5 Best Reddit Stocks to Buy for Q3 2024
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Reddit and StockTwits have become vital social media platforms for day traders. This trend started in 2021 when an army of traders used these platforms to pump some of the top fallen angels in corporate America like GameStop and AMC Entertainment.
The use of these social media platforms faded for a while and then came back to life in 2024 when Roaring Kitty returned to the market. Here are some of the best Reddit stocks to have in mind.
What are the top Reddit stocks to buy?
Copy link to sectionYou can find a list of our expert picks on the best trending Reddit stocks in the table below. Click the links on each stock symbol to find the latest price information, or keep reading to find out more about why these companies have been chosen.
| # | Stock symbol | Company name | Learn more |
|---|---|---|---|
| 1 | AMC | AMC Entertainment | Learn more > |
| 2 | SOFI | SoFi Technologies | Learn more > |
| 3 | BB | BlackBerry | Learn more > |
| 4 | GME | GameStop | Learn more > |
| 5 | BYND | Beyond Meat | Learn more > |
1. AMC Entertainment (NYSE: AMC)
Copy link to section- Market cap: $1.8 billion
- Dividend yield: N/A
- 1-year return: -88%
- Country: US
AMC Entertainment is one of the most popular companies among Reddit traders. It is a fallen angel that has seen its stock collapse by more than 90% from its all-time high in 2021. This crash happened as the company’s debt jumped and as the government shut it during the Covid-19 pandemic.
In the aftermath, the company became one of the most dilutive names in the US as it raised money to reduce its debt load. It has raised billions of dollars since 2021. Also, the company faces debt maturities worth over $4 billion in the next few years.
AMC’s role as a Reddit stock was seen in 2024 as it joined GameStop in a strong rally after Roaring Kitty’s return to social media. It is also one of the most shorted companies in Wall Street with a short interest of over 15%.
The company could also benefit from the upcoming slate of movies in the coming years. As we saw last year with the successful launch of Barbie and Oppenheimer, there is still demand for good blockbuster movies.
2. SoFi Technologies (NASDAQ: SOFI)
Copy link to section- Market cap: $7.4 billion
- Dividend yield: N/A
- 1-year return: -9.7%
- Country: US
SoFi Technologies is another popular Reddit stock. Valued at over $7.4 billion, it has grown to become one of the biggest fintech companies in the US. It offers numerous services like loans, banking, investment solutions, insurance, and credit cards.
The company’s revenue has grown strongly in the past few years. Its revenue jumped from $442 million in 2019 to over $2.05 billion in 2023. It has also narrowed its losses significantly in the past few years.
SoFi has more room to grow because of its holistic solutions. A potential customer can start using its student loan solutions and then expand to use other solutions like credit cards and investing.
SoFi is also a good takeover candidate from companies like PayPal and Fidelity National Information Services.
3. BlackBerry (NYSE: BB)
Copy link to section- Market cap: $1.5 billion
- Dividend yield: N/A
- 1-year return: -48%
- Country: Canada
BlackBerry is best known for being one of the first companies into the smartphone game. The modern BlackBerry, however, is a long way from that. Nowadays its focus is on cybersecurity and the Internet of Things.
Stocks that are favoured by Reddit investors often have an emotional attachment to the people involved, and BlackBerry certainly fits that bill. Alongside that, there are legitimate business reasons to be bullish on its future because its new products are such an integral part of the modern world.
BlackBerry products and software use artificial intelligence and machine learning to protect against hacks, and are already in use by governments and in things like driverless cars. Like another similar company, Nokia, it’s suffered through a period in the doldrums but has transformed so that it’s well set to make money in the long term.
4. GameStop (NYSE: GME)
Copy link to section- Market cap: $10 billion
- Dividend yield: N/A
- 1-year return: 8%
- Country: USA
GameStop, a company in a dying industry, is the most popular Reddit stock. It started the whole meme stock investing craze in 2021 when it was one of the most shorted companies in the United States. At the time, the stock surged from less than $5 to over $75 within a few weeks.
The stock then collapsed as the meme stock craze failed until Roaring Kitty returned to the market in 2024. At the time, the stock surged to over $50 within a few days, a move that pushed its market cap to over $14 billion.
GameStop, despite its many challenges, has one of the best balance sheets in the retail industry. It has over $1 billion in cash and short-term investments and minimal debt.
5. Beyond Meat (NASDAQ: BYND)
Copy link to section- Market cap: $492 million
- Dividend yield: N/A
- 1-year return: -29%
- Country: USA
Beyond Meat is another company that has become highly popular among Reddit traders, thanks to its substantial short interest and the nature of its business. The company has a short interest of over 35% and is in an industry that is not growing.
Beyond Meat, which offers plant-based meat, has seen its revenue drop and losses mount. Its annual revenue dropped to $343 million in 2023. Its net loss soared to over $338 million, putting the company at risk of raising cash.
While Beyond Meat’s business is struggling, it could go through a short squeeze because of its huge short interest.
Where to buy the best Reddit shares
Copy link to sectionTo get any of these top trending stocks on Reddit you need to sign up with an online stock broker. These are platforms that you have to use to buy and hold the shares you want. Any of the options below is an excellent place for a beginner to start, and you can create an account in a few minutes by clicking the links in the table.
We found 4 online brokers for users based in
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What is a Reddit stock?
Copy link to sectionA stock in a company that has become popular on the social message board, Reddit. Reddit is a haven of amateur enthusiasts who try to identify the next big thing or stick it to Wall Street analysts by proving them wrong about a stock.
Trending stocks on Reddit generate interest for all sorts of different reasons; as a result of legitimate amateur analysis, simply as jokes, or in a deliberate attempt to try to attack hedge funds that are ‘short’ a stock. Sometimes you might find that a popular company is trending, like Tesla stock or Meta Platforms, based on genuine financial fundamentals, such as quarterly revenue or an increase in net income
Other times, you might find companies that you’ve hardly heard of or which have been struggling. So you need to be careful to understand what is driving a stock to trend on Reddit.
Are Reddit shares a good investment?
Copy link to sectionThe answer can be very different depending on which company you choose. If you put some money in GameStop when it first became popular on Reddit, you were likely to make a substantial profit. But you can also lose money quickly on stocks that fall from favour in a few days.
The theme that runs across every company on this list is volatility. Sudden bursts of interest that lead to a lot of buying and selling makes the price of each stock bounce around. It can be risky to invest in that sort of environment, so you need to be prepared for the value of your investment to change a lot over the course of a day or two.
Sometimes top trending stocks on Reddit are companies in dire financial straits that simply generate an emotional connection in the posters’ minds. If you find companies that routinely post a net loss or perform a reverse stock split to try to stay afloat: be careful.
The best thing to do is to only put in a small amount into these Reddit stocks that you can afford to lose. Not every stock is going to go ‘to the moon’, so protect yourself in case you pick wrong. Finally, make sure to keep track of the companies you have money in, because the nature of Reddit stocks is that things can change rapidly.
Methodology: How we choose the best Reddit stocks
Copy link to sectionAt Invezz, our mission is to empower our readers with the most accurate and reliable financial information. Our curated selection of the best stocks in specific industries is designed to provide investors with well-researched, expertly reviewed stock recommendations. Our team follows a rigorous process to ensure our readers receive high-quality, trustworthy stock selections.
- Initial screening. Our team of experienced stock market analysts conducts an initial screening of stocks within the chosen industry. This involves analyzing a broad range of companies based on key financial metrics such as revenue growth, profitability, debt levels, and market capitalization.
- Earnings reports and financial analysis. Analysts review the latest earnings reports of shortlisted companies. This includes a detailed assessment of financial statements, looking for consistent earnings growth, strong balance sheets, and positive cash flow trends. Special attention is given to year-over-year performance and quarterly results.
- Sector analysis. A comprehensive sector analysis is conducted to understand the macroeconomic factors affecting the industry. This includes examining market trends, competitive landscape, regulatory changes, and technological advancements. Our analysts utilize industry reports, market research, and economic forecasts to gain a holistic view of the sector.
- Analyst recommendations. We consider recommendations from reputable sources such as Barron’s and Zacks. These sources provide expert opinions and ratings on stocks, which serve as an additional layer of validation for our selections. Incorporating external analyst recommendations ensures that our curated stocks are backed by a consensus of expert views.
- Internal review. After the initial selection by our analysts, the chosen stocks are reviewed by a sub-editor. The sub-editor ensures that the analysis is clear, concise, and adheres to Invezz’s editorial guidelines. This review process helps maintain the quality and readability of our content, making it accessible to a broad audience.
- Quarterly updates. To ensure our stock recommendations remain relevant and up-to-date, we update the curated section quarterly. Each update cycle involves re-evaluating the stocks based on the latest financial reports, industry developments, and market conditions. This regular update process ensures that our recommendations reflect the most current information available.
Our approach combines expert analysis, comprehensive research, and regular updates to deliver reliable and insightful investment recommendations. Read more about our review process and editorial policy.
More of the best performing stocks
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