- Two red-hot names, Remark Holdings and Phunware, have become meme stocks.
- Redditors are still enamored with Tesla, but less so with other meme favorites GameStop and AMC Entertainment.
- Listed below are the top 11 meme stocks on Reddit right now, according to HypeEquity.
Meme stocks are scorching hot right now, along with, well, just about every type of risk asset. The S&P 500 is at record highs. So are cryptocurrencies like bitcoin and ethereum, which find themselves on the verge of uncharted territory.
One fascinating subplot of the rallies is that while meme stocks — or equities with vocal online fans that inspire sudden share price surges — are hot right now, the two stocks that started the meme-themed party are being left out of it. GameStop (GME) and AMC Entertainment (AMC) are both down roughly 2.2% in October, but still boast gains of 810% and 1,649% in 2021, respectively.
Taking their place is a pair of new suddenly-popular names backed by small-time investors: Remark Holdings, on a remarkable 280% rally in the past six days, and Phunware, which is up 670% over that same span.
Those two stocks have taken the center stage in investing-focused forums on sites like Reddit, prompting a question among investors looking to make a quick buck: Which stock will be next?
A website called HypeEquity was designed to answer that question. A software engineer named Travis Rehl created it to make the search for popular and fast-rising meme stocks easier. It tracks and analyzes posts in investing chats on Reddit while dismissing spammers’ posts.
“I made some money off of GameStop, and I said, ‘Hey, this is pretty cool, I want to do more of this,'” Rehl told Insider. “And I quickly realized it’s impossible to do more of it because you have to spend so much time to research and learn. So I said to myself, ‘I’ll make other people do it for me.’ … Letting other people do stock discovery and talk about it, and then they’ll bubble to the top, the top 10 things I should be looking at, and I’ll spend my time on those.”
HypeEquity has two top-10 lists of stocks on its homepage: hyped stocks, or those with the most mentions and high trading volumes; and trending stocks, which are the fastest risers on Reddit.
Below is a list of the top 11 stocks on Reddit from HypeEquity’s hyped stocks and trending stocks pages, as of mid-day Monday. Along with each stock are its ticker and the following data from HypeEquity: category (hyped or trending), social mentions, and social volume percent change. Insider added analysis to contextualize each stock’s place on the list.