GameStop Corporation GME was the most-discussed stock Sunday night on r/WallStreetBets or WSB, a popular Reddit investor forum known for short squeezes.
What Happened: The gaming retailer was followed by the teledentistry firm SmileDirectClub Inc SDC and Clover Health Investments Corp CLOV in terms of mentions on WSB, as per Quiver Quantitative data.
See Also: How To Buy GameStop (GME) Shares
Exchange-traded fund SPDR S&P 500 ETF Trust SPY, which received 157 mentions, was the most discussed name on the Reddit forum at press time.
GameStop, SmileDirectClub and Clover Health received 56, 50, and 38 mentions, respectively.
Other notable trending names on the forum included chipmaker Advanced Micro Devices, Inc AMD and Palantir Technologies Inc PLTR.
Why It Matters: The release of Nintendo Co., Ltd’s NTDOY Switch featuring an OLED display was one of the factors that got GameStop trending on Twitter on Friday.
See Also: Why Are Momentive Shares Trading Higher Friday Premarket?
The video game retailer also saw long queues at its properties as it gears up to release new titles like “Call of Duty: Vanguard” from Activision Blizzard Inc ATVI and a slew of others.
On Friday, SPAC King Chamath Palihapitiya said on Twitter that the Centers for Medicare and Medicaid Services upgraded the rating of Clover Health from 3 to 3.5 stars.
Palihapitiya said the upgrade “shows CLOVs ability to execute and validates their wide-open network approach to access a larger TAM [Total Available Market] compared with narrow-network plans offered by competitors.”
Meanwhile, SmileDirectClub is one of the most shorted stocks with 32.84% of its float shorted at press time, as per Highshortinterest.com, a database of stocks with short interest over 20%.
On Friday, a WSB user, Hydradted_af_, posted SmileDirectClub’s chart and said it was “trending beautifully.”
“I would look to buy more between 6.40 - 6.60. Tomorrow I see us testing $7.31, if we break that then we will test the recent high of $8.24. If we bust through that then we are going to see double digits with no end in sight!”
Photo: Courtesy of EPIC via Wikimedia
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Comments
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
