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Top Stocks of the Week!
Track trending stocks from all over the internet
It has been a tough week in the market with SPY dropping 2%, Dow Jones Industrial Average posting its worst weekly loss since October, and most popular stocks taking a beating. The main reason for the fall is the concern that Federal Reserve could start raising rates sooner than expected due to inflation concerns bringing a stop to the continuous rally we have seen in the last year. In case you missed out, you can check out my last week's analysis on the best strategies to hedge against inflation. Now without further ado, let jump straight into the
Most Discussed Stocks of the Week
AMC continues to be the most talked-about stock with a 20% WoW gain in stock price. Even though the overall number of discussions seems to be waning (last week AMC had 17K mentions), investors are becoming more and more bullish as reflected in the sentiment.
Taking about the bullish view, WISH has the highest sentiment across all the stocks reflecting the investor confidence in the stock. Both WISH and CLNE overtook GME in the discussion volume across Reddit and Twitter. Other than these 3, all the other stocks had a rough week in the market with Clover health dropping a massive 20% last week.
Top Growing Stocks of the Week
Above is the list of stocks that have exploded in the number of mentions throughout social media.
Petco Health and Wellness($WOOF): WOOF had a wild ride this week with the stock gaining more than 20% on Monday and still ending in red at the end of the week. Unlike many other meme stocks, analyst’’ consensus is a strong buy for the stock with an upside of almost 30% from the current price levels. The company is expected to gain considerably from the increasing trends of pet adoption during Covid and people’s willingness to spend more on their pets.
DraftKings($DKNG): The company was trending as Hindenburg Research published a report calling DraftKings "a $21 billion SPAC betting it can hide its black-market operations." The stock fell 4% on the news and the stock has shed almost 10% throughout the week. Wall Street analysts have said that these allegations are nothing new and unregulated market exposure is a common theme for international sports betting companies.
Corsair Gaming($CRSR): The prodigal son has finally returned! CRSR was the first stock that I identified using the program and did a DD on. The stock had a wild week, soaring more than 30% with 20x the average trading volume. The fall also was just as steep with the stock losing all the gains within the next 3 days. The company had an exceptional year during Covid with net revenue of $1.7B (55% increase YoY) and a gross profit of 456MM (107% increase YoY).
Torchlight Energy($TRCH): TRCH stock was up a whopping 101% last week. Even though the company announced its merger with Metamaterial last Friday, the current rally was predominantly driven by retail investors. The company also declared a special dividend of Series A Preferred Stock, to be issued on a one-for-0ne basis to common stockholders on June 24.
Nio Inc($NIO): After reaching highs of $64 in February, NIO had fallen to $31 in May. The stock seems to be picking up momentum and has shown consistent growth since then (risen over 40% over the last month). Adding to this, NIO has also become the best-selling EV brand for SUVs in China with its market share now up to 25%. Both these factors are driving the increasing chatter for the stock.
As always, please note that I am not a financial advisor. Hope you enjoyed this week’s top stocks issue!
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