Meme stocks to watch: top trending shares on Reddit in August 2022
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1. Tesla (NASDAQ: TSLA)
The electric vehicle maker’s stock is enjoying a resurgence, with share price currently trading at a three-month high of US$926. Shares are up by over 16% in the last one week alone, as of 2 August 2022.
This latest rally came ahead of the company’s annual general meeting (AGM) on 4 August 2022, when investors will vote on a proposed three-for-one stock-split plan. If approved, the stocks-split will be TSLA’s second in less than two years.
Retail investors’ recent bullishness on the stock also coincided with two other factors: the company’s better-than-expected second quarter (Q2) 2022 financial results, and a recovering US stock market.
Tesla saw Q2 revenue surpass Wall Street estimates by US$400 million, while the S&P 500 Index jumped up over 9% in July 2022, its best month in nearly two years.
Looking ahead, here are two things to take note of in the next few weeks: short interest (people betting against TSLA) volume, which surged during the previous stock-split, and any other major announcements from the AGM.
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1. Tesla (NASDAQ: TSLA)
The electric vehicle maker’s stock is enjoying a resurgence, with share price currently trading at a three-month high of US$926. Shares are up by over 16% in the last one week alone, as of 2 August 2022.
This latest rally came ahead of the company’s annual general meeting (AGM) on 4 August 2022, when investors will vote on a proposed three-for-one stock-split plan. If approved, the stocks-split will be TSLA’s second in less than two years.
Retail investors’ recent bullishness on the stock also coincided with two other factors: the company’s better-than-expected second quarter (Q2) 2022 financial results, and a recovering US stock market.
Tesla saw Q2 revenue surpass Wall Street estimates by US$400 million, while the S&P 500 Index jumped up over 9% in July 2022, its best month in nearly two years.
Looking ahead, here are two things to take note of in the next few weeks: short interest (people betting against TSLA) volume, which surged during the previous stock-split, and any other major announcements from the AGM.
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