5 best Reddit stocks to buy for Q4 2024
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Use this page to find the trending stocks on Reddit at the moment. Our expert analysts have combed through the subreddits to find the best stocks with the most potential to succeed, and have come up with a list that has something on it for every investor.
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 | |
|---|---|---|---|
| 1 | AAPL | Apple | Trade AAPL 77% of retail CFD accounts lose money. |
| 2 | SOFI | SoFi Technologies | |
| 3 | BB | BlackBerry | Trade BB 77% of retail CFD accounts lose money. |
| 4 | GME | GameStop | Trade GME 77% of retail CFD accounts lose money. |
| 5 | SDC | SmileDirectClub |
1. Apple (NASDAQ: AAPL)
Copy link to sectionApple is a household name and one of the best stocks to buy in its own right. Set up by Steve Jobs in the 1970s, the company is famous for developing revolutionary technology in the form of the Mac computer and then the iPhone in particular.
It’s attracted attention on Reddit on the back of the release of the iPhone 13 and it is comfortably the most established and quality company on this list. It’s already the most valuable company in the world but it’s still growing its revenue.
If you just want to find a stock that’s popular on Reddit and has the least risk attached, then Apple is it. It’s a blue-chip stock with a valuable brand that’s constantly innovating. It’s the safest way to join the retail investors club.
77% of retail CFD accounts lose money.
2. SoFi Technologies (NASDAQ: SOFI)
Copy link to sectionSoFi is an online personal finance company. It helps students, in particular, manage their debt and offers a variety of online banking services like loans and credit cards. The company is backed by Chamath Palihapitiya, who is a little like the Pied Piper of meme stocks. He’s also been involved with Clover Health, which is popular on Reddit as well.
That’s one of the reasons the stock is favoured by Reddit investors even despite some shaky recent results. The other is that people are willing to overlook short term losses because SoFi is growing its membership at a rapid rate; it doubled in the last quarter alone.
SoFi’s whole business model offers an alternative to traditional high street banks. That means it has a variety of different revenue streams and opportunities to up and cross-sell its products to its members. All of which put it in a great spot to grow in the medium term.
3. BlackBerry (NYSE: BB)
Copy link to sectionBlackBerry 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.
77% of retail CFD accounts lose money.
4. GameStop (NYSE: GME)
Copy link to sectionGameStop became the first true ‘Reddit stock’ in 2021 when it became the cause celebre of investors on social media. Before that, it was just a normal high street video game retailer struggling to make ends meet.
It retains a special place on the message board, whose continued involvement means that the stock has stuck at a price point way above anything it had ever seen before. It’s still more than 800% up across 2021 as a whole.
Like many companies that are hyped up on Reddit, there was an initial business reason for its popularity. It was taken over by an activist investor at the end of 2020, who wanted GameStop to focus more on online sales rather than the physical stores. The increased attention only accelerated that process, and the company is in a much better place now than it was at the start of the meme stock craze.
77% of retail CFD accounts lose money.
5. SmileDirectClub (NASDAQ: SDC)
Copy link to sectionSmileDirectClub is a dentistry company with a twist. It uses technology to design its products and most of the process takes place online, rather than you having to actually visit a dentist. You can scan your teeth at home and then order some 3D-printed braces that are specific to you.
SmileDirectClub is a classic Reddit stock because there are a lot of institutional investors who don’t like the company. That means there’s lots of people ‘short’ the stock, so it might be set up for a short squeeze. This is the same pattern that set the prices of GameStop and AMC stock surging at the start of 2021.
There might not be the same long term upside from SDC as the others on this list. There are legitimate questions about whether its cheap aligners business model can work. However, there is the potential for a short squeeze and the stock is normally quite volatile, which offers up lots of opportunity for traders to benefit from.
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.
77% of retail CFD accounts lose money.
Buy or sell stock CFDs with Plus500. 82% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money.
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.
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