10 Reddit Stocks to Buy in November

Published November 15, 2021 at 11:33 am EST Updated August 19, 2026 at 5:40 am EDT

In this article, we discuss the 10 Reddit stocks to buy in November.

Retail traders, who often use internet platform Reddit to exchange investment ideas, have helped push the social media firm into the global spotlight. Amid tough competition, the user growth of Reddit has significantly lagged behind peers like Twitter and Facebook over the years. However, times are changing. According to a report in the Financial Times, the advertising revenue of Reddit jumped 192% year-over-year in the second quarter and crossed $100 million for the first time. The firm also raised $700 million at a funding round in August that helped push the valuation beyond $10 billion. The numbers indicate that the company only lags behind the TikTok platform in terms of percentage growth over the past year among peers. Retail traders, who use Reddit forums like WallStreetBets and Cryptocurrency, are responsible for much of this growth.

Since these retail traders have also become an important market force in recent months, there is increased interest around their activities on Reddit. Investors who want to get a sense of the kind of sectors that these traders prefer should check out some of the top Reddit stocks to buy in November that include Peloton Interactive, Inc. (NASDAQ:PTON), Cloudflare, Inc. (NYSE:NET), and Penn National Gaming, Inc. (NASDAQ:PENN), among others discussed in detail below.

Our Methodology

These were picked from the hype around the companies on different Reddit forums related to finance. The business fundamentals of each along with analyst ratings are discussed below to provide readers with some context for their investment decisions.

The hedge fund sentiment around each stock was calculated using the data of 873 hedge funds tracked by Insider Monkey.

Why pay attention to hedge fund holdings? Insider Monkey’s research was able to identify in advance a select group of hedge fund holdings that outperformed the S&P 500 ETFs by more than 86 percentage points since March 2017. Between March 2017 and July 2021 our monthly newsletter’s stock picks returned 186.1%, vs. 100.1% for the SPY. Our stock picks outperformed the market by more than 86 percentage points (see the details here). That’s why we believe hedge fund sentiment is an extremely useful indicator that investors should pay attention to. You can subscribe to our free newsletter on our homepage to receive our stories in your inbox.

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Reddit Stocks to Buy in November

10. Rivian Automotive, Inc. (NASDAQ:RIVN)

Number of Hedge Fund Holders: N/A

Rivian Automotive, Inc. (NASDAQ:RIVN) markets electric vehicles geared towards off-roading and adventure travel. The company debuted on the market on November 10, with shares surging as much as 53% from the initial price of $78 per share. The firm finished the first day of trading with a valuation of around $100 billion, the biggest initial public offering globally so far this year. Rivian is backed by ecommerce giant Amazon and carmaker Ford.

The rally in Rivian Automotive, Inc. stock continued on the second day of trading, with the stock gaining 18% amid chatter on Reddit forums often frequented by retail investors who are an important market force.

Rivian Automotive, Inc. has already landed 55,400 pre-orders for the R1S SUV and the R1T pickup truck it markets. It also has a deal with Amazon to build 100,000 electric vans for the retail giant.

Just like Peloton Interactive, Inc., Cloudflare, Inc., and Penn National Gaming, Inc., Rivian Automotive, Inc. is one of the stocks attracting the attention of retail investors.

9. ReWalk Robotics Ltd. (NASDAQ:RWLK)

Number of Hedge Fund Holders: 3

ReWalk Robotics Ltd. (NASDAQ:RWLK) is a healthcare equipment firm that focuses on the development of wearable robotic exoskeletons for people with mobility impairments or other medical conditions. The company recently posted earnings for the third quarter, reporting a revenue of close to $2 million, up 162% year-on-year and beating market predictions by $0.37 million. The share price of the firm jumped over 5% after the release of earnings.

By far the biggest jump in ReWalk Robotics Ltd. stock came on November 5 when the share price climbed over 50% after regulatory bodies awarded the Breakthrough Device designation to ReBoot, a battery-powered orthotic exo-suit being developed by ReWalk.

Among the hedge funds being tracked by Insider Monkey, New Jersey-based investment firm Sabby Capital is a leading shareholder in ReWalk Robotics Ltd. with 1.3 million shares worth more than $2.3 million.

8. Progenity, Inc. (NASDAQ:PROG)

Number of Hedge Fund Holders: 6

Progenity, Inc. (NASDAQ:PROG) makes and sells molecular testing products. The stock has surged in the past weeks, returning 38% to investors in the past month as the firm announced that it had been granted patents related to a new ingestible therapeutics technology it was developing. The new technology will help deliver drugs being developed by drug giants like Pfizer, a key growth catalyst highlighted by Redditors.

HC Wainwright analyst Joseph Pantginis recently initiated coverage of Progenity, Inc. stock with a Buy rating and a price target of $4, noting the “differentiated” drug pipeline of the firm.

At the end of the second quarter of 2021, 6 hedge funds in the database of Insider Monkey held stakes worth $34 million in Progenity, Inc., down from 9 in the previous quarter worth $17 million.

7. Cassava Sciences, Inc. (NASDAQ:SAVA)

Number of Hedge Fund Holders: 13

Cassava Sciences, Inc. (NASDAQ:SAVA) is a biotech firm that focuses on the development of drugs for the treatment of neurodegenerative diseases. Even though the short interest on the stock is very high, at over 30%, Redditors have been busy highlighting a recent report in a medical journal that there was no evidence of data manipulation in an article published by Cassava in the journal earlier to highlight efficacy of an Alzheimer’s drug under development.

On September 23, investment advisory B Riley maintained a Buy rating on Cassava Sciences, Inc. stock with a price target of $108. Mayank Mamtani, an analyst at the advisory, issued the ratings update.

Among the hedge funds being tracked by Insider Monkey, Chicago-based investment firm Citadel Investment Group is a leading shareholder in Cassava Sciences, Inc. with 311,538 shares worth more than $26 million.

6. DraftKings Inc. (NASDAQ:DKNG)

Number of Hedge Fund Holders: 26

DraftKings Inc. (NASDAQ:DKNG) operates as a digital sports gaming and entertainment firm. The company posted earnings results for the third quarter on November 5, reporting a revenue of $213 million, up 60% year-on-year. The revenue growth came about as user acquisition, retention and engagement trends continued on a strong trajectory. However, since the third quarter revenue fell below analyst expectations, there was a sell-off of the stock at the market.

Analysts have identified this sell-off as a “buying opportunity”. Craig-Hallum analyst Ryan Sigdahl recently maintained a Buy rating on DraftKings Inc. stock with a price target of $60, noting the firm would soon be a leader in online gaming and sports betting.

At the end of the second quarter of 2021, 26 hedge funds in the database of Insider Monkey held stakes worth $927 million in DraftKings Inc., down from 43 the preceding quarter worth $966 million.

In addition to Peloton Interactive, Inc., Cloudflare, Inc., and Penn National Gaming, Inc., DraftKings Inc. is one of the stocks that hedge funds are buying.

In its Q2 2021 investor letter, Alger, an asset management firm, highlighted a few stocks and DraftKings Inc. (NASDAQ:DKNG) was one of them. Here is what the fund said:

“DraftKings is an online gaming operator. Its legacy Daily Fantasy Sports (DFS) allows users to virtually draft teams of players from professional sports leagues and potentially earn a payout based on how athletes perform. DraftKings Online Sports Betting (OSB) involves the company taking wagers or bets from customers on sporting events. The company’s third offering, Online Casino (iGaming), involves customers betting real money when playing casino games like slots and blackjack online.

DFS is legal in most states, while approximately 25% of the country’s population has access to OSB and approximately 10% has access to iGaming. Within a year, we expect approximately 40% or more of the population to have access to OSB as legalization moves rapidly.

The company reported a strong quarter, with revenues exceeding expectations by more than 30%. We think the stock underperformed due to the time period between the conclusion of March Madness and the start of the NFL season being a weaker betting period and concerns about more intense competition. Concerns around tough comps have also hindered performance of DraftKings shares. We note that monthly state data continues to be robust, showing no signs of slowing from reopening. We also believe DraftKings is increasing its potential to gain market share by moving its tech-platform to SBTech, which is a sports betting platform the company acquired as part of a SPAC deal. Legalization of sports betting by states has also been robust.”

5. Palantir Technologies Inc. (NYSE:PLTR)

Number of Hedge Fund Holders: 26

Palantir Technologies Inc. (NYSE:PLTR) markets software products for intelligence services. The company works closely with the US government in this regard. The firm has strong fundamentals. It recently posted earnings for the third quarter, reporting earnings per share of $0.04, in line with estimates. The revenue over the period was $392 million, up 35% year-on-year and beating predictions by $5.5 million.

In early October, Palantir Technologies Inc. had announced that it had won a contract from the US government to build a data and analytics foundation for the Capability Drop 2 (CD-2) program.

At the end of the second quarter of 2021, 26 hedge funds in the database of Insider Monkey held stakes worth $1.3 billion in Palantir Technologies Inc., down from 32 in the preceding quarter worth $1.1 billion.

In its Q4 2020 investor letter, Guardian Fund, an asset management firm, highlighted a few stocks andPalantir Technologies Inc. (NYSE:PLTR) was one of them. Here is what the fund said:

“In October, we bought a stake in Palantir. Earlier, in June, our concentrated Tech Fund, which has a mandate to also buy shares in the secondary market, bought shares of Palantir from insiders, before the direct listing. At the price we bought, the equity had much more upside than downside. Palantir is operating a software platform that functions as the digital infrastructure for data-driven operations and decision making. The software helps to structure and capture context in data of large corporations. Governments are increasingly realizing that they have to deal with serious data challenges and cyber risk. As most governments cannot attract the most talented software engineers, they need private enterprises such as Palantir to help them build solid infrastructure. Foundry, Palantir’s software for enterprises, is used by companiesto make safer cars and airplanes or to accelerate cancer research. The speed to bring new clients on board is improving and revenues will grow faster than expenses. Palantir has a long runway of growth ahead.”

4. Workiva Inc. (NYSE:WK)

Number of Hedge Fund Holders: 31

Workiva Inc. (NYSE:WK) is an applications software firm that markets cloud-based compliance and regulatory reporting solutions. It recently smashed analyst predictions on earnings per share and revenue for the third quarter. Analysts are largely bullish on the firm, with Truist analyst Terry Tillman recently reiterating a Buy rating on the stock with a price target of $150, noting the business momentum of the firm was reflected in billings and revenue growth.

Martin Vanderploeg, the CEO of Workiva Inc., said during the earnings call that the company achieved 30% organic growth in subscription and support revenue and approximately 28% in total revenue between June and September this year.

Among the hedge funds being tracked by Insider Monkey, New York-based firm Renaissance Technologies is a leading shareholder in Workiva Inc. with 1.1 million shares worth more than $128 million.

In its Q2 2021 investor letter, Artisan Partners, an asset management firm, highlighted a few stocks and Workiva Inc. (NYSE:WK) was one of them. Here is what the fund said:

“Workiva is a global provider of cloud-based financial reporting and compliance solutions. Compiling data from disparate and unconnected systems across various departments within an organization for reporting and compliance purposes is an incredibly manual process. An evolving regulatory landscape over the past decade has not only made this increasingly burdensome, but has also required further management oversight. Workiva’s solutions aggregate this data and enable companies to have more efficiency in and greater visibility into regulatory reporting processes. In addition to this strong value proposition, we believe organizations are also on the cusp of shifting their software spend from front-office to backoffice departments, particularly in the CFO office where the shift to remote work during the pandemic highlighted the need to bring these workflows up to date. We also believe the company’s expanded product capabilities—which now go beyond its core SEC reporting capabilities—will lead to more use cases for new and existing customers, providing Workiva with a plethora of new growth opportunities in the periods ahead.”

3. Penn National Gaming, Inc. (NASDAQ:PENN)

Number of Hedge Fund Holders: 40

Penn National Gaming, Inc. is a casinos and gaming firm based in Pennsylvania. Redditors have highlighted the post-pandemic recovery and the uptick in travel and casino betting as some of the growth catalysts for the stock that has been hit after a key shareholder of the firm had a damaging article published about them in the press. Analysts are viewing the stock with caution after the publication of the piece.

JPMorgan analyst Joseph Greff recently maintained an Overweight rating on Penn National Gaming, Inc. stock with a year-end 2022 price target of $81, underlining that the fallout of the damaging press coverage was “concerning”.

At the end of the second quarter of 2021, 40 hedge funds in the database of Insider Monkey held stakes worth 1 billion in Penn National Gaming, Inc., down from 42 in the previous quarter worth $907 million.

In its Q1 2021 investor letter, Baron Funds, an asset management firm, highlighted a few stocks and Penn National Gaming, Inc. (NASDAQ:PENN) was one of them. Here is what the fund said:

“Shares of regional casino operation Penn National Gaming, Inc. increased in the quarter on strong share gains in the online sports betting and gaming markets in Michigan and the opening of the large Illinois online sports betting market. Strong sequential growth in revenue and sustained margin improvement in its brick and mortar operations also helped boost the share price. We think these positive developments will lead to improvements in the company’s balance sheet and its EBITDA to free cash flow conversion.”

2. Cloudflare, Inc. (NYSE:NET)

Number of Hedge Fund Holders: 43

Cloudflare, Inc. operates as a cloud services firm. Cowen analyst Shaul Eyal recently raised the price target on the stock to $250 from $200 and kept an Outperform rating, noting the enterprise adoption of cloud security services marketed by the company that were helping drive top line growth. On November 4, the firm had beat market predictions on earnings per share and revenue for the third quarter.

Cloudflare, Inc. stock has also benefited from a recent summit on cybersecurity at the White House after the US government issued new standards for the private industry to increase protection of digital assets.

Among the hedge funds being tracked by Insider Monkey, Chicago-based investment firm Citadel Investment Group is a leading shareholder in Cloudflare, Inc. with 57 million shares worth more than $165 million.

In its Q4 2020 investor letter, Alger Mid Cap Focus Fund, an asset management firm, highlighted a few stocks and Cloudflare, Inc. (NYSE:NET) was one of them. Here is what the fund said:

“Cloudflare. Inc. provides a broad range of network services to businesses of all sizes across the world. Cloudflare’s intelligent global network spans more than 200 cities in over 100 countries. It offers network security, performance and reliability to a growing portion of global web traffic. Today. over 15% of global internet requests go through Cloudflare. Cloudflare’s serverless network design allows this global network to be a key component layer as new developments for edge cornputing. 5G and Internet of Things increase the importance of secure. reliable edge networks. Cloudflare stock outperformed in the fourth quarter following the announcement of Cloudflare One, a cloud-bas. network-as-a-service platform designed to replace the traditional enterprise network infrastructure. The Cloudflare One solution merges existing Cloudflare access and security solutions along with new enterprise-specific features into a unified Zero Trust network that can be managed through a single “pane of glass.” or display screen. With the rapid shift to remote work caused by the pandemic, this product increases Cloudflare’s potential for winning business from enterprise customers seeking to adapt to this new business environment.

While Cloudflare One adoption is still early. Cloudflare has already started to demonstrate an improved ability to sell to large customers. When discussing its third quarter results. Cloudflare said that it is continuing to sign up larger enterprise customers. including its first client to generate more than $10 million in annual recurring revenue. Cloudflare has just started to better monetize its more than 100.000 paying customer base. which along with continued product innovation, gives the company strong growth potential.”

1. Peloton Interactive, Inc. (NASDAQ:PTON)

Number of Hedge Fund Holders: 67

Peloton Interactive, Inc. makes and sells interactive fitness products. The company has become popular on Reddit forums as the short interest on the stock climbed above 9% after reports that the firm could miss market estimates on earnings for the fourth quarter due to higher input prices and increased freight costs. There is also concern about the reopening of gyms and the impact it would have on the stock.

However, RBC Capital analyst Daniel Perlin is bullish on Peloton Interactive, Inc.. He recently gave the stock an Outperform rating with a price target of $175, highlighting the partnerships of the firm with retail giant Amazon in an investor note.

Among the hedge funds being tracked by Insider Monkey, New York-based investment firm Tiger Global Management LLC is a leading shareholder in Peloton Interactive, Inc. with 8.8 million shares worth more than $1 billion.

In its Q2 2021 investor letter, Carillon Tower Advisers, an asset management firm, highlighted a few stocks and Peloton Interactive, Inc. (NASDAQ:PTON) was one of them. Here is what the fund said:

“Peloton Interactive operates a connected fitness platform offering live and on-demand classes allowing users to exercise at home. The firm’s shares were pressured in the quarter after Peloton announced a voluntary recall for both its legacy treadmill (Peloton Tread+) and its newly-launched base model treadmill (Peloton Tread). The issue surrounding the latter is somewhat troubling, as it appears it may be the result of an engineering flaw. This new treadmill offering was expected to be a key growth driver in the second half of 2021, and this development reduces our confidence in Peloton’s product pipeline. Therefore, we sold the stock.”

You can also take a peek at Forget Tesla (TSLA): 10 Cheap EV Stocks to Buy Now and 15 Best Consumer Discretionary Stocks to Buy Now.

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