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Top Stocks of the Week!
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After moving sideways for the last 2 months, the S&P 500 hit a new high last week (+2.7%) (Fun fact: This is the 33rd time this year S&P 500 is hitting a new high - a spectacular 26% of all trading days in 2021).
In spite of the pullback experienced in mid-June following the concerns of a Fed Policy shift, both the Nasdaq Composite (+2.4%) and Dow Jones Industrial Average (+3.4%) also ended the week with strong gains. Even though the overall market was green, some of the most popular stocks did end up taking a beating as shown below.
Most Discussed Stocks of the Week
WISH finally overtook AMC to become the most discussed stock! This was mainly driven by the 20% increase in stock price over the last week. Investors were also extremely bullish about the stock as reflected by the sentiment. Tesla has made a comeback to the top 10 list with an 8% jump in stock price.
Top Growing Stocks of the Week
Above is the list of stocks that have exploded in the number of mentions throughout social media.
Globalstar($GSAT): GSAT, an American satellite communications company gained a massive 46% this week following a Buy rating with a 150% upside from investment bank B.Riley. The stock jumped ~18% on Monday following the report and has continued its upward trend. According to Riley,
Globalstar and its sponsors, after years of development, support, and patience, are at long last starting to realize a return on satellite system and spectrum assets, making 2021 an excellent time, in our opinion, to buy GSAT
Paysafe($PSFE): Paysafe jumped 9% as the company is set to join the Russell 3000 index. Most of the retail crowd is trying to front-run the purchases by hedge fund managers (Fund managers that track the Russell index will need to purchase the shares after its added to the index).
Trade Desk($TTD): TTD was generating discussions as Google announced that they would delay the removal of third-party cookies that help advertisers track users until 2023. The news also sends the stock price soaring as the stock finished the week with a 25% gain.
Atossa Therapeutics($ATOS): ATOS is a small (~$1B valuation) Seattle-based biopharmaceutical focused on developing a breast cancer treatment. The surge was mainly caused due to the company announcing that it would be listed on the Russell 2000 and Russell 3000 indices. In addition to this, the retail crowd is also hyping up the stock as seen by the 243% increase in mentions for the stock.
Purple Innovation($PRPL): The current volatility of the market is perfectly reflected in this stock as an 8% run-up in a billion-dollar company has generated zero news! The retail crowd was hyping up the stock as the company has announced an off-cycle investor event which will take place on 6/29 and also because the company was one of the first meme stocks that were picked up by Reddit almost a year back.
As always, please note that I am not a financial advisor. Hope you enjoyed this week’s top stocks issue!
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