Tesla Top-Discussed Stock On WallStreetBets Heading Into New Week; Nvidia, Sundial And These Are Other Top Trends

Tesla Inc. TSLA continues to be the most-discussed stock on Reddit’s r/WallStreetBets forum as of early Monday, while Nvidia Corp. NVDA, Sundial Growers Inc. SNDL, Tilray Inc. TLRY and GameStop Corp. GME are also seeing high interest.

What Happened: Tesla is seeing the highest interest on the forum with 152 mentions as at press time, followed by exchange-traded fund SPDR S&P 500 ETF Trust SPY with 121 mentions.

Graphics chipmaker Nvidia and cannabis company Sundial are in the third and fourth positions, having attracted 78 and 50 mentions, respectively.

Apart from cannabis company Tilray and videogame retailer GameStop, the other stocks trending on the forum include chipmaker Advanced Micro Devices Inc. AMD, electric vehicle maker Rivian Automotive Inc. RIVN, exchange-traded fund Invesco QQQ Trust QQQ and Facebook Inc. FB.

See Also: Josh Brown On Nvidia Downgrade: 'One Of The Most Ridiculous Things I Have Ever Read'

Why It Matters: Nvidia is seeing high interest on the forum after Wedbush analyst Matt Bryson downgraded Nvidia from Outperform to Neutral and raised the price target from $220 to $300. The analyst cited valuation for the downgrade, with the shares trading at 55 times his 2024 numbers.

Nvidia is scheduled to report its financial results on Wednesday after market close.

Sundial’s shares surged in Friday’s regular trading session after the company reported a turnaround to profit in the third quarter and said its board of directors approved a new share repurchase program of up to CAD$100 million.

Tilray has also emerged among the most-discussed stocks on the forum on continued legalization hopes amid a Republican-led marijuana legalization bill.

Newly-listed electric vehicle maker Rivian Automotive’s shares gained 5.7% in Friday’s regular trading session. A Reddit user said in a post on the forum that he believes Rivian would “flop hard” as its evaluation is based on what Tesla has done.

Price Action: Tesla shares closed 2.8% lower in Friday’s regular trading session at $1,033.42 and further lost 0.3% in the after-hours session to $1,029.99.

SPDR S&P 500 ETF Trust shares closed almost 0.8% higher in the regular trading session at $467.27 and further rose less than 0.1% in the after-hours session to $467.60.

Nvidia shares closed flat in the regular trading session at $303.90, but lost 0.8% in the after-hours session to $301.40.

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