First Majestic Silver (NYSE:AG) stock and several other silver trades are on the rise Thursday and Reddit WallStreetBets traders are likely behind the movement.
A post on r/WallStreetBets calls for traders on the social media platform to use their funds to buy up shares of silver stocks. It argues that silver is undervalued and that the group can boost its price up to match material values by purchasing shares.
This post specifically mentions First Majestic Silver as a prime target for this plan. It looks like the Redditors making use of the WSB subreddit are on board as shares of AG stock are rising rapidly this morning.
AG stock is also likely getting a slight boost from some recent news as well. The company is currently involved in a case concerning tax fraud in Mexico. A judge ruling on the case refused to charge it with tax fraud, which is a good sign for it.
WSB traders are also taking aim at other silver stocks as well this morning. Ishares Silver Trust (NYSEARCA:SLV) is also called out as a strong potential investment opportunity in that same Reddit post mentioned above.
PLenty of other silver stocks are also on the rise alongside these two. That includes MAG Silver (NYSEAMERICAN:MAG), Wheaton Precious Metals (NYSE:WPM), Hecla Mining (NYSE:HL), Endeavour Silver (NYSE:EXK), Fortuna Silver Mines (NYSE:FSM), and Pan American Silver (NASDAQ:PAAS).
Here’s how each of these stocks are performing in early trading on Thursday.
- AG up 29.8%.
- ALV up 6.7%.
- MAG up 11.2%.
- WPM up 7.2%.
- HL up 18.3%.
- EXK up 20.1%.
- FSM up 19.9%.
- PAAS up 9.5%.
If you want to know more about how Reddit is influencing the stock market. Check out the following articles.
- Reddit’s Wall Street Bets: 5 WSB Stocks That Could Be the Next GameStop
- Reddit Traders Squeeze GameStop, And These 5 Stocks Could Be Next
- CVM Stock: Why Cancer Play Cel-Sci Is Riding the Reddit Wave
- AMC Stock: The Next Reddit WallStreetBets Stock of the Day?
- GME Stock: 11 Things to Know About the Wild GameStop Drama on Reddit WallStreetBets (WSB)