In this article, we discuss the 5 new Reddit WallStreetBets stocks on the rise. If you want to skip our detailed analysis of these stocks, go directly to the 10 New Reddit WallStreetBets Stocks On the Rise.
5. Pure Storage, Inc. (NYSE: PSTG)
Number of Hedge Fund Holders: 31
Percentage Gain in Past Five Days: 23.68%
Pure Storage, Inc. (NYSE: PSTG) is ranked fifth on our list of 10 new Reddit WallStreetBets stocks on the rise. The firm provides technology and data storage solutions and operates from California.
On August 26, investment advisory Bank of America reiterated a Buy rating on Pure Storage, Inc. (NYSE: PSTG) stock and raised the price target to $28 from $26, noting that the firm had strong momentum in the subscription business.
Out of the hedge funds being tracked by Insider Monkey, New York-based investment firm Eminence Capital is a leading shareholder in Pure Storage, Inc. (NYSE: PSTG) with 7.8 million shares worth more than $152 million.
4. Dynavax Technologies Corporation (NASDAQ: DVAX)
Number of Hedge Fund Holders: 15
Percentage Gain in Past Five Days: 30.87%
Dynavax Technologies Corporation (NASDAQ: DVAX) is a California-based biopharmaceutical company. It is placed fourth on our list of 10 new Reddit WallStreetBets stocks on the rise.
On August 31, investment advisory HC Wainwright maintained a Buy rating on Dynavax Technologies Corporation (NASDAQ: DVAX) stock and raised the price target to $23 from $20, noting the revenue the firm generated from COVID vaccines could be higher than expected.
At the end of the second quarter of 2021, 15 hedge funds in the database of Insider Monkey held stakes worth $101 million in Dynavax Technologies Corporation (NASDAQ: DVAX), up from 14 in the previous quarter worth $81 million.
3. Affirm Holdings, Inc. (NASDAQ: AFRM)
Number of Hedge Fund Holders: 25
Percentage Gain in Past Five Days: 35.82%
Affirm Holdings, Inc. (NASDAQ: AFRM) is a California-based firm that owns and runs a mobile-first commerce platform. It is ranked third on our list of 10 new Reddit WallStreetBets stocks on the rise.
On August 30, investment advisory RBC Capital kept an Outperform rating on Affirm Holdings, Inc. (NASDAQ: AFRM) stock and raised the price target to $124 from $87, appreciating a partnership the company had entered into with ecommerce giant Amazon.
Out of the hedge funds being tracked by Insider Monkey, New York-based investment firm Thrive Capital is a leading shareholder in Affirm Holdings, Inc. (NASDAQ: AFRM) with 3.9 million shares worth more than $265 million.
2. Globalstar, Inc. (NYSE: GSAT)
Number of Hedge Fund Holders: 11
Percentage Gain in Past Five Days: 46.59%
Globalstar, Inc. (NYSE: GSAT) is placed second on our list of 10 new Reddit WallStreetBets stocks on the rise. The firm markets mobile satellite services and is headquartered in Louisiana.
On June 21, investment advisory B Riley initiated coverage of Globalstar, Inc. (NYSE: GSAT) stock with a Buy rating and a price target of $3.25, noting that 2021 was an exciting time to buy the shares of a company that was on a growth trajectory.
At the end of the second quarter of 2021, 11 hedge funds in the database of Insider Monkey held stakes worth $166 million in Globalstar, Inc. (NYSE: GSAT), up from 10 in the previous quarter worth $163 million.
1. Vallon Pharmaceuticals, Inc. (NASDAQ: VLON)
Number of Hedge Fund Holders: 1
Percentage Gain in Past Five Days: 55.48%
Vallon Pharmaceuticals, Inc. (NASDAQ: VLON) is ranked first on our list of 10 new Reddit WallStreetBets stocks on the rise. The firm makes and sells biopharmaceutical products and is headquartered in Pennsylvania.
On July 13, Vallon Pharmaceuticals, Inc. (NASDAQ: VLON) reported that it had secured a patent from authorities in Europe covering ADAIR, the proprietary abuse-deterrent formulation of immediate-release dextroamphetamine being developed by the firm.
At the end of the second quarter of 2021, 1 hedge fund in the database of Insider Monkey held stakes worth $761,000 in Vallon Pharmaceuticals, Inc. (NASDAQ: VLON), down from 3 in the preceding quarter worth $876,000.
You can also take a peek at 10 Reddit’s WallStreetBets Meme Stocks Hedge Funds are Piling Into and 10 Biggest Hedge Fund Casualties of Reddit WallStreetBets’ Short Squeezes.
