In this article, we discuss the 5 new stocks Reddit’s WallStreetBets is buying. If you want to read our detailed analysis of these stocks, go directly to Forget AMC and Gamestop: 10 New Stocks Reddit’s WallStreetBets Is Buying.
5. Clean Energy Fuels Corp. (NASDAQ: CLNE)
Number of Hedge Fund Holders: 15
Clean Energy Fuels Corp. (NASDAQ: CLNE) is a renewable energy company. It is placed fifth on our list of 10 new stocks Reddit’s WallStreetBets is buying. The company’s shares have offered investors returns exceeding 408% in the past year. The firm operates in the US and Canada and markets renewable natural gas and other clean solutions for vehicle transport. It also develops and runs fueling stations.
On June 22, Clean Energy Fuels Corp. (NASDAQ: CLNE) stock soared 5% after the firm announced that it had contributed $50 million to a joint venture with energy firm BP in relation to dairy renewable gas projects that will start production by 2022.
Out of the hedge funds being tracked by Insider Monkey, Chicago-based investment firm Driehaus Capital is a leading shareholder in Clean Energy Fuels Corp. (NASDAQ: CLNE) with 2.3 million shares worth more than $32 million.
4. Tesla, Inc. (NASDAQ: TSLA)
Number of Hedge Fund Holders: 62
Tesla, Inc. (NASDAQ: TSLA) is an electric vehicle maker. It also has interests in the clean energy business and cryptocurrencies. The stock is one of the most popular ones on the WallStreetBets forum on Reddit and this is perhaps one reason why the share price of the firm has not crashed more than other crypto-related growth stocks in recent weeks. The firm is ranked fourth on our list of 10 new stocks Reddit’s WallStreetBets is buying. The stock has returned more than 252% to investors in the past twelve months.
On June 24, Tesla, Inc. (NASDAQ: TSLA) owner Elon Musk said on social media that Starlink, the satellite internet project of the company, would not be going public anytime soon but that he would aim to give Tesla shareholders access to the IPO when it did take place.
At the end of the first quarter of 2021, 62 hedge funds in the database of Insider Monkey held stakes worth $10 billion in Tesla, Inc. (NASDAQ: TSLA), down from 68 in the preceding quarter worth $12 billion.
Here is what Baron Partners Fund has to say about Tesla, Inc. (NASDAQ: TSLA) in its Q1 2021 investor letter:
“Tesla, Inc. designs, manufactures, and sells fully electric vehicles, solar products, energy storage solutions, and battery cells. The stock fell during the quarter as a result of general market dynamics and a potential production slowdown due to parts shortages. A refreshed S/X and China Model Y ramp could also have a negative impact on margins in early 2021. We anticipate strong growth and improved margins driven by new production capacity, manufacturing efficiencies, localization of its manufacturing and supply chain, and maturation of Tesla’s full self-driving technology.”
3. ContextLogic Inc. (NASDAQ: WISH)
Number of Hedge Fund Holders: 25
ContextLogic Inc. (NASDAQ: WISH) is a mobile ecommerce company. It has operations in North America, South, America, and Europe, among other places. The company operates the popular Wish platform which acts as a link between users and merchants. In addition to connecting users with merchants, the firm also provides logistical services to businesses. It is placed third on our list of 10 new stocks Reddit’s WallStreetBets is buying. The company’s shares have returned more than 58% to investors in the past four weeks.
On June 14, ContextLogic Inc. (NASDAQ: WISH) stock jumped by close to 5% after the company announced that it had signed a two year partnership agreement with ecommerce platform PrestaShop, allowing brands on the latter to sell on the marketplace of the former.
Out of the hedge funds being tracked by Insider Monkey, New York-based firm JS Capital is a leading shareholder in ContextLogic Inc. (NASDAQ: WISH) with 8.3 million shares worth more than $131 million.
2. Paysafe Limited (NYSE: PSFE)
Number of Hedge Fund Holders: 41
Paysafe Limited (NYSE: PSFE) is ranked second on our list of 10 new stocks Reddit’s WallStreetBets is buying. The firm markets payments solutions to online businesses and consumers. The firm operates the Skrill and NETELLER brands, as well as others, which allow users to make transactions through a virtual account. The firm is most famous for offering eCash solutions, a payment method by which online dealings can be paid with in cash upon finalization.
On May 26, Paysafe Limited (NYSE: PSFE) entered into a deal with Repay Holdings that will enable merchants of Repay to allow cash payments at close to 60,000 retail partner locations of Paysafe.
At the end of the first quarter of 2021, 41 hedge funds in the database of Insider Monkey held stakes worth $1.3 billion in Paysafe Limited (NYSE: PSFE).
1. Clover Health Investments, Corp. (NASDAQ: CLOV)
Number of Hedge Fund Holders: 23
Clover Health Investments, Corp. (NASDAQ: CLOV) is a health insurance provider that operates through a software platform. It is placed first on our list of 10 new stocks Reddit’s WallStreetBets is buying. The company’s shares have returned more than 76% to investors in the past three months. The share of the firm, which is backed by prominent venture capitalist Chamath Palihapitiya, has jumped in recent weeks and SEC filings reveal that the company is presently in a short squeeze.
On June 24, Clover Health Investments, Corp. (NASDAQ: CLOV) stock surged 8% after the firm announced that it would be expanding into more than 100 new markets, more than doubling its presence globally, with a focus on healthcare for underserved communities.
Out of the hedge funds being tracked by Insider Monkey, San Francisco-based investment firm Greenoaks Capital is a leading shareholder in Clover Health Investments, Corp. (NASDAQ: CLOV) with 96.3 million shares worth more than $728 million.
You can also take a peek at Billionaire Stan Druckenmiller’s Top 10 Stock Picks and Billionaire Julian Robertson On Interest Rates and His Top Stock Picks For 2021.
