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.
Alibaba Group Holding Limited (NYSE:BABA), Clover Health Investments Corp. (NASDAQ:CLOV), GameStop Corp. (NYSE:GME) and AMC Entertainment Holdings Inc. (NYSE:AMC) are among the stocks seeing the highest interest on Reddit’s r/WallStreetBets forum as of early Thursday.
What Happened: Exchange-traded fund SPDR S&P 500 ETF Trust (NYSE:SPY) remained the most-discussed stock on the forum with 596 mentions, followed by Chinese e-commerce giant Alibaba with 246 mentions, data from Quiver Quantitative showed.
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Medicare Advantage provider Clover Health and videogame retailer GameStop are in the third and fourth positions, having attracted 204 and 172 mentions respectively.
Apart from movie theatre chain AMC Entertainment, the other stocks that are trending on the forum include e-signature solutions provider DocuSign Inc. (NASDAQ:DOCU), Richard Branson’s space tourism company Virgin Galactic Holdings Inc. (NYSE:SPCE), online personal finance company SoFi Technologies Inc. (NASDAQ:SOFI), tech giant Apple Inc. (NASDAQ:AAPL) and Canada-based cybersecurity company BlackBerry Limited (NYSE:BB).
See Also: AMC Entertainment CEO Adam Aron Calls On Apes To Raise Money For Gorillas
Why It Matters: Alibaba is seeing high interest from retail investors amid continued regulatory scrutiny of tech stocks in China. The Wall Street Journal reported that Alibaba has vowed to spend the equivalent of $15.5 billion by 2025 for the Chinese government’s “common prosperity” drive.
Clover Health’s shares rose 4.7% in Thursday’s trading session. As per Benzinga’s Melanie Schaffer, the company could be setting up for another short squeeze as options traders purchased $315,393 in bullish Clover Health call contracts on Thursday. About 15.23% of Clover Health’s total float is held short.
DocuSign’s shares fell 1% in the after-hours session despite the company reporting better-than-expected earnings results for the second quarter.
Price Action: SPDR S&P 500 ETF Trust closed 0.3% higher in Thursday’s regular trading session at $453.19, but edged down less than 0.1% in the after-hours session to $453.14.
Alibaba shares closed 0.7% lower in the regular trading session at $172.00, but rose 0.1% in the after-hours session to $172.20.
Clover Health shares closed 4.7% higher in the regular trading session at $8.87 and further rose almost 0.6% in the after-hours session to $8.92.
Photo: By The Focal Project on Flickr
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.