The market seems to be inching closer to its next big short squeeze. Multiple popular meme stocks are in the spotlight as more names join the list of companies with no shares available to short. As of today, that group includes electric vehicle (EV) producer Fisker (NYSE:FSR), Mullen Automotive (NASDAQ:MULN) and GameStop (NYSE:GME). Meanwhile, speculation continues to mount that regional banks PacWest Bancorp (NASDAQ:PACW) and Western Alliance (NYSE:WAL) are destined for the GME treatment as they teeter on the brink of collapse. However, none of these names are currently ranked among the top meme stocks on popular investing subreddit r/WallStreetBets.
The top meme stocks are typically determined by the attention companies receive on social media. And as InvestorPlace contributor Chris MacDonald reports, meme stocks are often inherently risky:
“In past years, the media and social media have highlighted so-called meme stocks repeatedly. However, this trend can be hazardous for individuals who need more financial literacy and are supposed to be responsible long-term investors. They may need proper knowledge to build a diversified portfolio and adhere to an investment plan.”
That said, one of top names on r/WallStreetBets right now is actually a company with growth potential, a rare feat for the meme category. Here are the top 10 companies currently seeing the most attention from the retail investing crowd, according to ApeWisdom.
Top Meme Stocks on r/WallStreetBets
These stocks and exchange-traded funds (ETFs) rank as the top 10 most discussed stocks on r/WallStreetBets as of this writing:
- SPDR S&P 500 ETF Trust (NYSEARCA:SPY)
- C3.ai (NYSE:AI)
- PayPal (NASDAQ:PYPL)
- Palantir (NYSE:PLTR)
- Advanced Micro Devices (NYSE:AMD)
- Nvidia (NASDAQ:NVDA)
- Rivian (NASDAQ:RIVN)
- Airbnb (NASDAQ:ABNB)
- Upstart (NASDAQ:UPST)
- Apple (NASDAQ:AAPL)
On the date of publication, Samuel O’Brient did not hold (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
