Over the last six months, Reddit users have been one of the most powerful forces in the market. Many retail investors use the site, and they use the online platform to thwart hedge fund short-selling operations. Hedge funds have lost billions of dollars as a result of these equities, called meme stocks. According to the Wall Street Journal, hedge funds have lost $6 billion this year to meme stocks. In the midst of the frenzy surrounding meme stocks on the Reddit site, some of these losses go unrecognized. Here are the five largest hedge fund casualties of the Reddit short squeeze. Tesla, Apple, and other well-known meme stocks are among them. The early signs of a tumultuous summer are already there, with meme stocks staying firm and retail equities investments reaching new highs. However, it remains to be seen if individual investors can maintain their lead in the race for market dominance.
Here is Insider Monkey’s list of the 10 Reddit’s WallStreetBets meme stocks hedge funds are piling into. United Microelectronics Corporation is ranked tenth. In the last year, investors have received a 245 percent return on their investment in the company’s stock. With a price target of NT$67.30, Macquarie upgraded the stock from Neutral to Outperform. In the last year, MicroVision, Inc. stock has returned 882 percent to investors. The company manufactures and distributes lidar sensors, which are utilized by automobile manufacturers. After a $140 million at-the-market equity facility, it recently joined the Russell 2000 Index. GameStop Corp. is ranked eighth. Over the previous 12 months, the company’s shares have provided investors with returns of more than 4,364 percent. Hedge funds involved in the GameStop short-selling scheme have lost more than $6 billion. Virgin Galactic Holdings, Inc. is placed eighth on the list of the top 10 WallStreetBets meme stocks that hedge funds are buying. Over the last year, the stock has provided investors with returns of more than 131 percent. Virgin Galactic is a for-profit space tourism company. AMC is ranked sixth. In the past year, investors have received a 904 percent return on their investment in the company’s stock. Between Thursday and Sunday, 2.5 million moviegoers visited AMC theaters, according to AMC Entertainment Holdings, Inc. For more details, click 10 Reddit’s WallStreetBets Meme Stocks Hedge Funds Are Piling Into.
