11 Best Reddit Stocks To Buy for 2024 (2024)

Since the subreddit r/WallStreetBets gained fame — and some level of notoriety — in the winter and spring of 2021, Reddit has become a surprising source of investment tips and guidance.

See: 3 Things You Must Do When Your Savings Reach $50,000

Reddit stocks carry a level of intrigue that can make investing fun. What are some of the stocks that Reddit investors believe could break out in 2024?

What Stocks Are Reddit Stocks?

Retail video game chain GameStop might be the first stock that comes to mind when people think of “Reddit stocks,” followed closely by AMC movie theaters and then, perhaps, Bed Bath & Beyond, which closed its physical stores last year and now operates exclusively online. Many Reddit stocks are household names, and that is part of their appeal. It is fun and exciting to invest in brands you use and love.

However, Reddit stocks hail from a variety of industries and market sectors, with market caps of varying sizes. They can range from S&P 500 companies like Tesla to small-cap companies like consumer entertainment company Bowlero.

What Stocks Are Hot Right Now on Reddit?

What stocks are currently hot on Reddit, and which stocks are Redditors suggesting you should buy and hold? These 11 stocks could be rocketing straight “to the moon,” as the Redditors say:

1. Nvidia (NVDA)
2. Advanced Micro Devices (AMD)
3. Tesla (TSLA)
4. DTE Energy (DTE)
5. Intercontinental Exchange (ICE)
6. Apple (AAPL)
7. Bowlero (BOWL)
8. Microsoft (MSFT)
9. AMC Entertainment Holdings (AMC)
10. United Parcel Service (UPS)
11. Amazon (AMZN)

1. Nvidia (NVDA)

Chip manufacturer Nvidia, whose semiconductors are frequently used in gaming computers, had a stellar year in 2023, with shares gaining over 242% during the 12 months ended Jan. 19, when they reached a record high. The company continues to lead the industry for both data center supercomputers and GPUs — not to mention PC chips, which Nvidia is working on in direct competition with AMD. Plus, opportunities abound in the automotive market.

Analysts are divided over whether share prices have peaked, but Reddit users, especially members of WallStreetBets, are positive about Nvidia’s prospects, with 72% of comments about the stock being positive, according to ApeWisdom.

2. Advanced Micro Devices (AMD)

Speaking of AMD, shares haven’t seen Nvidia-level gains, but they’re up 18% so far this year and 147% over the past year, leading some investors to wonder if they’ve missed the boat. Perhaps not. AMD is likely to benefit from the surge of interest in artificial intelligence stocks. As InvestorPlace reported, analysts predict sales of AMD’s Instinct MI300 AI-compatible accelerator to reach anywhere from $2 billion to $10 billion. As a point of reference, InvestorPlace noted that AMD’s entire 2023 revenue is expected to be about $22.7 billion.

While some analysts have shifted their recommendations toward “hold,” the consensus rating is still “strong buy.” Redditors apparently agree. Sentiment on WallStreetBets is 78% positive, and overall sentiment is 73% positive.

3. Tesla (TSLA)

Tesla got off to a strong start this year in terms of electric vehicle sales, which reached record levels and exceeded Wall Street delivery forecasts by roughly 10,000 vehicles, according to Investor’s Business Daily. However, that news didn’t stop a slump in share prices that began late last month and has resulted in a nearly 15% decline since the beginning of the year. Things could turn around if the company reports strong earnings and revenue for the fourth quarter of 2023.

Analysts’ consensus rating is still a “buy,” but opinions offered so far this month include more “underperform” ratings than over the last few months. Redditors are also divided. Overall sentiment is 57% positive.

4. DTE Energy (DTE)

DTE Energy fell short of analysts’ earnings and revenue estimates for the third quarter of 2023, and some research analysts have tempered expectations for the fourth quarter. However, Zacks Investment Research and BMO Capital Markets have issued upward revisions of earnings per share and price target, respectively, American Banking and Market News reported.

As of Jan. 19, Zacks still ranks DTE as a “hold.” Redditors, on the other hand, seem optimistic about DTE shares. Comments are 75% positive overall and 90% positive on WallStreetBets.

5. Intercontinental Exchange (ICE)

Intercontinental Exchange is a technology company that provides financial data services and operates a network of financial clearinghouses and exchanges, including the New York Stock Exchange, in North America, Europe and Asia. In addition, its ICE Mortgage Technology platform offers mortgage automation solutions. The company has outperformed Wall Street’s expectations by an average of 2.15% over the past four quarters, according to Zacks, and it’s poised to benefit from securities and exchanges industry trends.

ICE gets a “strong buy” rating from analysts. Reddit chatter has picked up lately, and it’s 70% positive.

6. Apple (AAPL)

The big tech stock, like so many others, made a big comeback in 2023, climbing about 42% over the year ended Jan. 19. Although it’s slightly off its 52-week high of $199.62, and a few investment houses have downgraded their ratings to “neutral,” Apple remains a solid long-term investment with a firm “buy” rating from analysts.

And there’s been an uptick in mentions and upvotes on Reddit, where 78% of the comments are positive.

7. Bowlero (BOWL)

Bowlero is a media and entertainment company that operates bowling centers all over the world. If bowling sounds too stodgy, consider this: Over 28 million people visit Bowlero locations every year, and the Professional Bowlers Association, which Bowlero acquired in 2019, has partnered with Fox Sports to extend bowling’s reach.

Analysts rate Bowlero a “strong buy.” With a price target of $18.25, which is 49% higher than its closing price of $12.23 on Jan. 19, the company could be a good bet. Redditors’ mentions have skyrocketed lately, but only half of the comments are positive.

8. Microsoft (MSFT)

Redditors are bullish on Microsoft stock, with mentions up 312%, according to ApeWisdom, and 64% of the comments from Jan. 21 to Jan. 22 being positive. Most of those who mentioned Microsoft did so in the context of terms like NVDA, AAPL, Meta and earnings — a clear sign Redditors are watching for impending earnings reports from Big Tech companies.

Microsoft is scheduled to report earnings for its fiscal second quarter of 2024 on Jan. 30.

Microsoft stock climbed 27% following its Oct. 24, 2023, earnings release, CNBC reported. Not only did the company beat analysts’ earnings and revenue estimates, but it also reported 29% growth in revenue from Azure after two quarters of declines.

9. AMC Entertainment Holdings (AMC)

AMC Entertainment Holdings is one of the original meme stocks pumped by Redditors and swept up amid the GameStop mania during the pandemic. Today, the stock has its own subreddit, r/amcstock.

Despite stellar earnings and revenue reports in the third quarter of 2023, analysts are bearish on AMC stock due to the anticipated effects of the Hollywood writers strike on the company’s 2024 performance, InvestorPlace reported. At the time of its Q3 2023 release, shares were down 67% for the year compared to the S&P 500’s 15.6% gain.

Despite a consensus “hold” rating from analysts, they expect shares to increase 55% in the next 12 months. Redditors aren’t impressed. Just 33% of the chatter there is positive. But AMC has surprised analysts before and could pay off over time for investors willing to buy and hold.

10. United Parcel Service (UPS)

Even though consumers resumed their usual in-person shopping habits long ago, UPS has managed to hold on to a respectable portion of its pandemic-era gains. In fact, shares are up about 75% since just before the shutdowns, although they’re off their May 2021 high.

Zacks Investment Research reported that UPS is one of Zacks.com visitors’ most-watched stocks. Shares have outperformed the air freight and cargo industry by a factor of 10-plus, which could be part of the reason analysts rate it a “buy,” although more are moving toward “hold.” Redditor sentiment is equally divided.

11. Amazon (AMZN)

It seems like just about everyone is bullish on Amazon these days. Analysts rate it a “strong buy,” and Redditors’ comments are 80% positive. It’s often mentioned in connection with NVDA, Meta and GOOG, which suggests the interest in this stock is, like interest in Microsoft, tied to upcoming tech company earnings releases. Amazon will release its Q4 2023 earnings on Feb. 1.

Even Zacks, whose recommendations are often more conservative than Wall Street consensus ratings, calls Amazon a “buy,” citing its own consensus estimate that 2024 sales and earnings per share will grow 11.1% and 278.9%, respectively.

Keep in Mind

It’s important to take advice regarding any of the so-called meme stocks, including AMC, with a grain of salt, especially when that advice comes from retail investors and not financial professionals.

Never invest more in stocks than you can afford to lose, and make sure you are also using your discretionary income to build a well-diversified portfolio that matches your risk tolerance.

Final Take

These top trending Reddit stocks are fun to watch and discuss with other retail investors. When it comes to investing your hard-earned money, keep in mind there are no guarantees with these, or any other, stocks.

Dawn Allcot contributed to the reporting for this article.

Data is accurate as of Jan. 22, 2024, and is subject to change.