Heading into a new trading week, Root Inc. ROOT, Alibaba Group Holding Limited BABA, GameStop Corp. GME and Tesla Inc. TSLA are among the stocks seeing the highest interest on Reddit’s r/WallStreetBets forum.
What Happened: Exchange-traded fund SPDR S&P 500 ETF Trust SPY remained the most discussed stock on the forum with 110 mentions, followed by technology-based personal insurance company Root with 88 mentions, data from Quiver Quantitative showed.
Chinese e-commerce giant Alibaba and videogame retailer GameStop are in the third and fourth positions, having attracted 29 and 22 mentions over the weekend, respectively.
Apart from Tesla, the other stocks that are trending on the forum include chipmaker Nvidia Corp. NVDA, digital media merger and acquisitions company Vinco Ventures Inc. BBIG, Medicare Advantage provider Clover Health Investments Corp. CLOV, tech giant Apple Inc. AAPL and movie theatre chain AMC Entertainment Holdings Inc. AMC.
Why It Matters: Root’s shares closed more than 8% higher on Friday despite no company-specific news. A post on the WSB forum that noted online vehicle retailer Carvana Co.’s CVNA recent announcement of its decision to invest about $126 million in Root had 75% upvotes and members expressing their bullishness about the stock.
Alibaba’s shares declined more than 3% on Friday after the Wall Street Journal reported that Chinese regulators plan to propose new rules that would restrict companies with large amounts of sensitive consumer data from going public in the U.S.
In addition, it was reported that China’s Tianjin city has asked municipally-controlled companies to move their data from private sector operators like Alibaba to a state-backed cloud system called “guoziyun” by the end of September.
GameStop is seeing high interest from retail investors ahead of the announcement of its second-quarter earnings results on Sept. 8.
Price Action: SPDR S&P 500 ETF Trust shares closed almost 0.9% higher in Friday’s trading at $450.25, while Root’s shares closed almost 8.3% higher at $6.40.
Alibaba’s shares closed almost 3.5% lower in Friday’s trading at $159.47.
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