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Tesla Inc (NASDAQ:TSLA) stock movements and the Reddit investment discussion board r/WallStreetBets have a "real," even if "nuanced," connection, according to analysts at Barclays.
What Happened: The movement of the automaker’s stock has a correlation with mentions on r/WallStreetBets, the same Reddit forum at the center of the GameStop Corp (NYSE:GME) short squeeze, Barclays said in a note, Gizmodo reported.
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“On the autos team, we have painfully learned that social media memes can matter more for TSLA share performance than actual financial metrics, fundamentals or (dare we say) valuation,” the analysts at the British bank wrote, Gizmodo noted — citing a CNBC report.
“There is a positive correlation between the number of WSB submissions exclusively citing TSLA, and the performance of the stock.”
Why It Matters: Many Tesla investors ascribe any negative news related to the company as the work of short-sellers, noted Gizmodo.
Tesla stock has plummeted nearly 22% since it touched $900 in late January. The downwards momentum in the stock is due to the company’s Bitcoin (CRYPTO: BTC) investment and demand concerts, as per Wedbush analyst Daniel Ives.
See Also: Tesla's $1.5B Bitcoin Investment 'A Sign Of Desperation' From Elon Musk, Says Analyst
As of press-time, Tesla had a comment volume of 2,228, making it the second most discussed company on r/WallStreetBets, according to SwaggyStocks.com.The most discussed ticker was SPDR S&P 500 ETF Trust (NYSE:SPY).
Price Action: Tesla shares rose nearly 2.5% in the after-hours session to $716.50 on Tuesday after closing the regular session 2.19% lower at $698.84.
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Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.