Tesla Remains Top WallStreetBets Interest And These Are Other Top Trends Today

Tesla Inc. TSLA continued to be the most-discussed stock on Reddit’s r/WallStreetBets forum as of Monday night, while Cloudflare Inc. NET, SoFi Technologies Inc. SOFI, GameStop Corp. GME and Apple Inc. AAPL are also seeing high interest.

What Happened: Exchange-traded fund SPDR S&P 500 ETF Trust SPY is seeing the highest interest on the forum with 435 mentions as at press time, followed by electric vehicle maker Tesla with 388 mentions, data from Quiver Quantitative showed.

Website security company Cloudflare and online personal finance company SoFi Technologies are in the third and fourth positions, having attracted 119 and 111 mentions, respectively.

Apart from videogame retailer GameStop and tech giant Apple, the other stocks trending on the forum include consumer lending platform Upstart Holdings Inc. UPST, chipmaker Advanced Micro Devices Inc. AMD, Bitcoin mining company Riot Blockchain Inc. RIOT and social media giant Facebook Inc. FB.  

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Why It Matters: Tesla continues to see high interest on the forum as the Elon Musk-led company is scheduled to release its financial results for the third quarter after market close on Wednesday.

Wedbush Securities analyst Daniel Ives maintained an Outperform rating and a price target of $1,000 on the Tesla stock, noting that the electric vehicle maker’s robust third-quarter deliveries would help it deliver an earnings beat.

Cloudflare said it would partner with Microsoft Corp. (MSFT), Yandex NV YNDX and other search engines to help businesses get the most timely and relevant search results to their customers.

In addition, Mizuho analyst Gregg Moskowitz raised the price target on Cloudflare to $140 from $105 and maintained a Neutral rating.

Apple continued to be among the most-discussed stocks on the forum after the Tim Cook-led company on Monday unveiled redesigned MacBook Pro laptops powered by in-house advanced chips and also launched the third generation of AirPods.

Price Action: SPDR S&P 500 ETF Trust’s shares closed 0.3% higher in Monday’s regular trading session at $447.19 and further edged up less than 0.1% in the after-hours session to $447.34.

Tesla shares closed 3.2% higher in the regular trading session at $870.11 and further rose 0.2% in the after-hours session to $872.07.

Cloudflare shares closed 7.8% higher in the regular trading session at $180.77 and further rose less than 0.1% in the after-hours session to $180.90.

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