Karl Mondon/Digital First Media/The Mercury News via Getty Images
- Meme stocks like AMC Entertainment have outperformed the market since Labor Day.
- Redditors are currently buzzing about Apple as it announces a new version of the iPhone.
- Here are the top 11 meme stocks on Reddit right now, according to HypeEquity.
- See more stories on Insider’s business page.
Meme stocks are trouncing the broader market as individual investors discuss their favorite equities in online forums on sites like Reddit. AMC Entertainment (AMC), a popular name among retail traders, is up 17% since Labor Day weekend while the S&P 500 has slipped 1.4%.
These so-called meme stocks don’t have a dictionary definition, but they’re not too tough to identify. Stocks that surge on an upswing in trading volume and have a sizable online fanbase fit the bill. Social media users hoping to send shares “to the moon” typically drive the rallies.
GameStop (GME) and AMC Entertainment, the two original meme stocks, have risen 940% and 2,269%, respectively, this year. These eye-popping surges have inspired investors to find the next big meme stock, but it takes a ton of time and research to do so.
Enter HypeEquity, a site designed by software engineer Travis Rehl to make the search easier. It tracks and analyzes posts about stocks in investing forums on Reddit and is designed to help investors find popular and fast-rising meme stocks.
“I made some money off of GameStop, and I said, ‘Hey, this is pretty cool, I want to do more of this,'” Rehl told Insider. “And I quickly realized it’s impossible to do more of it because you have to spend so much time to research and learn. So I said to myself, ‘I’ll make other people do it for me.'” Rehl continued, “Letting other people do stock discovery and talk about it, and then they’ll bubble to the top, the top 10 things I should be looking at, and I’ll spend my time on those.”
HypeEquity has two top 10 lists of stocks on its homepage: hyped stocks, or those with the most mentions and high trading volumes, and trending stocks, or the fastest risers on Reddit.
All of the following names appear on both lists, except for two: Alibaba (BABA), a hyped stock, and Ocugen (OCGN), a trending stock.
Below is a list of the top 11 stocks on Reddit from HypeEquity’s hyped stocks and trending stocks pages, as of early Tuesday. Along with each stock are its ticker and the following data from HypeEquity: category (hyped or trending), social mentions, and social volume percent change.
1. GameStop
Markets Insider
Ticker: GME
Category: Hyped, Trending
Social mentions: 765
Social volume change: 259%
2. Cameco
Markets Insider
Ticker: CCJ
Category: Hyped, Trending
Social mentions: 742
Social volume change: 139%
3. Clover Health
Markets Insider
Ticker: CLOV
Category: Hyped, Trending
Social mentions: 401
Social volume change: 157%
4. AMC Entertainment
Markets Insider
Ticker: AMC
Category: Hyped, Trending
Social mentions: 303
Social volume change: 91.8%
5. Apple
Markets Insider
Ticker: AAPL
Category: Hyped, Trending
Social mentions: 237
Social volume change: 59.1%
6. SmileDirectClub
Markets Insider
Ticker: SDC
Category: Hyped, Trending
Social mentions: 230
Social volume change: 1,433%
7. Tesla
Markets Insider
Ticker: TSLA
Category: Hyped, Trending
Social mentions: 205
Social volume change: 130%
8. Clean Energy Fuels
Markets Insider
Ticker: CLNE
Category: Hyped, Trending
Social mentions: 138
Social volume change: 4,500%
9. Alibaba
Markets Insider
Ticker: BABA
Category: Hyped
Social mentions: 98
Social volume change: -57.6%
10. Palantir
Markets Insider
Ticker: PLTR
Category: Hyped, Trending
Social mentions: 88
Social volume change: 63%
11. Ocugen
Markets Insider
Ticker: OCGN
Category: Trending
Social mentions: 68
Social volume change: 750%