Reddit’s WallStreetBets is Buying these 5 Stocks for Post-Earnings Gains

2. ViacomCBS Inc. (NASDAQ: VIAC)

Number of Hedge Fund Holders: 89 

Expected Earnings Date: August 5 (Before Market Open)

ViacomCBS Inc. (NASDAQ: VIAC) is a media and entertainment company headquartered in New York. It is ranked second on our list of 10 stocks Reddit’s WallStreetBets is buying for post-earnings gains. The company will post earnings results for the second quarter before the opening of the market on August 5. The firm has a market cap of over $26 billion and posted more than $25 billion in revenue last year. On August 3, it declared a quarterly dividend of $0.24 per share, in line with previous. The forward yield was 2.35%. 

On May 20, investment advisory Bank of America upgraded ViacomCBS Inc. (NASDAQ: VIAC) stock to Buy from Underperform and hiked the price target up to $53 from $38, noting media consolidation in the industry as one of the reasons behind the update. 

At the end of the first quarter of 2021, 89 hedge funds in the database of Insider Monkey held stakes worth $2.3 billion in ViacomCBS Inc. (NASDAQ: VIAC), up from 44 the preceding quarter worth $919 million.