The Most Talked About Stocks on Reddit Are Up 59% Year to Date

December 21, 3:21 am

The stock market has entered an era where social media plays a pivotal role in shaping market trends. Among the platforms influencing investor sentiment, Reddit stands out as a powerful driver of stock price movements. When Reddit users rally around a stock, the impact on the market can be both profound and unpredictable. In 2024, this phenomenon has been more pronounced than ever, with Reddit’s top-discussed stocks posting a staggering average gain of 59% year to date - more than double the S&P 500’s impressive 25% return.

From GameStop to... GameStop

Although stocks have been discussed on Reddit for years, the GameStop saga in 2021 took this to unprecedented heights. What began as a collective effort by retail investors to challenge institutional short sellers turned into a global phenomenon. Within weeks, the price of GameStop stock skyrocketed by over 2000%, showcasing the sheer power of Reddit’s collective influence. This event not only redefined retail investing but also established Reddit as a key player in driving stock market movements. Fast forward to today, and GameStop remains the most talked-about stock on Reddit.

2024’s Top Performers

But it’s not just GameStop dominating the conversation on Reddit. A diverse range of companies from various industries have captured the attention of Reddit users in 2024. From tech giants to trading platforms, the top 10 most-mentioned stocks reflect a mix of meme-culture, innovation, and financial potential. Notably, eight out of these ten stocks have delivered gains this year, showcasing the platform’s potential to spotlight winners.

Here’s a closer look at the top performers:

Is Reddit a Good Place to Find Stocks to Buy?

The numbers speak for themselves: Reddit’s top-mentioned stocks have significantly outperformed the broader market. With an average gain of 59% year to date compared to the S&P 500’s 25% rise, the platform has demonstrated its potential to spotlight high-performing stocks. But is this a sustainable strategy for finding stocks to buy?

Platforms like Reddit are unique in their ability to aggregate the collective wisdom (or speculation) of retail investors. While this can lead to outsized gains, it’s important to remember that sentiment-driven investments can also be volatile. Tracking online discussions can be a valuable tool for identifying trends but it’s a complement, not a substitute, for thorough research and due diligence.

Use AltIndex to always stay up to date

For investors looking to stay up to date on the most mentioned stocks on Reddit, we at AltIndex can lend a hand. We're tracking stock mentions and sentiment for over 2,000 companies on Reddit, and provide valuable insights into the stocks gaining traction among retail investors. This data-driven approach helps investors identify new opportunities in the market and to always stay up to date.
Our members can always access the most talked about stocks on Reddit and they also receive stock alerts when stocks in their portfolio goes viral on Reddit.

Let us know if you have any more questions about stocks and Reddit mentions.

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