Reddit’s WallStreetBets is Buying These 13 Stocks for 2024

Published on December 20, 2023 at 11:07 am by Fahad Saleem in Hedge Funds, News

In this article, we will take a detailed look at the Reddit’s WallStreetBets is Buying These 13 Stocks for 2024. For a quick overview of such stocks, read our article Reddit’s WallStreetBets is Buying These 5 Stocks for 2024.

Stocks are taking a breather on December 20 as investors step back and process the Fed’s possible path towards rate cuts. Despite several Fed officials saying there is no certainty around rate cuts, major investment and financial firms like Goldman Sachs and JPMorgan are saying they expect rate cuts to start in the first half of 2024, barring any major roadblocks or unexpected events.

Meera Pandit, Global Market Strategist at JPMorgan Asset Management, recently said while talking to Bloomberg that she expects 2% growth, no recession, 2% inflation and 4% unemployment in the next year. Pandit said while recession is not completely off the table, the state of the economy is looking more like it was in 2019. Pandit thinks we are getting out of the post-pandemic economic reverberations now and entering what she calls the “regular economy.”

Photo by Mohamed Hadji on Unsplash

Methodology

For this article we scoured Reddit WallStreetBets subreddit and saw discussions with hundreds of comments where retail investors discussed their bets for 2024 (not meme stocks, actual stock investments backed my real catalysts). We picked 13 stocks that appeared to be the favorites of retail investors on Reddit WallStreetBets. In addition to famous names like Meta Platforms Inc (NASDAQ:META), NVIDIA Corp (NASDAQ:NVDA) and Amazon.com Inc (NASDAQ:AMZN), Redditors are also piling into some small companies with strong fundamentals.

13. AST SpaceMobile Inc (NASDAQ:ASTS)

Number of Hedge Fund Investors: 9

Texas-based satellite designer AST SpaceMobile Inc (NASDAQ:ASTS) shares gained about 20% year to date in 2023 through December 19. Many on Reddit’s WallStreetBets commented they’ve been loading up on the stock for several months.

AST SpaceMobile Inc (NASDAQ:ASTS) plans to send satellite into space as it eyes to provide internet connectivity in areas with coverage issues.

AST SpaceMobile Inc (NASDAQ:ASTS) talked about guidance in Q3 earnings call:

We have been supporting the development efforts of our 2 [indiscernible] satellite designs, Block 1 and Block 2, our ASIC chip design, and the construction of 5 BB1-1 satellites. The completion of this BB1-1 work and a significant portion of the BB1-2 and ASIC design work is expected to result in a material reduction in our adjusted operating expenses and future capital expenditures. This reduction in cash expenditures will be done without a material reduction in our employee headcount as most of these reductions are related to the completion of third-party work. Overall, our adjusted operating expenses should decline from a range of $37 million to $40 million per quarter to a range of $25 million to $30 million per quarter, with the full effect starting in the first quarter of 2024.

We also plan to reduce our level of capital expenditures as we reach the final investments for BB1-1 and the material investments for BB1-2. Timing of the changes in our adjusted operating expenditures and capital expenditures, as I have just described, could be delayed or may not be realized to a variety of factors.

Read the entire earnings call transcript here.

12. Rocket Lab USA Inc (NASDAQ:RKLB)

Number of Hedge Fund Investors: 11

Rocket Lab USA Inc (NASDAQ:RKLB) ranks 12th in our list of the best Reddit stocks WallStreetBets is piling into for 2024.

The stock recently jumped after Rocket Lab USA Inc (NASDAQ:RKLB) launched its 42nd Electron rocket and deployed a satellite for Japan-based Earth imaging company the Institute for Q-shu Pioneers of Space.

The company’s management talked about its plans and guidance for 2024 during Q3 earnings call:

So in 2024, we have a really big year ahead of us. Even with air pores in operations, Electron remains the world’s most frequently launch small orbital rocket. Dedicated missions for small satellites continue to experience strong demand, which we have seen in multiple buys by returning customers and constellation operators. In fact, we have booked out Electron launches next year completely booked. We see the market for the Electron product being very strong and this manifest validates that. Frequent launch opportunities, flexibility over schedule and control over orbiter deployment are what our customers are looking for and that’s what Electron has been providing and will continue to provide in the new year.

And all that, all we have to do really in – with our 2024 manifest is execute as and with anything in the space industry. By ramping Electron production and keeping on top of demand with recent acquisitions as well as continuous improvement in automation across our manufacturing processes, we look to continue improving on our already impressive performance in manufacturing. We also note that the scaling is coming with improved gross margins in Q3 2023, we achieved a 27% GAAP launch gross margin, which should look to enable to progress our profitability targets for Electron as we drive scale and efficiency into the business. I now want to take you through and highlight some of their accomplishments in Q4. So Neutron Structures, we will start with a Neutron update.

Earlier this quarter, we reached a major milestone and had frosty second stage tank, up on the stand for structural and cryogenic testing, which is really a key marker for our Neutron program development, an embedded program. The team’s job was to push the tank to its absolute limits by loading it up with cryogenic fluids and test to destruction. Something like 96,000 liters of liquid nitrogen was used for this test campaign and an exploded tank in this instance is very much a good thing and what we wanted to achieve. The team took the tank past me up or maximum expected operation pressure at more than 7x atmospheric pressure. What they have learned in the campaign has been applied to the next Stage 2 tank and currently under production, really to vacant structural reliability early as we get closer to our date with the launch pad.

Speaking of baking, this is quite literally what carbon composites team has been up to, with their next full scale Neutron structures and components. The images on this slide here show you the scale of some of the in-tank devices being produced more than 7 feet in diameter for those circular propellant management devices and the Stage 2 dome being eliminated in the bottom section. Most of Neutron’s fixed fairing sections are coming together nicely. And of course, we have another second stage Neutron Tank being built for our next test stint and – to go on our next test in the first half of ‘24. [read the entire earnings call transcript here]

11. Bank of Nova Scotia (NYSE:BNS)

Number of Hedge Fund Investors: 11

Redditors on WallStreetBets like Bank of Nova Scotia (NYSE:BNS) because of its dividend yield and stability heading into 2024. The stock’s dividend yield is over 6% as of December 19.

Bank of Nova Scotia (NYSE:BNS) recently posted fiscal Q4 results. Adjusted EPS in the period came in at C$1.26. Revenue increased by 8.9% year over year C$8.31 billion.

10. Marathon Digital Holdings Inc (NASDAQ:MARA)

Number of Hedge Fund Investors: 13

Marathon Digital Holdings Inc (NASDAQ:MARA) stock gained a mind-blowing 484% in 2023 through December 19. But retail investors on Reddit WallStreetBets believe the stock has more room to run. A possible start of a new bull run in the crypto space is what causing Redditors to pile into the Las Vegas-based crypto mining company.

In November, Marathon Digital Holdings Inc (NASDAQ:MARA) mined 1,187 Bitcoins.

As of the end of the third quarter of 2023, 48 hedge funds tracked by Insider Monkey had stakes in Marathon Digital Holdings Inc (NASDAQ:MARA).

9. MicroStrategy Inc (NASDAQ:MSTR)

Number of Hedge Fund Investors: 16

Reddit’s WallStreetBets is growing highly bullish on MicroStrategy Inc (NASDAQ:MSTR) on hopes that Bitcoin will have a further bull run in 2024. Here’s what a Redditor said about the stock in a latest discussion thread on WSB:

“It looks like 2024 is going to be the year of Bitcoin, at least for a little while. And no one really better to invest in than the largest corporate holder in the world.”

A total of 16 hedge funds in Insider Monkey’s database had stakes in MicroStrategy Inc (NASDAQ:MSTR), up from 13 hedge funds in the previous quarter. The biggest hedge fund stakeholder of MicroStrategy Inc (NASDAQ:MSTR) was Ken Griffin’s Citadel Investment Group which owns a $13.6 million stake in MicroStrategy Inc (NASDAQ:MSTR).

8. SoFi Technologies Inc (NASDAQ:SOFI)

Number of Hedge Fund Investors: 24

Online personal finance company SoFi Technologies Inc (NASDAQ:SOFI) has been on Reddit’s WallStreetBets radar for quite some time now. Many called it a meme stock, but SoFi Technologies Inc (NASDAQ:SOFI) is now getting attention from Wall Street as well. In October, the stock jumped 6.9% after Morgan Stanley upgraded the stock to Equalweight from Underweight after the stock fell from Morgan Stanley’s price target.

As of the end of the third quarter of 2023, 24 hedge funds tracked by Insider Monkey had stakes in SoFi Technologies Inc (NASDAQ:SOFI). The biggest stakeholder of SoFi Technologies Inc (NASDAQ:SOFI) was Jim Davidson, Dave Roux and Glenn Hutchins’ Silver Lake Partners which owns a $249 million stake in SoFi Technologies Inc (NASDAQ:SOFI).

In addition to SOFI, Redditors also like Meta Platforms Inc (NASDAQ:META), NVIDIA Corp (NASDAQ:NVDA) and Amazon.com Inc (NASDAQ:AMZN).

7. Unity Software Inc (NYSE:U)

Number of Hedge Fund Investors: 27

In a discussion thread on WallStreetBets, a Redditor talked about Unity Software Inc (NYSE:U) and explained why he’s bullish on the stock for 2024. His comment got a lot of upvotes. Here is what the comment said:

“$U: Apple partnership with Unity Software. Vision Pro coming out early next year. I don’t care how expensive it is or if you don’t believe in ar/vr. Devs will need to make apps and games for that new platform. New CEO after recent price structure debacle. Also recent job cuts and office closures. They are working towards trimming the fat to become profitable. And most importantly looking at technicals/price action. Buyers stepped in with high volume during the recent earnings sell off. And we got follow through the next day. Today the 20dma is crossing positively up and over the 50dma. I’m long.”

As of the end of the third quarter of 2023, 27 hedge funds tracked by Insider Monkey had stakes in Unity Software Inc (NYSE:U).

HSBC earlier this month started covering Unity Software Inc (NYSE:U) stock with a Hold rating and $37 price target. HSBC believes Unity Software Inc’s (NYSE:U) AdTech business is improving. HSBC is also bullish on Unity Software Inc’s (NYSE:U) revised gaming engine.

6. Kohls Corp (NYSE:KSS)

Number of Hedge Fund Investors: 29

Redditors like Kohls Corp’s (NYSE:KSS) for its dividend and stability. The retailer has a dividend yield of over 6%.

During the third quarter, Kohls Corp’s (NYSE:KSS) GAAP EPS came in at $0.53, beating estimates by $0.14.

Like Meta Platforms Inc (NASDAQ:META), NVIDIA Corp (NASDAQ:NVDA) and Amazon.com Inc (NASDAQ:AMZN), KSS is a stock also popular among hedge funds.

Click to continue reading and see the Reddit’s WallStreetBets is Buying These 5 Stocks for 2024.

Suggested Articles:

Disclosure. None. Reddit’s WallStreetBets is Buying These 13 Stocks for 2024 was initially published on Insider Monkey.

NYSE:U NYSE:KSS NYSE:BNS Headline NASDAQ:MARA Show more...

AI Fire Sale: Insider Monkey’s #1 AI Stock Pick Is On A Steep Discount

Published on October 30, 2024 at by Inan Dogan, PhD

Artificial intelligence is the greatest investment opportunity of our lifetime. The time to invest in groundbreaking AI is now, and this stock is a steal!

The whispers are turning into roars.

Artificial intelligence isn’t science fiction anymore.

It’s the revolution reshaping every industry on the planet.

From driverless cars to medical breakthroughs, AI is on the cusp of a global explosion, and savvy investors stand to reap the rewards.

Here’s why this is the prime moment to jump on the AI bandwagon:

Exponential Growth on the Horizon: Forget linear growth – AI is poised for a hockey stick trajectory.

Imagine every sector, from healthcare to finance, infused with superhuman intelligence.

We’re talking disease prediction, hyper-personalized marketing, and automated logistics that streamline everything.

This isn’t a maybe – it’s an inevitability.

Early investors will be the ones positioned to ride the wave of this technological tsunami.

Ground Floor Opportunity: Remember the early days of the internet?

Those who saw the potential of tech giants back then are sitting pretty today.

AI is at a similar inflection point.

We’re not talking about established players – we’re talking about nimble startups with groundbreaking ideas and the potential to become the next Google or Amazon.

This is your chance to get in before the rockets take off!

Disruption is the New Name of the Game: Let’s face it, complacency breeds stagnation.

AI is the ultimate disruptor, and it’s shaking the foundations of traditional industries.

The companies that embrace AI will thrive, while the dinosaurs clinging to outdated methods will be left in the dust.

As an investor, you want to be on the side of the winners, and AI is the winning ticket.

The Talent Pool is Overflowing: The world’s brightest minds are flocking to AI.

From computer scientists to mathematicians, the next generation of innovators is pouring its energy into this field.

This influx of talent guarantees a constant stream of groundbreaking ideas and rapid advancements.

By investing in AI, you’re essentially backing the future.

The future is powered by artificial intelligence, and the time to invest is NOW.

Don’t be a spectator in this technological revolution.

Dive into the AI gold rush and watch your portfolio soar alongside the brightest minds of our generation.

This isn’t just about making money – it’s about being part of the future.

So, buckle up and get ready for the ride of your investment life!

Act Now and Unlock a Potential 10,000% Return: This AI Stock is a Diamond in the Rough (But Our Help is Key!)

The AI revolution is upon us, and savvy investors stand to make a fortune.

But with so many choices, how do you find the hidden gem – the company poised for explosive growth?

That’s where our expertise comes in.

We’ve got the answer, but there’s a twist…

Imagine an AI company so groundbreaking, so far ahead of the curve, that even if its stock price quadrupled today, it would still be considered ridiculously cheap.

That’s the potential you’re looking at. This isn’t just about a decent return – we’re talking about a 10,000% gain over the next decade!

Our research team has identified a hidden gem – an AI company with cutting-edge technology, massive potential, and a current stock price that screams opportunity.

This company boasts the most advanced technology in the AI sector, putting them leagues ahead of competitors.

It’s like having a race car on a go-kart track.

They have a strong possibility of cornering entire markets, becoming the undisputed leader in their field.

Here’s the catch (it’s a good one): To uncover this sleeping giant, you’ll need our exclusive intel.

We want to make sure none of our valued readers miss out on this groundbreaking opportunity!

That’s why we’re slashing the price of our Premium Readership Newsletter by a whopping 70%.

For a ridiculously low price of just $29, you can unlock a year’s worth of in-depth investment research and exclusive insights – that’s less than a single restaurant meal!

Here’s why this is a deal you can’t afford to pass up:

• Access to our Detailed Report on this Game-Changing AI Stock: Our in-depth report dives deep into our #1 AI stock’s groundbreaking technology and massive growth potential.

• 11 New Issues of Our Premium Readership Newsletter: You will also receive 11 new issues and at least one new stock pick per month from our monthly newsletter’s portfolio over the next 12 months. These stocks are handpicked by our research director, Dr. Inan Dogan.

• One free upcoming issue of our 70+ page Quarterly Newsletter: A value of $149

• Bonus Reports: Premium access to members-only fund manager video interviews

• Ad-Free Browsing: Enjoy a year of investment research free from distracting banner and pop-up ads, allowing you to focus on uncovering the next big opportunity.

• 30-Day Money-Back Guarantee: If you’re not absolutely satisfied with our service, we’ll provide a full refund within 30 days, no questions asked.

Space is Limited! Only 1000 spots are available for this exclusive offer. Don’t let this chance slip away – subscribe to our Premium Readership Newsletter today and unlock the potential for a life-changing investment.

Here’s what to do next:

1. Head over to our website and subscribe to our Premium Readership Newsletter for just $29.

2. Enjoy a year of ad-free browsing, exclusive access to our in-depth report on the revolutionary AI company, and the upcoming issues of our Premium Readership Newsletter over the next 12 months.

3. Sit back, relax, and know that you’re backed by our ironclad 30-day money-back guarantee.

Don’t miss out on this incredible opportunity! Subscribe now and take control of your AI investment future!

Subscribe Now!

No worries about auto-renewals! Our 30-Day Money-Back Guarantee applies whether you’re joining us for the first time or renewing your subscription a year later!

A New Dawn is Coming to U.S. Stocks

Published on September 27, 2024 at by Insider Monkey Staff

I work for one of the largest independent financial publishers in the world – representing over 1 million people in 148 countries.

We’re independently funding today’s broadcast to address something on the mind of every investor in America right now…

Should I put my money in Artificial Intelligence?

Here to answer that for us… and give away his No. 1 free AI recommendation… is 50-year Wall Street titan, Marc Chaikin.

Marc’s been a trader, stockbroker, and analyst. He was the head of the options department at a major brokerage firm and is a sought-after expert for CNBC, Fox Business, Barron’s, and Yahoo! Finance…

But what Marc’s most known for is his award-winning stock-rating system. Which determines whether a stock could shoot sky-high in the next three to six months… or come crashing down.

That’s why Marc’s work appears in every Bloomberg and Reuters terminal on the planet…

And is still used by hundreds of banks, hedge funds, and brokerages to track the billions of dollars flowing in and out of stocks each day.

He’s used this system to survive nine bear markets… create three new indices for the Nasdaq… and even predict the brutal bear market of 2022, 90 days in advance.

Click to continue reading…

Insider Monkey Ads

Markets

Insider Trading

Hedge Funds

Retirement

Opinion

Log In

Sign Up