Hedge funds lost at least $12 billion as a result of a short squeeze that was caused by Reddit. The frenzy was dubbed a “market distortion” by the Alternative Investment Management Association, a hedge fund-led organization. Internet platforms like Reddit and retail investors who share investment ideas have dominated this year. Many experts predicted that the retail investment craze would eventually go away. The market’s retail investor purchasing frenzy, according to Goldman Sachs, is just getting started. Amazon.com, Microsoft Corporation, and Alphabet, the parent company of Google, are among the most popular stocks on Reddit right now.
Here is Insider Monkey’s list of the 10 stocks Redditors are buying for 2022. Redditors predict that the company will expand as lithium demand rises in North America, particularly in the context of electric vehicle manufacture. Piedmont Lithium Inc.’s stock has a Buy rating from Loop Capital analyst Christopher Kapsch, who boosted the price objective to $108 from $86. Lithium Americas Corporation is a metals and mining company with a focus on lithium. Lithium prices have soared to new highs in recent weeks, propelling the stock higher. The company is considered one of the best plays in the lithium mining business by the Reddit community. Energy Fuels Inc. is a company that specializes in uranium recovery. Kazakhstan, the world’s top uranium producer and seller, has announced the formation of a physical uranium fund. In the last year, the company’s stock has increased by more than 200 percent. United Microelectronics Corporation is a semiconductor wafer foundry that owns and operates. On Reddit, the stock is being referred to as one of the “undervalued” semiconductor stocks. UMC’s stock was recently upgraded from Neutral to Buy by a Citi analyst. BlackBerry Limited serves enterprise clients with security software and services. On the popular Reddit thread WallStreetBets, the stock has been one of the most talked about. The share price has risen by over 41% year to date, thanks to high trading volume. For more details, click the 10 Stocks Redditors Are Buying For 2022.