Tesla Inc. (NASDAQ:TSLA) has emerged as the most-discussed stock on Reddit’s r/WallStreetBets forum as of Sunday night, while Upstart Holdings Inc. (NASDAQ:UPST), GameStop Corp. (NYSE:GME), Coinbase Global Inc. (NASDAQ:COIN) and Facebook Inc. (NASDAQ:FB) are also seeing high interest.
What Happened: Exchange-traded fund SPDR S&P 500 ETF Trust (NYSE:SPY) is seeing the highest interest on the forum with 146 mentions as at press time, followed by electric vehicle maker Tesla with 113 mentions, data from Quiver Quantitative showed.
Consumer lending platform Upstart and videogame retailer GameStop are in the third and fourth positions, having attracted 37 and 33 mentions, respectively.
Apart from cryptocurrency exchange platform Coinbase and social media giant Facebook, the other stocks that are trending on the forum include Canadian cybersecurity company Blackberry Limited (NYSE:BB), logistics company Ryder System Inc. (NYSE:R), online personal finance company SoFi Technologies Inc. (NASDAQ:SOFI) and data analytics company Palantir Technologies Inc. (NYSE:PLTR).
Why It Matters: Tesla is seeing high interest on the forum as the Elon Musk-led company is scheduled to release its financial results for the third quarter after market close on Wednesday, Oct. 20.
The stock rose on Friday after it was reported that Jefferies analyst Philippe Houchois maintained a Buy rating on the stock and raised the company’s price target from $850 to $950.
Coinbase has emerged among the most-discussed stocks on the forum after the company said last week it plans to enter the non fungible tokens (NFT) market by launching an NFT platform called Coinbase NFT.
Mark Zuckerberg-led Facebook said it would create 10000 new jobs in the European Union over the next five years as part of its efforts to build “the metaverse,” a reference to shared online experiences utilizing technologies such as virtual and augmented reality.
Price Action: SPDR S&P 500 ETF Trust’s shares closed almost 0.8% higher in Friday’s trading at $445.87, while Tesla shares closed more than 3% higher at $843.03.
Upstart Holdings shares closed 2.7% higher in the regular trading session at $390.00.