Reddit stocks: what meme stocks are trending?

Reddit has become a hub for social-media driven traders and investors that have proven their ability to move the markets, injecting huge volatility into stocks like GameStop and AMC. But what stocks are grabbing attention on Reddit today?

Top Reddit stocks to watch

Below is a list of the top 10 most mentioned US stocks on the WallStreetBets thread on Reddit over the last 24 hours on February 3, 2023, according to data from Quiver Quantitative. Exchange-Traded Funds (ETFs) and other instruments have been excluded. 

  1. Apple
  2. Amazon
  3. Carvana
  4. Meta
  5. Tesla
  6. Alphabet
  8. Silvergate Capital
  9. AMD
  10. NVIDIA


US futures are trading lower this morning as markets reel from results out from megacap tech companies and brace for January nonfarm payrolls data to be released later today to provide the latest gauge to feed into the Federal Reserve’s policy. The Dow Jones Industrial Average is down 0.3% while the S&P 500 is trading 0.7% lower. Traders and economists are expecting to learn that the US economy created nearly 200,000 net new jobs in January, and that the average hourly earnings for workers rose by 0.3% month-on-month, a development that would keep expectations for future price increases elevated. You can find out what to expect from the jobs data and how markets could react in our NFP Preview.

The tech-heavy Nasdaq 100 is down 1.2% as Big Tech stocks drag the index down after Apple, Alphabet and Amazon all failed to impress the markets when they released earnings late yesterday.

Apple is down 2.7% and falling from its highest level in over two months. The company reported its first drop in quarterly sales in three years and it was also the first time they fell short of market expectations since 2016. The drop in revenue was driven by the first drop in sales of its flagship iPhone since 2020, as well as falls in sales of Macs and wearables. EPS plunged 10.5% from last year to $1.88, coming in short of the $1.95 pencilled-in by Wall Street. Apple has failed to deliver sales growth so-called Golden Quarter that covers the busy holiday shopping season for the first time on record. The debate now is how many of these sales will be pushed into 2023 and how many will be lost entirely. Apple said the worst of the supply chain snags are now behind it, but the consideration weighing on investor’s minds is that growth is stalling, and the outlook today simply isn’t as good as it has been in recent years. Apple should keep growing, but at a much slower rate than what investors have become accustomed to. You can read more in Where Next for Apple Stock After Q1 Earnings Miss the Mark?

Amazon is down 4.9% and dropping from its highest level in over three months. The company’s revenue and profits both beat expectations in the latest quarter. Still, it delivered its slowest sales growth for any fourth quarter on record, which is significant considering it is the busiest period for revenue of the year, and the outlook for early 2023 was also disappointing. Ecommerce demand continues to unwind after surging during the pandemic and Amazon Web Services has seen growth slow for four consecutive quarters and is expected to stall further over the coming quarters. A big concern is the slowdown at AWS. This division provides the bulk of operating profits, with its higher margins able to fund the rest of the business. But slower growth and profits leaves less cash to spend elsewhere. Operating profits from cloud computing fell for the first time ever in the fourth quarter. Cost-cutting efforts will therefore be more vital. Investors are wary that Amazon’s growth is stalling and that its profits, which already lag what its Big Tech rivals deliver, are vulnerable as a result. You can read more in Where Next for Amazon Stock as AWS Growth Continues to Stall?

Alphabet is down 4.5% and losing ground after hitting its highest level in over four months this week. Revenue grew just 1% in the fourth quarter, marking the slowest growth ever delivered by the Big Tech giant. That was slower than anticipated as softer demand in the digital advertising and cloud computing markets continue to bite. Google Search and YouTube both saw sales fall more than expected. Google Cloud outperformed, but it still saw revenue growth slow for an eighth consecutive quarter and remains in the red. Alphabet’s EPS plunged 31% to $1.05 in the fourth quarter, which was far short of the $1.21 forecast by Wall Street. Margins continued to be squeezed and hit their lowest level in two-and-a-half-years in the period, resulting in a third consecutive quarter of lower profits. Alphabet has vowed to cut costs in response and unleash a new wave of AI-driven products this year, but this ultimately failed to win over the markets. You can read more in Where Next for Alphabet Stock as Growth Stalls to Slowest Pace on Record?

Meta shares are down 1.8% this morning at $185.33, although the stock has still rallied over 23% since releasing results earlier this week. Meta was rewarded and regained the confidence of the markets this week when it cut spending and capital expenditure budgets, with Mark Zuckerberg naming 2023 as the ‘Year of Efficiency’, while simultaneously launching a new $40 billion buyback. Having been the worst performer last year, Meta has emerged as the winner this earnings season – although its valuation had deflated much further than its rivals and had more room to recover. You can read more in Meta Stock Surges as it Cuts Costs and Launches Buyback. Citigroup raied its target price on Meta this morning to $228 from $168.

Nordstrom is up over 30% and set to open at its highest level since late June on news that billionaire investor Ryan Cohen, who has made a name with retail traders, is building a large stake in the company and plans to push the board to improve its performance, according to reports citing unnamed sources. Cohen is known for founding online pet supply store Chewy and managing meme stock favourite GameStop. He also recently grabbed headlines after targeting Chinese giant Alibaba. Cohen is thought to be pushing for a board seat at Nordstrom, which said it was open to discussions with the investor.

Starbucks is down 1.8% after sales in China plunged far more than anticipated and management warned there was no ‘clear line of sight’ as to when the country will bounce back. Comparable sales in the country were down 24% in the latest quarter, dragging the international arm down and countering a stronger performance in North America. EPS of $0.75 came in short of the $0.77 forecast. Global comparable sales were up 5%, also lagging the 6.75% forecast.

Qualcomm is down 3.3% at $131.44 after its outlook fell short of expectations. The chipmaker said revenue would be between $8.7 billion to $9.5 billion in the first quarter, short of the $9.6 billion forecast by analysts. Weaker demand for devices like smartphones twinned with a supply glut of certain components has hurt Qualcomm, resulting in a 12% drop in revenue which fell short of expectations in the latest quarter. The tough conditions are expected to persist throughout the first half before easing in the second, but the outlook remains soft in the short term. Adjusted EPS, which came in just ahead of expectations in the latest quarter, is expected to come in at $2.05 to $2.25 in the current quarter, which was poor versus the $2.26 forecast. Still, brokers largely welcomed the results. Jefferies said the outlook ‘should be a relief’ considering the ‘anxiety’ in the market, while KeyBanc said it was encouraged by signs that the glut in inventory is starting to bottom-out. Cowen & Co was more pessimistic and said the outlook was ‘disappointing’ over the short term. A number of brokers raised their target price on the stock today, including Credit Suisse to $165 from $150, Bernstein to $155 from $140 and Wells Fargo to $130 from $105, while Cowen & Co lowered its view to $155 from $165.

That has provided pressure on other semiconductor stocks, which have also been rocked by poor results out from Intel this earnings season. AMD is down 1.7% today but has outperformed rivals this season after posting a rosier outlook than markets anticipated earlier this week as strength in data centres continued to counter weak demand for devices and hardware. Its rival NVIDIA, which reports results later this month, is also down 1.7% today.

Tesla is up 0.5% and set to open at its highest level in two months today. The company sold 66,051 vehicles made in China during January, according to preliminary numbers from the China Passenger Car Association. That was up 18% from December, when output was cutback, and up 10% from the year before. Tesla is thought to be ramping-up production in Shanghai over the next two months, according to reports from Reuters this week. Meanwhile, the German Federal Motor Authority KBA said today that 4,241 Tesla’s were registered in the country in January, up from just 419 the year before. Tesla opened a factory in Germany last year and has been scaling-up production to serve Europe. Moving over to Mexico, Tesla is expected confirm a much-speculated investment in the country very soon, according to Mexico’s foreign affairs minister Marcel Ebrard. ‘What I would think is that we’re very close to have this announcement by Tesla, but I don’t have an exact date yet,’ he said.

Carvana is up 1.1% this morning and testing fresh multi-month highs. The used-car retailer is proving highly volatile. It soared as much as 47% yesterday, triggering several halts in trading, before eventually closing up 5%. It has gained ground for six consecutive sessions and is on course to book a seventh daily rise today. The rally has been fuelled by increased appetite for riskier assets and by interest from retail traders that are looking for a short-squeeze, with Carvana thought to be one of the most heavily-shorted stocks within the Russell 1000 Index as short sellers target the firm that has been struggling with its debt load and the unwinding of demand that exploded during the pandemic. is down 0.7% today at $21.76. DA Davidson initiated coverage on the AI software company with a Buy rating and a $30 price target. The company has been benefiting from a recent surge in interest in artificial intelligence stocks and added further fuel to the rally by unveiling a suite of generative AI products this week that can ‘rapidly locate, retrieve, and present all relevant data across the entire corpus of an enterprise’s information systems.’ The company said the new suite ‘integrates the latest AI capabilities from organizations such as Open AI, Google, and academia, and the most advanced models, such as ChatGPT and GPT-3 into C3 AI’s enterprise AI products.’

Silvergate Capital is down 12.4% before the bell as markets punish the stock for its dealings with defunct cryptocurrency platform FTX and Alameda. US prosecutors are reported to be looking into Silvergate’s dealings with the two firms, according to unnamed sources. It is thought to be a criminal investigation looking at Silvergate hosting accounts tied to the two troubled firms. The report said no allegations of wrongdoing have been made against Silvergate and that the investigation could end without any charges. Silvergate was hit hard by the collapse of FTX, having reported a $1 billion loss in the last quarter after taking out an array of loans to feed a flurry of deposit withdrawals when FTX collapsed.


How to trade meme stocks

You can trade many of the hot stocks being discussed on Reddit with If you’re new to trading, then you can read our guide in What is a Meme Stock and Why are they so Popular?

You can start trading Reddit stocks in just four steps:

  1. Open a account, or log-in if you’re already a customer.
  2. Search for the stock you want in our award-winning platform
  3. Choose your position and size, and your stop and limit levels
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Or you can try out your trading strategy risk-free by signing up for our Demo Account.

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