity on Reddit’s WallStreetBets forum has not ticked up substantially in recent weeks relative to what we saw in Jan/Feb, though discussions for many of the individual stocks have jumped. Both AMC and GME mentions still remain below Jan/Feb highs, however, suggesting not just Reddit users are driving up the stocks,” the strategist said in a note.
“Activity on Robinhood has ticked up again based on daily active users, though we have not seen an uptick in new users (new app downloads) since April/May. Retail as a percent of total US market volumes has generally trended down from January highs in both small and large caps based on the latest data from early/mid May, though remains elevated vs. the last few years.”
BofA’s proxy for retail demand for equity call options has barely moved the past two weeks, Carey Hall stresses. This suggests others beyond just Reddit users may be buying these stocks.
“We believe some of the new retail activity may be here to stay given zero commissions, more time at home, and high savings rates – the latest data suggest 35-40% of small cap volume and 15-20% of large caps volume from retail – but we expect moderation amid peak stimulus, re-opening, and potential for regulatory action,” the strategist concluded.
Other stocks on the top 20 Reddit list are: Workhorse Group (NASDAQ: WKHS), Virgin Galactic (NASDAQ: SPCE), Academy Sports and Outdoors (NYSE: ASO), Athene Holding (NYSE: ATH), Beyond Meat (NASDAQ: BYND), Silvergate Capital (NYSE: SI), Antero Midstream (NYSE: AM), Natus Medical (NASDAQ: NTUS), Bed Bath & Beyond (NASDAQ: BBBY), Zillow Group (NYSE: Z), O-I Glass (NYSE: OI), Alcoa (NYSE: AA), Gladstone Commercial (NASDAQ: GOOD), Dave & Buster's (NASDAQ: PLAY).
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