Stocks favored by traders on Reddit WallStreetBets are trading higher today as retail investors push them up on positive news.
Starting with r/WSB darling GameStop (NYSE:GME), GME stock is on the rise following news that Ryan Cohen is leading a change at the company. Cohen, the co-founder of Chewy (NYSE:CHWY), will take command of the company’s Strategic Planning and Capital Allocation Committee.
Cohen’s goal is to transform GameStop into a company that focuses more on its digital business. That’s something the company has been moving toward already as its physical business suffered even before the novel coronavirus pandemic.
AMC Entertainment (NYSE:AMC) stock is up next with an update from Wedbush analyst Michael Pachter. The analyst increased his price target for the company’s stock from $2.50 per share to $5 per share.
While that increased price target is nothing to sneeze at, Pachteris still keeping his neutral rating for one of Reddit’s favorite stocks. The analyst says it’s hard to be optimistic even with the theater business beginning to recover.
Finally, shares of BlackBerry (NYSE:BB) stock are also seeing a modest gain on Monday. However, there’s no clear news behind its increase. Its possible traders are just pushing it higher, which isn’t unheard of for Reddit stocks.
GME stock was up 31.8%, AMC stock was up 12.6%, and BB stock was up 2.8% as of Monday morning.
On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article.
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