Reddit has become a valuable resource for would-be equity traders due to the rapid growth of subreddits such as r/WallStreetBets and r/Investing. These subreddits offer a platform for beginners and advanced traders to discuss stocks, often resulting in high-potential investment opportunities being presented.
This article will discuss the ten best stocks to buy now on Reddit, exploring why they are so highly rated, before showing you where you can make your stock investment today – with low trading fees.
The 10 Best Stocks to Buy Now on Reddit
If you’re looking to buy stocks but don’t know where to start, the list below presents ten of the best Reddit stocks on the market – all of which will be discussed in the following section:
- Lucky Block (LBLOCK) – Overall Best Stock to Buy Now on Reddit
- Tesla (NASDAQ: TSLA) – Best Electric Vehicle Stock to Buy
- GameStop (NYSE: GME) – One of the Best Reddit Stocks to Short-Squeeze Potential
- Zoom Video Communications (NASDAQ: ZM) – Popular Growth Stock with Rebound Potential
- Snap Inc (NYSE: SNAP) – Leading Social Media Platform Trading at a Discount
- Best Buy Co (BYSE: BBY) – Popular Reddit Stock with ‘Meme Stock’ Backing
- Twitter (NYSE: TWTR) – Best Reddit Stock with Elon Musk’s Backing
- Palantir Technologies (NYSE: PLTR) – Beaten-Down Tech Stock with Long-Term Growth Prospects
- Canopy Growth Corp (NASDAQ: CGC) – One of the Best Penny Stocks on Reddit
- JPMorgan Chase (NYSE: JPM) – Best Reddit Stock for Exposure to the Financial Sector
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A Closer Look at the Best Stocks to Invest in on Reddit
As you can see from the list above, Reddit’s best stocks hail from various sectors and have a range of different market caps. Thus, by considering a few of these stocks, you’ll have the opportunity to create a diversified portfolio, thereby optimizing your risk-return ratio.
So, without further ado, let’s dive in and explore the best stocks for 2022 on Reddit:
1. Lucky Block (LBLOCK) – Overall Best Stock to Buy Now on Reddit
Topping our list of the best stocks to buy right now on Reddit is Lucky Block. The first thing to note about Lucky Block is that it isn’t actually a stock – it’s a cryptocurrency. However, the reason it makes an appearance on our list is that LBLOCK can offer the same benefits as many top equities, such as capital gains and passive income.
Put simply, Lucky Block is a crypto-gaming platform hosted on the Binance Smart Chain (BSC) that looks to offer daily prize draws that anyone can enter. These draws are facilitated using LBLOCK, Lucky Block’s native token. However, people also buy Lucky Block for its speculative potential, highlighted by the remarkable returns produced earlier in the year.
When Lucky Block launched on PancakeSwap, the token’s price rocketed by over 3,000% from its pre-sale price. This pushed LBLOCK to a fully-diluted market cap of over $750 million, making it one of the fastest-growing cryptocurrencies in history. These returns were even more impressive because Lucky Block’s daily prize draws had not even launched yet – highlighting the remarkable hype around the project.
This hype has transferred to Reddit, where the Lucky Block subreddit now has over 6,000 members. This subreddit provides a place for LBLOCK investors to discuss the platform’s upcoming changes – including the long-awaited launch of daily prize draws, set to occur in the next few weeks.
These prize draws will also mark the beginning of regular rewards for LBLOCK holders since 10% of each daily jackpot will be distributed to investors who have connected their wallets to the platform. Overall, the signs coming from Lucky Block’s official Telegram group continue to be overwhelmingly positive – making this our pick for the best stock to buy on Reddit.
Cryptoassets are a highly volatile unregulated investment product.
2. Tesla (NASDAQ: TSLA) – Best Electric Vehicle Stock to Buy
Another of the best stocks to invest in on Reddit is Tesla. Tesla needs no introduction, as the electric vehicle giant has become a household name over the past few years under the leadership of eccentric billionaire Elon Musk. Musk has turned Tesla into a powerhouse within the industry, helping push the company to a $1 trillion market cap in 2021.
However, the TSLA share price has fallen by over 45% over the past two months. This can be attributed to numerous factors, such as the production halt at the company’s Shanghai Gigafactory and Elon Musk’s takeover bid for Twitter. The latter point is important to note, as Musk has already sold $8 billion worth of Tesla stock to fund the deal – which has caused shares to turn bearish.
Either way, many people still opt to buy Tesla stock for its long-term potential. Tesla now controls over 15% of the EV market and improved revenues by 73% in Q1 2022, compared to the same period in 2021. Finally, given that Tesla announced another stock split earlier this year, there’s scope for shares to become more accessible, increasing the number of investors.
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3. GameStop (NYSE: GME) – One of the Best Reddit Stocks to Short-Squeeze Potential
Another extremely popular Reddit stock is GameStop. As many equity investors know, GameStop has had a remarkable 18 months, driven mainly by the ‘short-squeeze’ that occurred in early 2021. This was when thousands of retail investors opted to buy GameStop stock, which spooked short-sellers and made them cover their positions – thereby causing the share price to rocket.
Ultimately, this caused GME shares to rise by an incredible 2,712% in a matter of weeks, which is unheard of in the stock market. Much of this buying was driven by members of the r/WallStreetBets subreddit, who took a stance against large institutions deciding to short GME shares. Over time, GameStop became one of the best meme stocks and has retained that tag ever since.
Although shares are down by 81% from January’s all-time highs, many on Reddit still believe the company has potential. GameStop recently launched the ‘GameStop Wallet’, a non-custodial Ethereum wallet that can store cryptos and NFTs. Although these assets have taken a hit recently, GameStop seems to be betting on their recovery – which could prove lucrative over the long term.
Your capital is at risk. 68% of retail investor accounts lose money when trading CFDs with this provider.
4. Zoom Video Communications (NASDAQ: ZM) – Popular Growth Stock with Rebound Potential
Zoom was one of the best Reddit stocks during the last few years, driven by the company’s helpful video communication services, which allowed people to connect during the height of the COVID-19 pandemic. This helped drive the ZM share price to an all-time high of $588.34 in October 2020 – although shares have slumped by around 83% from that point.
However, many on Reddit still believe that Zoom is one of the most undervalued stocks on the market. The company recently released its fiscal Q1 2023 results, which showcased revenue growth of 12% compared to last year. Zoom also grew enterprise customers by 24%, which is essential as this segment is one of the company’s primary revenue drivers.
Adjusted EPS also beat analysts’ estimates, noted at $1.03 – which prompted management to raise their guidance for the remainder of 2022. These results were viewed favourably on Reddit, with many users on r/Investing discussing whether Zoom could be set for a rebound. Either way, Zoom’s recent uptick in performance makes it one of the best stocks to buy now on Reddit.
Your capital is at risk. 68% of retail investor accounts lose money when trading CFDs with this provider.
5. Snap Inc (NYSE: SNAP) – Leading Social Media Platform Trading at a Discount
Snap Inc is the company behind the super-popular Snapchat app, which burst onto the scene in 2011. Since then, the company has continued to innovate beyond the app by producing other products, such as a pair of smartglasses called ‘Spectacles’. In addition, Business Insider also reported that the company would be releasing a ‘mini drone’ called Pixy.
However, nothing seems able to stop Snap’s slump right now, with shares down by 84% from September 2021’s all-time highs. As is the case with most growth stocks, Snap has been affected by the prevailing ‘risk-off’ nature in the market, along with the recent interest rate increases from the Fed. This caused management to lower its guidance for Q2 2022.
Snap’s Q1 2022 results do provide some cause for optimism though, as revenue topped $1 billion – a 38% increase from the previous year. Notably, daily active users (DAU) grew by 18%, a crucial metric for a social media platform. Overall, it’s clear that Snap is being affected by the current macroeconomic conditions, although the company still has strong fundamentals that could see it rebound.
Your capital is at risk. 68% of retail investor accounts lose money when trading CFDs with this provider.
6. Best Buy Co (BYSE: BBY) – Popular Reddit Stock with ‘Meme Stock’ Backing
Another of the best stocks for 2022 on Reddit is Best Buy. Best Buy is a consumer electronics retailer with over 1,100 locations throughout the U.S., Canada, and Puerto Rico. Many Reddit users have noted that Best Buy is one of the best cheap stocks on the market, given that shares are down by 48% from November 2021’s all-time highs.
Best Buy has become a sort-of ‘meme stock’ on r/WallStreetBets, although it’s unclear why so many users have taken a liking to the company. From an objective standpoint, Best Buy does seem to be struggling with the current consumer environment, as rising inflation is a killer for budget retailers. This prompted the company to lower its full-year guidance in its Q1 2022 earnings report.
Comp sales also fell, although they…
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