In this article we discuss the 5 top Robinhood stocks popular on Reddit. If you want to read our detailed analysis of these stocks, go directly to the Top Robinhood Stocks Popular on Reddit.
5. GameStop Corp. (NYSE: GME)
Number of Hedge Fund Holders: 13
GameStop Corp. (NYSE: GME) is ranked fifth on our list of top Robinhood stocks popular on Reddit. The company’s shares have returned more than 4,780% to investors in the past year. The firm retails video games and other entertainment products. Recently, it has been embroiled in short-seller schemes but has managed to come out on top as retail investors on internet platforms like Reddit spoil big finance bets against the firm by buying up the stock to drive up the share price dramatically.
On June 22, news publication Financial Times reported that White Square Capital, a hedge fund that operated from London, would be shutting down after suffering huge losses trying to short-sell GameStop Corp. (NYSE: GME) stock.
Out of the hedge funds being tracked by Insider Monkey, Chicago-based investment firm Citadel Investment Group is a leading shareholder in GameStop Corp. (NYSE: GME) with 3.2 million shares worth more than $620 million.
In its Q1 2021 investor letter, Boyar Value Group, an asset management firm, highlighted a few stocks and GameStop Corp. (NYSE: GME) was one of them. Here is what the fund said:
“Then the Reddit/WallStreetBets crowd burst on the scene, with nonprofessional investors informally banding together to buy stocks that in many cases were heavily shorted (presumably by hedge funds), causing a “short squeeze” in certain stocks, most notably mall-based video game retailer GameStop. At one point during January, GameStop shares had advanced 1,741% for the year! This short squeeze destroyed some hedge funds and left former star hedge fund manager Gabe Plotkin of Melvin Capital nursing a 53% loss for January, causing him to seek a capital injection from his former boss, Steven Cohen, and Citadel Securities’ Ken Griffin.”
4. AMC Entertainment Holdings, Inc. (NYSE: AMC)
Number of Hedge Fund Holders: 19
AMC Entertainment Holdings, Inc. (NYSE: AMC) is a Kansas-based company that owns several movie theatres and other screens around the world. It is placed fourth on our list of top Robinhood stocks popular on Reddit. The stock has returned over 1,256% to investors in the past twelve months. The firm operates more than 1,000 theatres and over 10,000 screens and is the largest movie theatre brand in the world. The firm has been in recent years as internet-based streaming becomes popular and cinema-goers decrease.
On June 18, as AMC Entertainment Holdings, Inc. (NYSE: AMC) continued to be in the focus of a short-selling scheme, James Gorman, the CEO of investment bank Morgan Stanley, told news publication CNBC that the dramatic rise in the share price of AMC could be a recipe for disaster.
At the end of the first quarter of 2021, 19 hedge funds in the database of Insider Monkey held stakes worth $34 million in AMC Entertainment Holdings, Inc. (NYSE: AMC), up from 16 in the preceding quarter worth $24 million.
In its Q1 2021 investor letter, Mittleman Brothers, an asset management firm, highlighted a few stocks and AMC Entertainment Holdings, Inc. (NYSE: AMC) was one of them. Here is what the fund said:
“As noted in our Year End 2020 Investment Review (published on 2/1/21), we exited our position in AMC at around $14 during the last week of January. That price exceeded our then $10 estimate of fair value, as the stock went parabolic with the Gamestonk/Reddit/WallStreetBets frenzy that captivated the media, market and general population in January. As long-term shareholders, we were pleased that AMC’s CEO, Adam Aron, did not take the easy way out during AMC’s darkest days when the vast majority of the investment community were writing the company’s obituary. He showed loyalty to shareholders despite being in the zone of insolvency (where fiduciary duty to shareholders extends to creditors as well).”
3. Jowell Global Ltd. (NASDAQ: JWEL)
Number of Hedge Fund Holders: N/A
Jowell Global Ltd. (NASDAQ: JWEL) is a Chinese ecommerce platform that sells electronics, household items, cosmetics, and other products. It owns and runs more than 24,000 stores across the Asian country. It is ranked third on our list of top Robinhood stocks popular on Reddit. The firm has a market capitalization of over $165 million and posted more than $96 million in revenue last year. It is headquartered in the industrial capital of Shanghai.
In quarterly earnings results, posted on June 16, Jowell Global Ltd. (NASDAQ: JWEL) reported a revenue of more than $28 million for the first three months of 2021, up close to 200% compared to the revenue over the same period in the previous year.
Out of the hedge funds being tracked by Insider Monkey, New York-based firm Millennium Management is a leading shareholder in Jowell Global Ltd. (NASDAQ: JWEL) with 36,053 shares worth more than $279,000.
2. Applied Genetic Technologies Corporation (NASDAQ: AGTC)
Number of Hedge Fund Holders: 13
Applied Genetic Technologies Corporation (NASDAQ: AGTC) is a biotechnology company that develops therapies for rare diseases. It is placed second on our list of top Robinhood stocks popular on Reddit. The stock has returned 7% to investors over the course of the past four weeks. Some of the drugs it is working on will treat conditions like advanced retinal disease, retinitis pigmentosa, and others. The firm was founded in 1999 and operates from Florida. It is one of the most popular stocks on Reddit and Robinhood.
On June 24, Applied Genetic Technologies Corporation (NASDAQ: AGTC) stock jumped more than 6% after the company made public data from the preclinical trials related to the treatment of achromatopsia, a condition manifested by absence of color vision.
At the end of the first quarter of 2021, 13 hedge funds in the database of Insider Monkey held stakes worth $23 million in Applied Genetic Technologies Corporation (NASDAQ: AGTC), up from 8 in the preceding quarter worth $19 million.
1. Citius Pharmaceuticals, Inc. (NASDAQ: CTXR)
Number of Hedge Fund Holders: 5
Citius Pharmaceuticals, Inc. (NASDAQ: CTXR) is a biopharmaceutical firm that focuses on the development of products for critical care patients. Some of the areas it works on include anti-infective and mesenchymal stem cell therapy, among others. The drugs the company is developing include Mino-Lok and Mino-Wrap. The former is for patients with bloodstream infections. The firm is ranked first on our list of top Robinhood stocks popular on Reddit. The company’s shares have returned 185% over the course of the past twelve months.
On June 7, Citius Pharmaceuticals, Inc. (NASDAQ: CTXR) announced that it would be joining the Russell 2000 Index by the end of June. Myron Holubiak, the CEO of the firm, has termed the inclusion an important milestone for the company.
Out of the hedge funds being tracked by Insider Monkey, New York-based investment firm Renaissance Technologies is a leading shareholder in Citius Pharmaceuticals, Inc. (NASDAQ: CTXR) with 989,096 shares worth more than $1.7 million.
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