In this article, we discuss 5 best Reddit stocks to buy now. If you want to read our detailed analysis of retail investors and the importance of Reddit in the investment world, go directly to read 12 Best Reddit Stocks To Buy Now.
5. Advanced Micro Devices, Inc. (NASDAQ:AMD)
Number of Hedge Fund Holders: 91
Advanced Micro Devices, Inc. (NASDAQ:AMD) is a California-based semiconductor company that specializes in designing and manufacturing computer processors, graphics processing units (GPUs), and related technologies. It is one of the best Reddit stocks on our list.
Redditors are piling into Advanced Micro Devices, Inc. (NASDAQ:AMD) as the stock has enjoyed healthy gains in 2023, gaining 81.1% so far. The community also believes that the company would be able to sustain its rally for the rest of the year as well because of its solid guidance for FY23. Moreover, analysts have given a positive outlook on the semiconductor sector because of the ongoing AI rally.
At the end of Q1 2023, 91 hedge funds in Insider Monkey’s database reported having stakes in Advanced Micro Devices, Inc. (NASDAQ:AMD), valued at $4.8 billion collectively.
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4. PayPal Holdings, Inc. (NASDAQ:PYPL)
Number of Hedge Fund Holders: 103
PayPal Holdings, Inc. (NASDAQ:PYPL) is next on our list of the best Reddit stocks. The financial tech company is popular among the Reddit community as the company showed growth on nearly all accounts in the first quarter of 2023. As the stock is down 3.33% year-to-date, retail investors on Reddit believe that the stock is undervalued right now but there is anticipation that it will experience a substantial increase in value when it begins to recover.
As of the close of Q1 2023, PayPal Holdings, Inc. (NASDAQ:PYPL) was a part of 103 hedge fund portfolios, according to Insider Monkey’s database. The stakes owned by these hedge funds have a total value of over $3.66 billion.
Manole Capital Management mentioned PayPal Holdings, Inc. (NASDAQ:PYPL) in its Q2 2023 investor letter. Here is what the firm has to say:
“For our purposes, we are just going to focus on software digital wallets, as they are much more common and accessible. If you own an iPhone, then you have an Apple Pay pre-loaded digital wallet. If you have a Samsung phone, you have Samsung Pay available for use. Those two, along with Google Pay and PayPal Holdings, Inc. (NASDAQ:PYPL), are the four most popular digital wallets today. According to the Payments Journal, PayPal has been used (over the last 12 months) by 62% of American consumers, followed by Apple Pay at 41% and Google Pay at 32%. (Click here to read the full text)
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3. Netflix, Inc. (NASDAQ:NFLX)
Number of Hedge Fund Holders: 108
Netflix, Inc. (NASDAQ:NFLX) is an American streaming media company. The stock is gaining traction among retail investors as it has expanded its advertising business over the years. The company is exploring ways to enhance its advertising capabilities to increase revenue. It is also considering implementing “episodic” ad campaigns, allowing viewers to see related ads that avoid repetition while watching content. The company intends to use its own data to create more personalized and targeted advertising formats. In the last 24 hours, the stock got 21 mentions on r/wallstreetbets, which makes it one of the best Reddit stocks on our list.
At the end of March 31, 108 hedge funds tracked by Insider Monkey presented a bullish stance on Netflix, Inc. (NASDAQ:NFLX). The stakes owned by these hedge funds have a total value of roughly $7.5 billion.
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2. Apple Inc. (NASDAQ:AAPL)
Number of Hedge Fund Holders: 131
Apple Inc. (NASDAQ:AAPL) has always been one of the favorite stocks of Redditors. This time the popularity of the stock among the community revolves around Lionel Messi’s contract with Inter Miami, which leads to the possibility of Messi getting a portion of the revenue generated by MLS Season Pass, which is the league’s streaming package on Apple TV+.
In addition to this, Apple Inc. (NASDAQ:AAPL)’s representation in the S&P 500 has reached a historic high, accounting for 7.6% of the index’s total value, as of July 3. This makes it the largest single stock in the history of the benchmark index. With such a significant presence, any movements in the stock’s share price can have a significant impact on the overall performance of the S&P 500 index.
Apple Inc. (NASDAQ:AAPL) was a part of 131 hedge fund portfolios at the end of Q1 2023, as per Insider Monkey’s database. These stakes are collectively worth over $165.2 billion.
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1. NVIDIA Corporation (NASDAQ:NVDA)
Number of Hedge Fund Holders: 132
NVIDIA Corporation (NASDAQ:NVDA) tops our list of the best Reddit stocks to buy now. The multinational tech company got 94 mentions on r/wallstreetbets in the last 24 hours. Its $50 million worth of investment in Recursion Pharmaceuticals (RXRX), an AI drug discovery platform, has grabbed retail investors’ attention. The Reddit community believes that AI drug discovery is now a highly popular market for investment in the startup industry. By utilizing AI technology, the process of discovering new drugs is being revolutionized, leading to quicker and more cost-effective development methods.
NVIDIA Corporation (NASDAQ:NVDA) was a popular buy among hedge funds in Q1 2023, as 132 hedge funds tracked by Insider Monkey owned stakes in the company, up from 106 in the previous quarter.
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You can also take a look at 10 Best Innovative Stocks that Pay Dividends and Ray Dalio’s China Stocks
