What will be the next big meme stock? Chatter on Reddit’s WallStreetBets offers hints
While GameStop’s reign as king of the meme stocks doesn’t seem like it’s likely to end anytime soon, the r/WallStreetBets crowd on Reddit is always looking for the next big thing. And two stocks are showing signs of potentially breaking out from the pack.
Nio, a Chinese automobile manufacturer specializing in electric vehicles, and broadcast giant ViacomCBS have both seen substantially increased levels of discussion on the subreddit, according to YoloStocks, which tracks stock ticker mentions in the forum.
Nio was the 12th most mentioned stock in the past 24 hours and ViacomCBS was 13th. While those aren’t especially noteworthy rankings on their own, it’s the leap both have made that make them noteworthy. Nio, at this time Sunday, was the 64th most discussed stock, and Viacom was the 41st.
As of 11 a.m. ET, Nio shares were up more than 6%, while ViacomCBS was up more than 5%.
Reddit’s evangelists are predicting Nio will hit $60. And ViacomCBS is attracting the “hodlers.”
“Easy decision to park cash and follow the momentum,” said user scmfreelance.
Meme stocks have been fairly quiet in the past week or two, but often roar without warning. It’s also worth pointing out that many traders have infiltrated r/WallStreetBets and are using the forum to talk up stocks in hopes of cashing out quickly if buyers jump onboard and pump up the price.
Nio could also be benefiting from a wider trend in investor excitement about Chinese EV manufacturers. The company has stood out because of its broader ambitions. ViacomCBS, meanwhile, saw some excitement last week after a Wall Street Journal report raised speculation about a Comcast acquisition offer.
GameStop remains the most mentioned stock on r/WallStreetBets, says Yolostocks. Rounding out the top five are ContextLogic (parent of Wish.com), Virgin Galactic, AMC (a favorite of WSB’s “AMC Apes”) and Clover Health.
This story was originally featured on Fortune.com
