Social media platforms have become hotbeds of discussions and debates surrounding the stock market. Although information and opinions across social media spread quickly, leading to significant shifts in investor sentiment, Reddit has emerged as the undisputed leader in driving the stock market buzz. In 2024, the platform’s influence on the financial world is stronger than ever.
According to data presented by AltIndex.com, Reddit’s top-discussed stocks hit an average 59% gain year-to-date.
Twice the Gains of S&P 500
Over the years, the stock market has seen a number of stocks whose prices skyrocketed or plummeted based on social media momentum. In 2024, this phenomenon reached new heights, with Reddit investors striking gold.
According to the alternative data platform AltIndex, which analyzes stock-related discussions across forums and social media, a diverse range of companies across industries have captured the attention of Reddit users this year. From tech giants to trading platforms, the ten most-mentioned stocks reflect a mix of meme culture, innovation, and financial potential. Impressively, eight out of ten of these stocks have made remarkable gains.
While Intel and AMD stocks stumbled, ending the year with 61% and 17% year-to-date loss, all other stocks on the AltIndex list have seen double and triple-digit gains. These eight stocks, including GameStop, Nvidia, Tesla, Google, Apple, Robinhood, Amazon, and Meta, hit an average year-to-date return of 59%. This figure is even more impressive when compared to the broader market. The S&P 500, while strong, managed a 25% increase over the same period, less than half the average gains of Reddit’s stock winners.
Robinhood, Nvidia, and Meta Top the Reddit Stock Winners List
Reddit’s rise as an investment powerhouse began in 2021 with the GameStop phenomenon. What started as a collective effort by retail investors to challenge institutional short sellers became a global phenomenon. In just a few weeks, GameStop’s stock price skyrocketed by more than 2000%, showcasing the power of Reddit’s investor community.
Three years later, in 2024, GameStop is still the top-discussed stock, with 395,000 Reddit mentions year-to-date. However, its 62.9% gain wasn’t enough to claim the top spot. Robinhood, which had seven times fewer Reddit mentions than GameStop, saw its stock price skyrocket by a whopping 191%, proving to be the best performer on this list.
Nvidia, the second most talked about stock, with 297,000 Reddit mentions, follows with just as impressive 161% gain. Thanks to the consistent buzz around its innovation and leadership in the EV space, the world’s most valuable car producer, Tesla, secured the third spot with 172,000 mentions and a 77% gain. The social media giant Meta and GameStop rounded out the top five list with 69% and 62% gains, respectively.
