Thu. 14 Oct 2021, 5:36am ETBenzinga
In: Long Ideas, News, Short Ideas, Trading Ideas

GameStop Corp. (NYSE:GME) has emerged as the most-discussed stock on Reddit’s r/WallStreetBets forum as of Wednesday night, while SoFi Technologies Inc. (NASDAQ:SOFI), BlackBerry Limited (NYSE:BB), Tesla Inc. (NASDAQ:TSLA) and SmileDirectClub Inc. (NYSE:SDC) are also seeing high interest.

What Happened: Exchange-traded fund SPDR S&P 500 ETF Trust (NYSE:SPY) is seeing the highest interest on the forum with 499 mentions as at press time, followed by videogame retailer GameStop with 155 mentions, data from Quiver Quantitative showed.

Online personal finance company SoFi Technologies and Canadian cybersecurity company BlackBerry are in the third and fourth positions, having attracted 136 and 129 mentions, respectively.

Apart from electric vehicle maker Tesla and orthodontics company SmileDirectClub, the other stocks that are trending on the forum include Apple Inc. (NASDAQ:AAPL), hydrogen technology company Plug Power Inc. (NASDAQ:PLUG) and website security company Cloudflare Inc. (NYSE:NET).

In addition to these stocks, investors also focused on the Consumer Price Index (CPI) data for September. Data released by Labor Department on Wednesday showed that the September consumer price index rose 0.4% from the prior month and also increased 5.4% year-over-year.

See Also: Why This Investor Plans To Hold Tesla Stock Through Earnings Next Week

Why It Matters: GameStop’s shares closed higher for the second straight day on Wednesday. The stock is seeing high interest from retail investors amid the release of several gaming-related items at its stores.

BlackBerry has emerged among the most-discussed stocks on the forum after the company announced a partnership with Alphabet Inc.’s (NASDAQ:GOOG) (NASDAQ:GOOGL) Google and Qualcomm Inc. (NASDAQ:QCOM) to help automakers develop next-generation automotive cockpits.

Plug Power’s shares gained almost 12.8% in Wednesday’s regular trading session after the company announced a strategic partnership with Airbus to explore the feasibility of bringing green hydrogen for use in air transportation.

In addition, Morgan Stanley analyst Stephen Byrd upgraded Plug Power from an Equal-Weight rating to an Overweight rating and announced a $40 price target.

Price Action: SPDR S&P 500 ETF Trust’s shares closed almost 0.4% higher in Wednesday’s regular trading session at $435.18 and further rose almost 0.2% in the after-hours session to $435.86.

GameStop shares closed almost 4.7% higher in the regular trading session at $184.06 and further rose almost 0.4% in the after-hours session to $184.70.

SoFi Technologies shares closed almost 0.3% lower in the regular trading session at $18.92, but rose 1.7% in the after-hours session to $19.25.

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Photo: Courtesy of Will Buckner on Wikimedia