Do You Have These Reddit Stocks On Your Watchlist?

It looks like it’s not yet game over for GameStop (NYSE: GME). Shares of GameStop surged more than 100% with most of the gains coming in the last hour of trading. The rally carried over into after-hours trading, with the stock up another 40% as of 11:15 a.m. ET. The cause of the move is however far from certain. 

If you could recall, you may know a thing or two about the brinkmanship between Robinhood traders and hedge funds from earlier this year. Even if you are not familiar, chances are you have heard other people boasting about their gains on these Reddit stocks. Or on the flip side, you may have heard of them complaining about the brutal decline from GME stock’s all-time high. Bottom line is, these Reddit traders seem to be making a comeback. Perhaps they are even trying to ignite a new round of short squeezes. So, what could be the reason for this comeback?

If anything, it could have started with the departure of GameStop’s CFO Jim Bell. According to sources familiar with the matter, it appears that Bell did not leave willingly. Instead, he was kicked out by Ryan Cohen, co-founder of Chewy (NYSE: CHWY). For those unfamiliar, Chewy made an investment in GameStop last year in an effort to help the company accelerate its push online. It could also be due to Robinhood’s newly strengthened capital reserves. Hence, it will be interesting to see how any potential short squeezes will play out with no interference from Robinhood. With that in mind, let’s take a look at other Reddit stocks rising with the tide.

Top Reddit Stocks To Watch Right Now

Koss Corporation (KOSS)

Koss is a company that designs and manufactures headphones. The company is based in Wisconsin and has been making headphones and speakers for audiophiles since the late 1950s. Despite shedding more than 70% of its value from its all-time high, KOSS stocks are still up by over 478% year-to-date. The company’s share price has also increased by 51.68% to $27.97 as of 11:15 a.m. E.T. 

reddit stocks (KOSS stock)

From the company’s latest quarter financials posted in January, revenue came in at $4.9 million, up 18% from $4.2 million in the year ago period. The company reported that it experienced an increase in online direct-to-consumer sales. Net income for the period was $509,000. This compares with a net loss of $216,000 in the year-ago period.

Net income, however, was helped by a $506,700 Paycheck Protection Program (PPP) loan that was forgiven during the quarter and recorded as income. Investors interested in KOSS stock should continuously look for updates to see how sustainable their demand is as global vaccine rollouts could dampen demand. 

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AMC Entertainment Holdings (AMC)

Another stock benefitting from GameStop’s rise is AMC Entertainment. As the biggest cinema operator in the world, it is no surprise that AMC has seen the biggest fall in revenue over the past year. The cinema operator was heavily in debt and facing increasing competition from in-house entertainment options. Therefore, many investors are shying away from AMC stock. The recent announcement that movie theaters will reopen in New York City in March may have given the stock a push, but not strong enough to keep the rally going. Rather, it was the returning interest from Reddit that helped extend the rally since the reopening announcement.

AMC Stock

Of course, the reopening plan comes with some stipulations. For instance, cinemas can only operate at 25% capacity, while the number of guests will be limited to a maximum of 50 people per screen. The ability to reopen its venues in a key market is certainly welcome news. You could almost say it is a reprieve for the struggling movie theater chain.

Of course, that does not mean that the company is out of the woods yet. The question is, would you bet on AMC stock in anticipation of more venues reopening besides the price support from Reddit investors?

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BlackBerry Inc. (BB)

Next up, we have BlackBerry which used to be known for its smartphones. The company now specializes in enterprise software and the Internet of Things (IoT). It offers solutions in unified endpoint security and management, secure communications, and remote working. Despite shedding more than 50% of its value after Robinhood restricts purchase, the company’s share prices are still up by a massive 72% year-to-date. 

communication stocks to buy now (BB stock)

The recent run in BB stock price should continue to push higher amid a partnership with Amazon Web Services. The partnership will be a game-changer for the company, as the pair work together on BlackBerry’s Intelligent Vehicle Data Platform (IVY). This trend of improving cloud-based data in cars will be a necessity in the next few years to keep car companies at the cutting edge. And BlackBerry has that edge.

Also, with more investment going into EVs this year and beyond, BB stock may provide a value buy. Reddit traders aside, if you have confidence in the partnership with Amazon and you truly believe the company has a lot to offer in the EV space, BB stock could be a multibagger stock in the making. 

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Nokia (NOK)

Nokia is similar to BlackBerry. Both companies were the Apple and Samsung of the past few decades. But today, both had to diversify into other businesses. For Nokia, the focus has been on the development of infrastructure and equipment for telecom networks. Of course, NOK stock was swept up in the Reddit short-squeeze too, but it was short-lived. Certainly, that retail trending frenzy has done nothing to change Nokia’s fundamentals. But it sure did reintroduce Nokia to the investing world again this year. 

best tech stocks (NOK stock)

Nokia was not only an instrumental developer of the 5G wireless networking standards, but also one of the leading names in the 5G hardware market. 5G products are sold at a premium, generating stronger profit margins as the 5G revenue stream grows.

We will invest whatever it takes to win in 5G,” Nokia CEO Pekka Lundmark said in early February’s earnings report. As 5G technology continues to roll out globally, Nokia appears to have a robust business plan that can reap rewards in the coming years. With that in mind, do you have NOK stock on your watchlist?

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