Reddit’s WallStreetBets is Buying These 13 Stocks for 2024

Published on December 20, 2023 at 11:07 am by Fahad Saleem in Hedge Funds, News

In this article, we will take a detailed look at the Reddit’s WallStreetBets is Buying These 13 Stocks for 2024. For a quick overview of such stocks, read our article Reddit’s WallStreetBets is Buying These 5 Stocks for 2024.

Stocks are taking a breather on December 20 as investors step back and process the Fed’s possible path towards rate cuts. Despite several Fed officials saying there is no certainty around rate cuts, major investment and financial firms like Goldman Sachs and JPMorgan are saying they expect rate cuts to start in the first half of 2024, barring any major roadblocks or unexpected events.

Meera Pandit, Global Market Strategist at JPMorgan Asset Management, recently said while talking to Bloomberg that she expects 2% growth, no recession, 2% inflation and 4% unemployment in the next year. Pandit said while recession is not completely off the table, the state of the economy is looking more like it was in 2019. Pandit thinks we are getting out of the post-pandemic economic reverberations now and entering what she calls the “regular economy.”

Photo by Mohamed Hadji on Unsplash

Methodology

For this article we scoured Reddit WallStreetBets subreddit and saw discussions with hundreds of comments where retail investors discussed their bets for 2024 (not meme stocks, actual stock investments backed my real catalysts). We picked 13 stocks that appeared to be the favorites of retail investors on Reddit WallStreetBets. In addition to famous names like Meta Platforms Inc (NASDAQ:META), NVIDIA Corp (NASDAQ:NVDA) and Amazon.com Inc (NASDAQ:AMZN), Redditors are also piling into some small companies with strong fundamentals.

13. AST SpaceMobile Inc (NASDAQ:ASTS)

Number of Hedge Fund Investors: 9

Texas-based satellite designer AST SpaceMobile Inc (NASDAQ:ASTS) shares gained about 20% year to date in 2023 through December 19. Many on Reddit’s WallStreetBets commented they’ve been loading up on the stock for several months.

AST SpaceMobile Inc (NASDAQ:ASTS) plans to send satellite into space as it eyes to provide internet connectivity in areas with coverage issues.

AST SpaceMobile Inc (NASDAQ:ASTS) talked about guidance in Q3 earnings call:

We have been supporting the development efforts of our 2 [indiscernible] satellite designs, Block 1 and Block 2, our ASIC chip design, and the construction of 5 BB1-1 satellites. The completion of this BB1-1 work and a significant portion of the BB1-2 and ASIC design work is expected to result in a material reduction in our adjusted operating expenses and future capital expenditures. This reduction in cash expenditures will be done without a material reduction in our employee headcount as most of these reductions are related to the completion of third-party work. Overall, our adjusted operating expenses should decline from a range of $37 million to $40 million per quarter to a range of $25 million to $30 million per quarter, with the full effect starting in the first quarter of 2024.

We also plan to reduce our level of capital expenditures as we reach the final investments for BB1-1 and the material investments for BB1-2. Timing of the changes in our adjusted operating expenditures and capital expenditures, as I have just described, could be delayed or may not be realized to a variety of factors.

Read the entire earnings call transcript here.

12. Rocket Lab USA Inc (NASDAQ:RKLB)

Number of Hedge Fund Investors: 11

Rocket Lab USA Inc (NASDAQ:RKLB) ranks 12th in our list of the best Reddit stocks WallStreetBets is piling into for 2024.

The stock recently jumped after Rocket Lab USA Inc (NASDAQ:RKLB) launched its 42nd Electron rocket and deployed a satellite for Japan-based Earth imaging company the Institute for Q-shu Pioneers of Space.

The company’s management talked about its plans and guidance for 2024 during Q3 earnings call:

So in 2024, we have a really big year ahead of us. Even with air pores in operations, Electron remains the world’s most frequently launch small orbital rocket. Dedicated missions for small satellites continue to experience strong demand, which we have seen in multiple buys by returning customers and constellation operators. In fact, we have booked out Electron launches next year completely booked. We see the market for the Electron product being very strong and this manifest validates that. Frequent launch opportunities, flexibility over schedule and control over orbiter deployment are what our customers are looking for and that’s what Electron has been providing and will continue to provide in the new year.

And all that, all we have to do really in – with our 2024 manifest is execute as and with anything in the space industry. By ramping Electron production and keeping on top of demand with recent acquisitions as well as continuous improvement in automation across our manufacturing processes, we look to continue improving on our already impressive performance in manufacturing. We also note that the scaling is coming with improved gross margins in Q3 2023, we achieved a 27% GAAP launch gross margin, which should look to enable to progress our profitability targets for Electron as we drive scale and efficiency into the business. I now want to take you through and highlight some of their accomplishments in Q4. So Neutron Structures, we will start with a Neutron update.

Earlier this quarter, we reached a major milestone and had frosty second stage tank, up on the stand for structural and cryogenic testing, which is really a key marker for our Neutron program development, an embedded program. The team’s job was to push the tank to its absolute limits by loading it up with cryogenic fluids and test to destruction. Something like 96,000 liters of liquid nitrogen was used for this test campaign and an exploded tank in this instance is very much a good thing and what we wanted to achieve. The team took the tank past me up or maximum expected operation pressure at more than 7x atmospheric pressure. What they have learned in the campaign has been applied to the next Stage 2 tank and currently under production, really to vacant structural reliability early as we get closer to our date with the launch pad.

Speaking of baking, this is quite literally what carbon composites team has been up to, with their next full scale Neutron structures and components. The images on this slide here show you the scale of some of the in-tank devices being produced more than 7 feet in diameter for those circular propellant management devices and the Stage 2 dome being eliminated in the bottom section. Most of Neutron’s fixed fairing sections are coming together nicely. And of course, we have another second stage Neutron Tank being built for our next test stint and – to go on our next test in the first half of ‘24. [read the entire earnings call transcript here]

11. Bank of Nova Scotia (NYSE:BNS)

Number of Hedge Fund Investors: 11

Redditors on WallStreetBets like Bank of Nova Scotia (NYSE:BNS) because of its dividend yield and stability heading into 2024. The stock’s dividend yield is over 6% as of December 19.

Bank of Nova Scotia (NYSE:BNS) recently posted fiscal Q4 results. Adjusted EPS in the period came in at C$1.26. Revenue increased by 8.9% year over year C$8.31 billion.

10. Marathon Digital Holdings Inc (NASDAQ:MARA)

Number of Hedge Fund Investors: 13

Marathon Digital Holdings Inc (NASDAQ:MARA) stock gained a mind-blowing 484% in 2023 through December 19. But retail investors on Reddit WallStreetBets believe the stock has more room to run. A possible start of a new bull run in the crypto space is what causing Redditors to pile into the Las Vegas-based crypto mining company.

In November, Marathon Digital Holdings Inc (NASDAQ:MARA) mined 1,187 Bitcoins.

As of the end of the third quarter of 2023, 48 hedge funds tracked by Insider Monkey had stakes in Marathon Digital Holdings Inc (NASDAQ:MARA).

9. MicroStrategy Inc (NASDAQ:MSTR)

Number of Hedge Fund Investors: 16

Reddit’s WallStreetBets is growing highly bullish on MicroStrategy Inc (NASDAQ:MSTR) on hopes that Bitcoin will have a further bull run in 2024. Here’s what a Redditor said about the stock in a latest discussion thread on WSB:

“It looks like 2024 is going to be the year of Bitcoin, at least for a little while. And no one really better to invest in than the largest corporate holder in the world.”

A total of 16 hedge funds in Insider Monkey’s database had stakes in MicroStrategy Inc (NASDAQ:MSTR), up from 13 hedge funds in the previous quarter. The biggest hedge fund stakeholder of MicroStrategy Inc (NASDAQ:MSTR) was Ken Griffin’s Citadel Investment Group which owns a $13.6 million stake in MicroStrategy Inc (NASDAQ:MSTR).

8. SoFi Technologies Inc (NASDAQ:SOFI)

Number of Hedge Fund Investors: 24

Online personal finance company SoFi Technologies Inc (NASDAQ:SOFI) has been on Reddit’s WallStreetBets radar for quite some time now. Many called it a meme stock, but SoFi Technologies Inc (NASDAQ:SOFI) is now getting attention from Wall Street as well. In October, the stock jumped 6.9% after Morgan Stanley upgraded the stock to Equalweight from Underweight after the stock fell from Morgan Stanley’s price target.

As of the end of the third quarter of 2023, 24 hedge funds tracked by Insider Monkey had stakes in SoFi Technologies Inc (NASDAQ:SOFI). The biggest stakeholder of SoFi Technologies Inc (NASDAQ:SOFI) was Jim Davidson, Dave Roux and Glenn Hutchins’ Silver Lake Partners which owns a $249 million stake in SoFi Technologies Inc (NASDAQ:SOFI).

In addition to SOFI, Redditors also like Meta Platforms Inc (NASDAQ:META), NVIDIA Corp (NASDAQ:NVDA) and Amazon.com Inc (NASDAQ:AMZN).

7. Unity Software Inc (NYSE:U)

Number of Hedge Fund Investors: 27

In a discussion thread on WallStreetBets, a Redditor talked about Unity Software Inc (NYSE:U) and explained why he’s bullish on the stock for 2024. His comment got a lot of upvotes. Here is what the comment said:

“$U: Apple partnership with Unity Software. Vision Pro coming out early next year. I don’t care how expensive it is or if you don’t believe in ar/vr. Devs will need to make apps and games for that new platform. New CEO after recent price structure debacle. Also recent job cuts and office closures. They are working towards trimming the fat to become profitable. And most importantly looking at technicals/price action. Buyers stepped in with high volume during the recent earnings sell off. And we got follow through the next day. Today the 20dma is crossing positively up and over the 50dma. I’m long.”

As of the end of the third quarter of 2023, 27 hedge funds tracked by Insider Monkey had stakes in Unity Software Inc (NYSE:U).

HSBC earlier this month started covering Unity Software Inc (NYSE:U) stock with a Hold rating and $37 price target. HSBC believes Unity Software Inc’s (NYSE:U) AdTech business is improving. HSBC is also bullish on Unity Software Inc’s (NYSE:U) revised gaming engine.

6. Kohls Corp (NYSE:KSS)

Number of Hedge Fund Investors: 29

Redditors like Kohls Corp’s (NYSE:KSS) for its dividend and stability. The retailer has a dividend yield of over 6%.

During the third quarter, Kohls Corp’s (NYSE:KSS) GAAP EPS came in at $0.53, beating estimates by $0.14.

Like Meta Platforms Inc (NASDAQ:META), NVIDIA Corp (NASDAQ:NVDA) and Amazon.com Inc (NASDAQ:AMZN), KSS is a stock also popular among hedge funds.

Click to continue reading and see the Reddit’s WallStreetBets is Buying These 5 Stocks for 2024.

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Disclosure. None. Reddit’s WallStreetBets is Buying These 13 Stocks for 2024 was initially published on Insider Monkey.

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AI, Tariffs, Nuclear Power: One Undervalued Stock Connects ALL the Dots (Before It Explodes!)

Published on June 23, 2025 at by Inan Dogan, PhD

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Reddit’s WallStreetBets is Buying These 13 Stocks for 2024

Published on December 20, 2023 at 11:07 am by Fahad Saleem in Hedge Funds, News

13. AST SpaceMobile Inc (NASDAQ:ASTS)

12. Rocket Lab USA Inc (NASDAQ:RKLB)

11. Bank of Nova Scotia (NYSE:BNS)

10. Marathon Digital Holdings Inc (NASDAQ:MARA)

9. MicroStrategy Inc (NASDAQ:MSTR)

8. SoFi Technologies Inc (NASDAQ:SOFI)

7. Unity Software Inc (NYSE:U)

6. Kohls Corp (NYSE:KSS)

AI, Tariffs, Nuclear Power: One Undervalued Stock Connects ALL the Dots (Before It Explodes!)

Published on June 23, 2025 at by Inan Dogan, PhD

Here’s why this is a deal you can’t afford to pass up:

A New Dawn is Coming to U.S. Stocks

Published on June 13, 2025 at by Insider Monkey Staff

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Reddit’s WallStreetBets is Buying These 13 Stocks for 2024

Published on December 20, 2023 at 11:07 am by Fahad Saleem in Hedge Funds, News

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13. AST SpaceMobile Inc (NASDAQ:ASTS)

12. Rocket Lab USA Inc (NASDAQ:RKLB)

11. Bank of Nova Scotia (NYSE:BNS)

10. Marathon Digital Holdings Inc (NASDAQ:MARA)

9. MicroStrategy Inc (NASDAQ:MSTR)

8. SoFi Technologies Inc (NASDAQ:SOFI)

7. Unity Software Inc (NYSE:U)

6. Kohls Corp (NYSE:KSS)

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AI, Tariffs, Nuclear Power: One Undervalued Stock Connects ALL the Dots (Before It Explodes!)

Published on June 23, 2025 at by Inan Dogan, PhD

Here’s why this is a deal you can’t afford to pass up:

A New Dawn is Coming to U.S. Stocks

Published on June 13, 2025 at by Insider Monkey Staff