Tesla Inc. TSLA continued to be the most-discussed stock on Reddit’s r/WallStreetBets forum as of Tuesday night, while Digital World Acquisition Corp. DWAC, Facebook Inc. FB, Advanced Micro Devices Inc. AMD and Ocugen Inc. OCGN are also seeing high interest.
What Happened: Electric vehicle maker Tesla is seeing the highest interest on the forum with 1,094 mentions, followed by exchange-traded fund SPDR S&P 500 ETF Trust SPY with 482 mentions as at press time, data from Quiver Quantitative showed.
Special purpose acquisition company (SPAC) Digital World Acquisition and social media giant Facebook are in the third and fourth positions, having attracted 388 and 374 mentions respectively.
Apart from chipmaker Advanced Micro Devices and biotechnology firm Ocugen, the other stocks trending on the forum include stock trading app Robinhood Markets Inc. HOOD, videogame retailer GameStop Corp. GME, chipmaker Nvidia Corp. NVDA and software giant Microsoft Corp. MSFT.
See Also: Ocugen Reverses Course From Monday's Massive Surge As COVID-19 Vaccine Partner Faces WHO Setback
Why It Matters: Tesla is seeing high interest on the forum after its market capitalization hit the $1 trillion mark for the first time on Monday and Wedbush analyst Daniel Ives maintained an Outperform rating on Tesla with a $1,100 price target.
Digital World Acquisition, which announced a merger with former President Donald Trump’s new social media company Trump Media & Technology Group, tumbled more than 29% in Tuesday’s regular trading session.
Trump announced his plans for the new social media app he plans to roll out, saying he is creating a “Big Tent platform” called Truth Social to take on “Big Tech censorship.”
Shares of Robinhood Markets tumbled more than 8% in the after-hours session after the company reported third-quarter financial results that missed analysts’ estimates.
Microsoft has emerged among the most-discussed stocks on the forum after the company reported first-quarter earnings results that beat analysts’ expectations.
Price Action: Tesla shares closed 0.6% lower in Tuesday’s regular trading session at $1,018.43 and further fell 0.4% in the after-hours session to $1,013.90.
SPDR S&P 500 ETF Trust shares closed less than 0.1% higher in the regular trading session at $455.96 and further rose 0.1% in the after-hours session to $456.46.
Digital World Acquisition shares closed almost 29.6% lower in the regular trading session at $59.07 and further fell almost 5.3% in the after-hours session to $55.95.
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