GameStop Corporation (NYSE: GME) was the most-discussed stock Sunday night on r/WallStreetBets or WSB, a popular Reddit financier forum understood for short squeezes.
What Happened: The video gaming retailer was followed by the teledentistry firm SmileDirectClub Inc (NASDAQ: SDC) and Clover Health Investments Corp (NASDAQ: CLOV) in regards to points out on WSB, according to Quiver Quantitative data.
Exchange-traded fund SPDR S&P 500 ETF Trust (NYSE: SPY), which received 157 points out, was the most discussed name on the Reddit forum at press time..
GameStop, SmileDirectClub and Clover Health got 56, 50, and 38 points out, respectively..
Other significant trending names on the forum included chipmaker Advanced Micro Devices, Inc (NASDAQ: AMD) and Palantir Technologies Inc (NYSE: PLTR).
Why It Matters: The release of Nintendo Co., Ltds (OTC: NTDOY) Switch including an OLED display was one of the aspects that got GameStop trending on Twitter on Friday.
The video game seller also saw long queues at its properties as it tailors up to launch brand-new titles like “Call of Duty: Vanguard” from Activision Blizzard Inc (NASDAQ: ATVI) and a slew of others.
On Friday, SPAC King Chamath Palihapitiya stated on Twitter that the Centers for Medicare and Medicaid Services upgraded the rating of Clover Health from 3 to 3.5 stars.
Palihapitiya stated the upgrade “reveals CLOVs ability to carry out and validates their wide-open network approach to access a bigger TAM [Overall Available Market] compared to narrow-network plans used by competitors.”.
SmileDirectClub is one of the most shorted stocks with 32.84% of its float shorted at press time, as per Highshortinterest.com, a database of stocks with short interest over 20%.
On Friday, a WSB user, Hydradted_af _, posted SmileDirectClubs chart and said it was “trending magnificently.”.
” I would aim to buy more between 6.40– 6.60. Tomorrow I see us evaluating $7.31, if we break that then we will check the current high of $8.24. If we bust through that then we are going to see double digits with no end in sight!”.
Photo: Courtesy of EPIC via Wikimedia.
” I would look to buy more in between 6.40– 6.60. Tomorrow I see us testing $7.31, if we break that then we will check the current high of $8.24. If we bust through that then we are going to see double digits with no end in sight!”.
This material was initially published here.