5 Trending Reddit Stocks To Watch Ahead Of Next Week
When it comes to trading Reddit stocks and Reddit penny stocks in the stock market, speculation often comes to mind. However, not all Reddit stocks are speculative. There are also long-term growth trends being discussed in the subreddit r/WallStreetBets. Hence, it makes perfect sense for investors to track trending names on the subReddit groups.
For those unfamiliar, Reddit is the popular social media website that sparked the Gamestop Corp. (NYSE: GME) fiasco a few months ago. This is where hundreds of traders came together to all buy shares of the struggling video game corporation. And because this new phenomenon, has resulted in a fundamental shift in trading both big-cap and small-cap stocks within the stock market. While we don’t know the long-term effects of this yet, we are seeing similar trading occur with other companies.
It is no surprise that Reddit stocks to buy are especially popular among millennials. And many of them choose Robinhood as their platform of choice. Heading into the weekend, there are several top Reddit stocks on Robinhood to watch. Will these be the top names to buy before next week, or should you avoid them entirely?
Reddit Stocks To Consider Buying Right Now
- Ocugen (NASDAQ: OCGN)
- AMC Entertainment Holdings (NYSE: AMC)
- Nokia (NYSE: NOK)
- Sundial Growers (NASDAQ: SNDL)
- Palantir Technologies (NYSE: PLTR)
Ocugen
First up, we have clinical-stage biopharmaceutical specialist Ocugen. It is one of the top trending names on the subreddit r/WallStreetBets over the past month. The company was focusing on developing cures for blindness diseases but the onset of the coronavirus pandemic has shifted the company’s focus. OCGN stock investors now own a stake in a business that’s competing with other COVID-19 vaccine makers.
And if you had placed your bets on OCGN stock at the beginning of December, you would have reaped nearly 3000% gains during this period. The company’s shares received another catalyst after the company released promising data of its vaccine candidate in April.
The company has been working endlessly to advance the development of COVID-19 vaccine candidate Covaxin with partner Bharat Biotech. Researchers at the Indian Council of Medical Research (ICMR) believe its vaccine candidate could protect against multiple coronavirus strains. Should the company be successful in receiving regulatory approval, I won’t be surprised if there’s another round of breakout in OCGN stock.
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AMC Entertainment
AMC is a movie theater chain company that is one of the largest movie theater chains in the world. It owns the largest share of the U.S. theater market and boasts over 1,000 theaters. With the onset of the novel coronavirus, the movie chain operator had to shut its doors, cutting off nearly 100% of its revenue. And with the company’s recent financial report, it makes sense to find out how the company has been managing its outflow during this period.
From its first quarter, the cinema chain reported $312.9 million in cash outflow for its operating activities. That’s approximately $104 million burned per month. The number may be huge, but that’s already an improvement from the September 30 figure, when the company was burning through an estimated $140 million per month.
With expansive vaccination campaigns in the U.S. and blockbuster movie titles set to be released in the coming months, would you bet on the company returning to its pre-pandemic levels soon? Having said all that, is AMC stock worth watching right now?
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Nokia
Nokia’s stock recently rallied after the Finnish telecom company’s first-quarter numbers beat analysts’ expectations. Its revenue came in 3% higher year-over-year to $6.1 billion. On a constant currency basis, revenue grew 9%. Certainly, that retail trending frenzy has done nothing to change Nokia’s fundamentals. But it sure did reintroduce Nokia to the investing world again this year.
Nokia was not only an instrumental developer of the 5G wireless networking standards. But it is also one of the leading names in the 5G hardware market. 5G products are sold at a premium, generating stronger profit margins as the revenue stream from the segment grows.
Management maintained its full-year financial forecast for revenue of $25 billion to $26.4 billion. But CEO Pekka Lundmark said Nokia’s strong first-quarter performance makes it more likely to achieve the high end of its 7% to 10% operating margin target. With that in mind, would you add NOK stock to your watchlist?
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Sundial Growers
Like it or not, Sundial Growers remains a favored name among retail traders. It was one of the hot penny stocks on Reddit earlier in the year as traders flocked to the stock. Soon after reaching highs of $3.96 this year, SNDL stock tumbled. The company had gone on a capital-raising spree to the tune of hundreds of millions of dollars. It has also been a frequent name on the list of most active stocks in the market, daily.
Besides profit-taking, a key reason for the stock decline is equity dilution. However, it seems that the worst is over in terms of the downside. After a series of capital fundraising, the company has a stronger cash buffer to fund its growth over the coming one to two years.
Earlier in May, Sundial announced the acquisition of Canadian recreational cannabis retailer Inner Spirit Holdings Ltd. That would put Sundial in a stronger position in the market. Besides, Sundial announced its first-quarter results on Wednesday. In it, the company saw its first quarter of positive adjusted EBITDA in Sundial’s history, at $3.3 million. With these achievements, would you be adding SNDL stock to your portfolio?
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Palantir Technologies
Palantir has garnered attention in various sub-Reddit groups lately. The company is a developer of software and analytics tools for the defense industry and large corporations. The company reported its first-quarter earnings this week. From the report, the revenue came in 49% higher year-over-year to $341 million and its cash generation also improved dramatically. More importantly, the management expects revenue to increase 43% to $360 million in the second quarter. Even with the impressive earnings, PLTR stock fails to climb this week.
Interestingly, CFO David Glazer disclosed during a conference call that the company had begun accepting Bitcoin as a form of payment from its customers. That was before Musk announced that Tesla (NASDAQ: TSLA) has stopped accepting Bitcoin for its electric vehicles due to environmental reasons.
Of course, there is no indication that Palantir will follow suit. Apart from that, Palantir has certainly been firing on all cylinders as it continues to forge new partnerships and extend old ones. In addition, Palantir and Ringler AG announced a renewed strategic partnership to provide the latter with software to accelerate its shift to a digital-first global media company. With all these developments, will you consider buying PLTR stock?
