Heading into a new trading week,Square Inc.,RobinHood Markets Inc. and Advanced Micro Devices Inc. are among the stocks seeing the highest interest on Reddit’s r/WallStreetBets forum.
What Happened: Exchange-traded fund S&P SPDR 500 ETF Trust was the most discussed stock on the forum with 181 mentions, fintech firm Square with 56 mentions during the last 24 hours, data from Quiver Quantitative showed.
Online brokerage Robinhood Markets and chipmaker Advanced Micro Devices are in the third and fourth positions, having attracted 47 and 46 mentions on the forum respectively.
The other stocks that are trending on the forum include Chinese e-commerce giant Alibaba Group Holding Ltd., video game retailer GameStop Corp., medical insurance technology company Clover Health Investments Corp., movie theatre chain AMC Entertainment Holdings Inc., e-commerce giant Amazon.com Inc. and electric vehicle maker Tesla Inc..
Why It Matters: Robinhood Markets continues to see high interest from retail investors after its highly anticipated stock-market debut last week. A post on the WSB forum warning that people who shorted Robinhood have a “big storm coming,” had 87% upvotes at press time.
Jack Dorsey-led Square said on Sunday it has agreed to acquire the Australia-based ‘buy now, pay later’ platform Afterpay Ltd. for about $29 billion in stock. The company also reported a turnaround to profit in the second quarter with earnings per share of $0.40, while revenue surged 143% year-over-year to $4.68 billion. While the earnings per share beat analysts’ estimates, revenue missed their expectations.
Shares of Advanced Micro Devices saw unusual options activity on Friday. The company reported better-than-expected second-quarter results last week.
Alibaba is set to report earnings on Tuesday.
Price Action: SPDR S&P 500 ETF Trust shares closed almost 0.5% lower in Friday’s regular trading session at $438.51, while Robinhood Market shares closed almost 1% higher at $35.15.
Square shares closed 3.1% lower in Friday’s trading at $247.26.
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