Feeling a little lost? Wondering what the heck the stock market’s doing? If you’re going, “Huh?” you’re not the only one — especially if you’ve never heard of Reddit before now.
Read on to get a full perspective on Reddit stocks, the WSB and how memes even tie in to the latest stock market swings.
Reddit Stocks
If you follow even a modicum of newsy stock trends, you’ve probably heard that certain unlikely stocks have flourished, particularly during the past week. The group you can thank for these wound-up stocks? Tip your hat to WallStreetBets.
Check out some stocks affected by the market frenzy (note that this is not an exhaustive list):
- AMC (NYSE: AMC)
- Bed Bath & Beyond (NASDAQ: BBBY)
- BlackBerry (NYSE: BB)
- GameStop (NYSE: GME)
- Ligand Pharma and National Beverage Corp. (NASDAQ: LGND)
- FuboTV (NYSE: FUBO)
- Tanger Factory Outlets (NYSE: SKT)
- Tootsie Roll Industries (NYSE: TR)
- Nokia (NYSE: NOK)
- Macy's (NYSE: M)
How Does Reddit Affect the Stock Market?
As a group, the WallStreetBets group caused a handful of companies’ stocks to spike, including GameStop, and made the case for the stock as a value investment — that it was more valuable than the stock price indicated. Hedge funds started to sell the stock short, betting it would go down.
In response, many in the WallStreetBets community started buying GameStop shares, and the stock price rose quickly. At least in this instance, the Reddit community tussled with the establishment and — at least for the short term — the Reddit group won.
WSB (WallStreetBets)
WallStreetBets, “r/wallstreetbets,” a forum or “subreddit” on the popular website Reddit, is a social platform and discussion group that chats about speculative investing. The group, born in January 2012, communicates using lots of memes, videos, inside jokes and terminology. Its wide membership of 900,000 flaunts a very specific (sometimes profanity-laced) culture and uses terms like “degenerate” to refer to its members.
Meme Stocks
If you’re following the GameStop spike, you’ll notice that memes affect the trading action. Elon Musk, founder of Tesla and SpaceX, showed his affinity for the meme world by tweeting 1 word — "Gamestonk” — for GME. What’s a stonk? Great question.
A specific language lurks behind behind these gigantic hikes. See the terms and what they mean:
- Stonks: Stocks, nothing more than an intentional misspelling. See the Meme Man who often accompanies “stonks.”
- Diamond hands: This means a trader will hold onto stocks or securities for a long time.
- Rockets: Refers to a skyrocketing stock price.
- Hold the line: This suggests holding on to a stock, even if it goes down in value.
- We like the stock: This is a meme used for a currently trending stock.
Best Online Brokers
Ready to cash in on the craze yourself? Take a look at Benzinga’s top choices for best online brokers, create an account and get started trading the stocks due to the subreddit trend.
Stock Movers of the Day
Stay up to date on the market’s major movers. Whether you’re looking for quick gainers or long term investments, Benzinga can help you find them.
Stock Movers
Gainers
| Ticker | Company | ±% | Buy Stock | |||
|---|---|---|---|---|---|---|
| CSSEP | Chicken Soup for the Soul | $1.63 | 288.09% | 33K | Buy/Sell | |
| CSSE | Chicken Soup for the Soul | $0.44 | 188.64% | 311K | Buy/Sell | |
| AIRE | ReAlpha Tech Corp | $1.17 | 93.69% | 1.1M | Buy/Sell | |
| LICN | Lichen China | $1.03 | 83.92% | 481.2K | Buy/Sell | |
| BOF | Branchout Food | $1.98 | 69.23% | 70K | Buy/Sell | |
| AMST | Amesite | $3.19 | 59.5% | 28.6K | Buy/Sell | |
| MTC | MMTEC | $3.49 | 55.8% | 1.4M | Buy/Sell | |
| WIMI | WiMi Hologram Cloud | $1.13 | 55.77% | 3.3M | Buy/Sell | |
| SKIL | Skillsoft | $8.56 | 49.99% | 42.8K | Buy/Sell | |
| POET | POET Technologies | $2.30 | 45.56% | 204.3K | Buy/Sell | |
| MULN | Mullen Automotive | $3.79 | 39.01% | 704K | Buy/Sell | |
| JL | J-Long Group | $0.98 | 37.7% | 1.7M | Buy/Sell | |
| RILY | B. Riley Financial | $29.81 | 37.24% | 1.3M | Buy/Sell | |
| STI | Solidion Technology | $2.00 | 31.57% | 5.1M | Buy/Sell | |
| TROO | TROOPS | $1.40 | 28.44% | 65.6K | Buy/Sell | |
| VTAK | Catheter Precision | $0.58 | 26.24% | 47.5K | Buy/Sell | |
| RBBN | Ribbon Comms | $3.24 | 26.07% | 416K | Buy/Sell | |
| XWEL | XWELL | $1.79 | 26.05% | 12K | Buy/Sell | |
| RCAT | Red Cat Hldgs | $1.50 | 25% | 406.4K | Buy/Sell | |
| CYCC | Cyclacel Pharmaceuticals | $2.23 | 24.58% | 44.9K | Buy/Sell | |
Loser
Take a Look at Reddit Today
The stock market is on a wild ride, with individual investors wielding the power of social media. Don’t stay in the dark — learn more about Reddit, stonks and the memes that drive market change.
Individual investors and their constant stream of communication are making waves. Be a part of the action and take a look at Reddit stocks today.
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