8 Latest Reddit Stocks Trending in June

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WallStreetBets posters are buzzing about these eight Reddit stocks.

The more than 10 million members of Reddit's WallStreetBets community have gotten Wall Street's attention in 2021. The group of retail stock traders has successfully orchestrated targeted buying campaigns and produced viral social media movements associated with a handful of heavily shorted stocks. The resulting short squeezes have generated extreme volatility, triggered massive hedge fund losses and even prompted a Congressional hearing to investigate the matter. In early June, some of Reddit's favorite so-called “meme” stocks are on the move once again. Here are the eight Reddit stocks generating the most WallStreetBets buzz in June, according to Swaggy Stocks.

Clover Health Investments Corp. (ticker: CLOV)

Clover Health Investments is a Medicare insurance technology company backed by influential venture capitalist Chamath Palihapitiya, and it has become the latest Reddit short squeeze phenomenon. The company went public back in January via a merger with a special-purpose acquisition company. Clover was a huge disappointment out of the gate for investors, spending much of the past three months well below its SPAC's $10 offering price. However, just this week, Clover rocketed to the top of the WallStreetBets buzz ranking. The stock also ripped higher on massive volume, more than doubling in intraday trading during Tuesday's session alone.

BlackBerry (BB)

BlackBerry has undergone a painful transition away from its legacy smartphone business toward enterprise security and software. After years of losses, BlackBerry finally reported 15% revenue growth in fiscal 2020. However, the health crisis hit BlackBerry hard, and the company reported a $1.1 billion net loss in fiscal 2021. Still, BlackBerry recently announced new contracts or extensions of existing deals with Amazon Web Services and Baidu (BIDU). A handful of automakers are also integrating its QNX operating system into their next-generation vehicles. BlackBerry shares soared to nine-year highs in January, and WallStreetBets is still buzzing about the stock.

GameStop Corp. (GME)

Video game retailer GameStop was the original WallStreetBets meme stock that started it all back in January, and the stock's wild ride has continued through June. Gamestop's brick-and-mortar business was struggling even before the health crisis. Short sellers smelled blood in the water, making GameStop one of the most heavily shorted stocks in the entire market coming into 2021. However, Reddit traders rallied around GameStop in January, sending its stock price skyrocketing from less than $18 to as high as $483 in a matter of weeks. WallStreetBets has “diamond hands” for GameStop and remains bullish on the stock.

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AMC Entertainment Holdings (AMC)

Social distancing completely shut down AMC's movie theater business in 2020, leaving the company at risk of financial insolvency in early 2021. However, WallStreetBets got the hashtag #saveAMC trending on social media, and AMC took advantage of its soaring share price to raise hundreds of millions of dollars of desperately needed capital. In recent weeks, AMC shares ripped higher once again, sending the stock up more than 2,000% year to date to new all-time highs. WallStreetBets still likes the stock, and AMC just launched a new platform on its website to thank retail investors by offering exclusive promotions, including free popcorn.

Tilray (TLRY)

In May, Canadian cannabis producer Tilray completed a blockbuster merger with Aphria, making Tilray the world's largest cannabis company. Cannabis investors are optimistic about potential U.S. federal cannabis reform under President Joe Biden's administration. After the initial Reddit-driven short squeeze in AMC and GameStop back in January, WallStreetBets users turned their attention toward cannabis stocks. Tilray shares soared from less than $20 to as high as $67 in a matter of days in early February. Heading into June, some WallStreetBets posters appear to be on the lookout for a potential repeat performance from Tilray in the weeks ahead.

Nokia Corp. (NOK)

Unlike most of the other Reddit favorites, Nokia shares appear to be a compelling value as they are priced at just 18.2 times forward earnings. Nokia's network infrastructure segment revenue was up 22% in the first quarter, helping offset declines in its mobile networks and cloud and network services segments. WallStreetBets sent Nokia shares from less than $4.25 to as high as $9.79 in just three days in January. Buyers may see Nokia as a play on global 5G wireless network rollouts. However, Nokia faces steep 5G competition, and the global chip shortage could be a headwind in the coming quarters.

Sundial Growers (SNDL)

The cannabis business is a risky and unpredictable space for investors, but Sundial Growers is one of the riskiest cannabis stocks of all. Sundial recently reported first-quarter revenue that was down 29.3% from a year ago, and its cannabis sales dropped 45% sequentially in the quarter. Sundial also reported another net loss of 134.4 million Canadian dollars ($111.2 million) as it continues its cycle of selling shares to raise capital and then burning through that cash quarter after quarter. In the past year alone, Sundial's outstanding share count has increased by more than 1,680%, but WallStreetBets is undeterred.

Palantir Technologies (PLTR)

Data analytics company Palantir Technologies has been a favorite among the WallStreetBets crowd since the company's initial public offering in September 2020. Palantir shares climbed from their $10 IPO price to as high as $45 during the Reddit-fueled short squeeze back in January. Unfortunately, Palantir's stock has struggled in the past couple of months. As impressive as the company's growth has been, its stock is pricing in high expectations given its 41.2 price-to-sales ratio. The company recently said it can maintain revenue growth of more than 30% for at least the next four years, and WallStreetBets is still full of Palantir believers.

Eight Reddit stocks trending in June:

— Clover Health Investments Corp. (CLOV)

— BlackBerry (BB)

— GameStop Corp. (GME)

— AMC Entertainment Holdings (AMC)

— Tilray (TLRY)

— Nokia Corp. (NOK)

— Sundial Growers (SNDL)

— Palantir Technologies (PLTR)

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