Reddit, often touted as “the front page of the internet,” has effectively evolved into a bustling hub for stock market enthusiasts. Several investing subreddits stand out among the various forums it offers, drawing in millions with their rich discussions on different market trends and predictions. These forums’ influence has become incredibly profound, so it’s common to see websites effectively tracking the Best Reddit Stocks to Buy.
Transitioning from memes to market forecasts, Reddit’s dynamic has undeniably shifted over the years. As investors from all walks of life come in, there’s an interesting blend of traditional wisdom and fresh perspective.
Ignoring Reddit’s growing influence could be a missed opportunity for market enthusiasts. However, even though Reddit’s recommendations can be striking, it’s imperative to conduct thorough research before making investment decisions.
Let’s explore seven stocks trending on social media, highlighted by the Reddit trend tracker, ApeWisdom.
Meta Platforms (META)
Meta Platforms (NASDAQ:META) is striding back into the limelight again, captivating investors with its astonishing comeback.
After a turbulent 2022, the juggernaut behind Facebook and Instagram has showcased an impressive recovery, clocking in triple-digit percentage gains in its stock last year.
As it ventures beyond the metaverse, Meta is razor-focused on tapping into the rich veins of artificial intelligence and optimizing its financial operations. Boasting a staggering user base of 3.8 billion across its apps, the digital giant’s user engagement remains nothing short of marvelous.
Meta’s AI-centric innovations are attracting interest. The company is setting a gold standard with key features such as Reels revolutionizing user interactions and tools such as Meta Advantage enhancing advertising experiences through AI.
DTE Energy (DTE)
DTE Energy (NYSE:DTE) is a dynamic energy giant with expansive reach across the U.S. and Canada.
With a diversified portfolio, the company lights up lives, delivering electricity to over 2.2 million customers and warming homes with natural gas for another 1.3 million in Michigan.
Although its Q3, 2023 earnings showed a net income of 332 million, down 14% year-over-year.
Looking ahead, the energy titan has ambitious blueprints, planning a substantial $23 billion investment in its operations over the next five years.
Nvidia (NVDA)
Nvidia (NASDAQ:NVDA), the tech titan, continues to turn heads with its staggering performances, delivering over a 352% year-to-date return.
Nvidia’s chips are critical in our tech-transformed landscape, from fueling the metaverse to revolutionizing high-performance computing. Building on its momentum, Nvidia continues to innovate on the AI front.
If history serves as a guide, the impending financials might be another feather in Nvidia’s already impressive cap if it posts results exceeding analyst estimates.
Tesla (TSLA)
Doubters have cast shadows on Tesla (NASDAQ:TSLA), fixating on recent financial hiccups, the eagerly awaited Cybertruck, and skeptics questioning Elon Musk’s multitasking prowess.
However, Tesla continues to prove its doubters wrong with its record deliveries each quarter and pertinent investments in growing its market share further.
Recently, TSLA shares entered an adjustment period, largely influenced by its modest second-quarter results.
Yes, there are pressing concerns affecting Tesla’s profit margins. However, these are strategic choices in line with Musk’s blueprint to fortify Tesla’s market dominance. Despite these challenges, Tesla remains profitable, which speaks volumes about its quality, overshadowing momentary hurdles.
Salesforce (CRM)
In the challenging macro landscape, Salesforce (NYSE:CRM) continues to exhibit unwavering sales growth, a testament to its extensive product range.
The firm has confidently stepped into the AI realm with the recent unveiling of its generative AI offerings. Innovations such as the Slack GPT and steadfast integration of generative AI into existing product suites have solidified its positioning in the sector.
As Salesforce pushes the envelope, it showcases robust revenue growth and fortifies its operating margins.
Salesforce’s strategic pivot to AI is powering this growth engine, notably through its Einstein AI technology. With capabilities that allow users to glean essential insights from their data and the recent launch of Einstein GPT, Salesforce is on fire.
This revamped software is engineered to deliver a staggering 200 billion AI-powered predictions daily.
Invesco QQQ (QQQ)
In the realm of exchange-traded-funds, the popular Invesco QQQ (NASDAQ:QQQ) stands out, often referred to by its monikers “Triple Q” or just “Q.”
This iconic exchange-traded fund mirrors the Nasdaq 100 index, housing giants such as Apple, Nvidia, Tesla, and other growth stocks. Due to its tech-centric portfolio, QQQ has consistently offered shareholders remarkable gains, effectively weathering the 2022 tech storm.
In 2023 alone, QQQ’s trajectory surged by more than 54%. Looking at things from a larger perspective, it’s rewarded its investors with a whopping 162% rise over five years.
Beyond its robust performance, QQQ’s appeal lies in its accessibility, with no entry barriers regarding minimum investment and a palatable fee structure at 0.20%. With a diversified holding of 102 stocks, predominantly tech-laden at 57%, it commands a hefty $205 billion in assets under management.
Plus, for those with an eye on dividends, it’s dishing out a 0.54% yield, resulting in 15 consecutive years of payouts.
Eversource Energy (ES)
Eversource Energy (NYSE:ES), in the heart of the densely populated New England region, stands tall as one of America’s largest utilities.
Its robust positioning is further bolstered by its incredibly stable cash flows. Over the past five years, the company has demonstrated commendable consistency, charting a 9% surge in revenue and a 6.2% growth in EBITDA.
Dividend investors would surely find its 4.37% yield enticing, especially given its impeccable two-decade-plus record of consistent payouts.
On the date of publication, Muslim Farooque did not have (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.