5 Top Robinhood Stocks Popular on Reddit

In this article we discuss the 5 top Robinhood stocks popular on Reddit. If you want to read our detailed analysis of these stocks, go directly to the Top Robinhood Stocks Popular on Reddit.

5. GameStop Corp. (NYSE: GME)

Number of Hedge Fund Holders: 13   

GameStop Corp. (NYSE: GME) is ranked fifth on our list of top Robinhood stocks popular on Reddit. The company’s shares have returned more than 4,780% to investors in the past year. The firm retails video games and other entertainment products. Recently, it has been embroiled in short-seller schemes but has managed to come out on top as retail investors on internet platforms like Reddit spoil big finance bets against the firm by buying up the stock to drive up the share price dramatically. 

On June 22, news publication Financial Times reported that White Square Capital, a hedge fund that operated from London, would be shutting down after suffering huge losses trying to short-sell GameStop Corp. (NYSE: GME) stock. 

Out of the hedge funds being tracked by Insider Monkey, Chicago-based investment firm Citadel Investment Group is a leading shareholder in GameStop Corp. (NYSE: GME) with 3.2 million shares worth more than $620 million. 

In its Q1 2021 investor letter, Boyar Value Group, an asset management firm, highlighted a few stocks and GameStop Corp. (NYSE: GME) was one of them. Here is what the fund said:

“Then the Reddit/WallStreetBets crowd burst on the scene, with nonprofessional investors informally banding together to buy stocks that in many cases were heavily shorted (presumably by hedge funds), causing a “short squeeze” in certain stocks, most notably mall-based video game retailer GameStop. At one point during January, GameStop shares had advanced 1,741% for the year! This short squeeze destroyed some hedge funds and left former star hedge fund manager Gabe Plotkin of Melvin Capital nursing a 53% loss for January, causing him to seek a capital injection from his former boss, Steven Cohen, and Citadel Securities’ Ken Griffin.”