Reddit has become a valuable resource for would-be equity traders due to the rapid growth of subreddits such as r/WallStreetBets and r/Investing. These subreddits offer a platform for beginners and advanced traders to discuss stocks, often resulting in high-potential investment opportunities being presented.
This article will discuss the 10 best stocks to buy on Reddit, exploring why they are so rated before showing you how you can make your stock investment today with low trading fees on eToro.
A Closer Look at the Best Stocks to Buy on Reddit
As you can see from the list above, Reddit’s best stocks to buy hail from various sectors and have a range of different market caps. Thus, by considering a few of these stocks and cryptocurrencies, you’ll have the opportunity to create a diversified portfolio, thereby optimizing your risk-return ratio.
So, without further ado, let’s dive in and explore the top Reddit stocks to invest in for 2023:
1. Love Hate Inu – A Viral Reddit Meme Coin with Big Real-World Potential
To address the elephant in the room, yes, Love Hate Inu is a meme coin and not a Reddit stock. However, Reddit is the home of meme coins, and this one looks incredibly interesting. It has by far the biggest upside potential compared to any of the stocks on this list, so we think it’s worthy of inclusion.
Love Hate Inu is one of the first meme coins to combine the popularity and virality of meme cryptos with real utility through its innovative vote-to-earn blockchain mechanics. Love Hate Inu owners can take part in votes by staking their coins and earn more tokens every time they vote in a poll. The aim of LHINU is to become a trusted voting platform with its blockchain verification technology and one that is controlled by the community through said polls.
The presale for Love Hate Inu went live on March 8, and within less than a day, it has already topped $174k sold. The two-month presale will include 90% of the coins for Love Hate Inu, so wary investors can rest assured that there’s no risk of a rug pull here. 10% of the tokens will be held back in order to cover listing fees, community rewards, and to ensure liquidity.
During the presale, users have the chance to purchase Love Hate Inu starting from $0.000085. The presale price will increase each week, so the earlier investors buy-in, the more LHINU coins they get. A $1,000 investment in Love Hate Inu during the opening week would get over 11.7m tokens. The launch price of LHINU is set at $0.000145, meaning first-week investments should increase by around 70% come launch. That 11.7m coins bought for $1,000 during the first-week presale would be worth around $1,700 at launch.
The upside potential of Love Hate Inu is massive, other meme coins like Dogecoin have skyrocketed in value in recent years purely on the back of their meme status. A $1,000 investment in Dogecoin five years ago would be worth nearly $26,000 today. Love Hate Inu has meme popularity and a fundamental use case, which makes it much more useful than Dogecoin.
If Love Hate Inu has even a fraction of the upside that Dogecoin has, it could be one of the best investments since Bitcoin itself.
2. Nvidia – Graphics Card Designer and Best Stock on Reddit for its use in AI
Nvidia is best known as the king of the PC gaming market. The graphics card (GPU) designer is the go-to company for gamers who want to play the latest and greatest gaming titles on PC. As of Q4 2022, Nvidia dominated the discrete GPU sector with a whopping 82% market share.
Nvidia’s impressive graphics cards aren’t only for use in the most demanding games, the company also provides custom versions to data centers. These data center versions of its GPUs are used all over the world for cloud computing, heavy scientific workloads, and, most recently, AI.
The rise of ChatGPT has been phenomenal, it has had a faster uptake in usage than the most popular social media sites, smartphones, and practically anything else in history. What most people don’t know is that AI, like ChatGPT, uses an immense amount of computing power to operate. It uses so much processing power that the only way to run it is on GPUs rather than traditional processors.
That’s where the Reddit hype for Nvidia comes in. Nvidia, as the world’s largest supplier of graphics cards, is in a prime position to take advantage of this rise in AI. While other companies figure out how to monetize their AI systems, Nvidia is already making money by selling the components needed to run it. That’s why the Nvidia stock price is up an incredible 68% YTD in 2023.
That’s what makes it the top-mentioned ticker on r/WallStreetBets. The potential for Nvidia to ride the current AI wave now and into the future is massive. Only AMD is in any kind of a position to challenge the company in this area, but more on that next.
Your capital is at risk.
3. AMD – Processor and Graphics Card Designer and a Top Ticker on r/WallStreetBets
AMD is one of the top Reddit r/WallStreetBets darlings to buy, and it’s for virtually the same reason as Nvidia, AI. Even before considering AI, AMD is one of the most impressive growth stocks of recent years.
The AMD stock price is, as of March 2023, up over 640% in the last five years. It’s one of the most impressive company turnarounds of the 21st century, and stockholders have certainly felt the benefits.
The last five years of gains for the AMD stock price had already endeared it to Redditors on r/WallStreetBets, but the recent AI boom has sent that hype into overload. Making it one of the best Reddit stocks in 2023.
While Nvidia is best placed to provide the graphics cards required to operate the increasing number of AI programs, AMD is also in the GPU game. It only has a 9% market share compared to Nvidia’s 82%, but this still makes AMD the second-best option for the plethora of GPUs that will be needed in the coming years.
It’s entirely possible that Nvidia alone won’t be able to meet demand, and AMD can do very well picking up the slack. Moreover, AMD currently provides the best CPUs for data centers which will also be required. Although CPUs aren’t used for the AI workload, data centers need both CPUs and GPUs to operate.
If AMD continues to crush Intel in the way it has over the last few years, it will continue to be the go to company for data center processors. It may even benefit from picking up some of the GPU demand that Nvidia can’t.
Your capital is at risk.
4. Tesla (NASDAQ: TSLA) – EV Company Led by Elon Musk, Consistently one of the Most Traded Stocks on Reddit
Another of the best stocks to invest in on Reddit is Tesla. Tesla needs no introduction, as the electric vehicle giant has become a household name over the past few years under the leadership of eccentric billionaire Elon Musk. Musk has turned Tesla into a powerhouse within the industry, helping push the company to an unprecedented $1 trillion market cap in 2021.
However, the TSLA share price has fallen dramatically since then. This can be attributed to numerous factors, such as the production halt at the company’s Shanghai Gigafactory and Elon Musk’s takeover bid for Twitter. The latter point is important to note, as Musk has already sold $39 billion worth of Tesla stock to fund the deal – which has caused shares to turn bearish.
Either way, many people still opt to buy Tesla stock for its long-term potential as a leading ethical stock. Tesla now controls over 58% of the EV market as of Q4 2022, and while that’s impressive, it has dropped sharply from the 78% it enjoyed the year prior.
Despite its recent woes, Tesla is still one of the most discussed stocks on Reddit boards like r/WallStreetBets. The stock price has also recovered significantly in 2023, with it up by 63% YTD.
Your capital is at risk.
5. GameStop (NYSE: GME) – The Original Meme Stock Made Famous by r/WallStreetBets
The original top Reddit stock is GameStop. As many equity investors know, GameStop has had a remarkable few years, driven mainly by the ‘short-squeeze’ that occurred in early 2021. This was when thousands of retail investors opted to buy GameStop stock, which spooked short-sellers and made them cover their positions – thereby causing the share price to rocket.
Ultimately, this caused GME shares to rise by an incredible 2,712% in a matter of weeks, which is unheard of in the stock market. Much of this buying was driven by members of the r/WallStreetBets subreddit, who took a stance against large institutions deciding to short GME shares. Over time, GameStop became one of the best meme stocks and has retained that tag ever since.
Although shares are down by 81% from January 2021’s all-time highs, many on Reddit still believe the company has potential. GameStop recently launched the ‘GameStop Wallet’, a non-custodial Ethereum wallet that can store cryptos and NFTs. Although these assets have taken a hit recently, GameStop seems to be betting on their recovery – which could prove lucrative over the long term.
Your capital is at risk.
6. Zoom Video Communications (NASDAQ: ZM) – The Breakout Video Calling Platform of the Pandemic
Zoom was one of the best Reddit stocks to invest in during the last few years, driven by the company’s helpful video communication services, which allowed people to connect during the height of the COVID-19 pandemic. This helped drive the ZM share price to an all-time high of $588.34 in October 2020 – although shares have slumped by close to 90% from that point.
However, many on Reddit still believe that Zoom is one of the most undervalued stocks on the market. Prior to the pandemic, Zoom was posting modest yearly revenues, its revenue for 2019 was $330m. During the pandemic, revenue and profit soared to 2.65bn in 2021 and 4.1bn in 2022, and the company is still posting increases from there. The hype may have died down, but Zoom’s financials suggest it has real lasting power.
Despite the positive financials, even as the world puts the pandemic in the rearview mirror, the Zoom stock price is trading once again at close to its pre-pandemic value. The continued results have been viewed favourably on Reddit, with many users on r/Investing discussing whether Zoom could be set for a rebound. Either way, Zoom’s recent uptick in performance makes it one of the best stocks to buy now on Reddit.
Your capital is at risk.
7. Snap Inc (NYSE: SNAP) – The Best Social Media Company with Retail Options Traders on Reddit
Snap Inc is the company behind the popular Snapchat app, which burst onto the scene in 2011. Since then, the company has continued to innovate beyond the app by producing other products, such as a pair of smart glasses called ‘Spectacles’. The company most recently released a small yellow drone called Pixy, which is described as “Your friendly flying camera” and can be used with a Snapchat account.
However, nothing seems able to stop Snap’s slump right now, with shares down by 87% from September 2021’s all-time highs. As is the case with most growth stocks, Snap has been affected by the prevailing ‘risk-off’ nature in the market, along with the recent interest rate increases from the Fed. In 2022, Snap posted its largest net loss (-1.43bn) since 2017 (-3.45bn).
There aren’t many positives to take away from Snap’s 2022 financial results. The company’s revenue increased by 11.78%, but its earnings-per-share (EPS) decreased by a massive 183.99%. Overall, it’s clear that Snap is being affected by the current macroeconomic conditions, although the company still has strong fundamentals that could see it rebound. That’s why Redditors are happy to jump on the struggling company.
Your capital is at risk.
8. Best Buy Co (BYSE: BBY) – One of the Top Retailers in the Reddit Community
Another of the best Reddit stocks to buy in 2023 is Best Buy. Best Buy is a consumer electronics retailer with over 1,100 locations throughout the U.S., Canada, and Puerto Rico. Many Reddit users have noted that Best Buy is one of the best cheap stocks on the market, given that shares are down by 42% from November 2021’s all-time highs.
Best Buy has become a sort of ‘meme stock’ on r/WallStreetBets, although it’s unclear why so many users have taken a liking to the company. From an objective standpoint, Best Buy does seem to be struggling with the current consumer environment, as rising inflation is a killer for budget retailers. The original meme stocks, GameStop, AMC, and Nokia were all chosen on WallStreetBets due to nostalgia, it could be the same case for Best Buy.
Best Buy has struggled as consumer electronics sales fell in recent months, although they didn’t fall as much as analysts expected. One point of optimism is that these poor financials seem to be directly driven by macroeconomic factors rather than anything related to Best Buy’s business model. This hints that the company could turn around once the broader economy begins picking up – leading many on Reddit to add BBY shares to their watchlist.
Your capital is at risk.
9. Palantir Technologies (NYSE: PLTR) – WallStreetBets Meme Stock That is up Over 20% in 2023
Palantir Technologies is a US-based software company set up by Peter Thiel, the co-founder of PayPal. The main focus of Palantir is on ‘Big Data’, and the company is involved in numerous areas, such as counter-terrorism, banking, and the private sector. Palantir became a ‘meme stock’ last year on Reddit, although this company does have superb underlying potential.
Palantir’s 2022 earnings were a big improvement for the company, revenue was up 23.61%, net profit, although still a loss, was up 28.19%, and EPS 33.05%. That’s partially responsible for Palantir’s impressive bull run in 2023. Since the start of 2023, the PLTR stock price has increased by just over 20% (as of March 2023), which shows why it has been getting a lot of attention on Reddit.
There is still hope for Palantir, as management believes they can grow annual revenue by 30% in each of the following three years. The company also continues to expand its commercial customers, which now generate almost as much revenue as Palantir’s government clients. All in all, there’s no doubt that Palantir has had a tough year – but many analysts (and Redditors) believe the company still has enormous potential. That’s why it’s one of the top-mentioned Reddit stocks to buy on WallStreetBets.
Your capital is at risk.
10. JPMorgan Chase (NYSE: JPM) – A Stalwart Banking Stock of the Risk-Averse Stock Subreddits
Rounding off our list of the best stocks to buy now on Reddit is JPMorgan Chase. JPMorgan Chase is a huge investment bank headquartered in New York that is currently the largest banking institution in the world, as measured by market cap. The company has over 270,000 employees worldwide and offers a vast array of services, including private banking, investment banking, treasury services, and more.
JPMorgan Chase is consistently discussed on r/StockMarket, mainly because banking stocks tend to be affected by broader economic trends. JPMorgan stock is up by more than 10% over the last five years, although it did dip quite dramatically down to $104 in September 2022 before recovering towards the end of the year.
JPMorgan Chase does have a solid free cash flow, with over $107bn in cash at the end of Q4 2022. Furthermore, JPMorgan still pays a dividend yield of 2.90%, which is solid for a banking stock. Overall, it’s likely JPM stock will continue to be discussed on many a Reddit page due to its link to the broader economy and its rebound potential in the weeks ahead.
Your capital is at risk.
The Best Reddit Stock Groups
If you’re looking to invest in the best stocks on Reddit, it’s vital to understand which groups offer the most logical and valuable discussions. With that in mind, we’ve scoured the platform and found five subreddits that have proved to be valuable investment resources:
Leading the way when it comes to Reddit stock market groups is WallStreetBets. Many of the top new stocks that have produced market-beating returns were initially discussed on the WallStreetBets subreddit, as the forum boasts over 13 million members.
The primary demographic on this subreddit is retail traders, most of whom are happy to invest in risky assets. WallStreetBets can be filtered by various categories, including memes, losses, and due diligence. There’s also a stickied thread where investors can discuss the trades they are thinking about placing and receive feedback.
Another Reddit stock group to be aware of is r/StockMarket. Like r/WallStreetBets, this group focuses solely on the stock market and boasts over 2 million members. However, r/StockMarket takes a more serious tone than r/WallStreetBets, leading to more in-depth discussions.
This subreddit is populated with interesting articles and discussions on the latest goings-on within the equity market. Users can filter the group to remove any memes or show only memes if that’s their wish. There’s also a scope to filter by ‘Discussion’ which shows advanced information on specific companies. r/StockMarket is an excellent place on Reddit to find out what is the next big stock.
As the name suggests, r/pennystocks is a subreddit dedicated to discussing the best penny stocks. Penny stocks are shares in small companies that are typically valued at less than $5, but this definition can be flexible. As such, these stocks are inherently risky yet can sometimes provide substantial returns.
r/pennystocks has over 1.8 million members and has an open policy, allowing both humorous and serious posts. The Reddit page also has a wiki section detailing all the basics of penny stock investing for beginner traders. Additionally, a ‘Daily Plays’ sticky thread allows users to post their trade ideas and create discussions around them.
Many of the best stock picks to invest in these days are consistently noted on Reddit through its r/investing page. This subreddit has 2 million members and focuses solely on serious posts, with no memes. Most of the posts are related to market events, such as earnings releases, which provide a jumping-off point for in-depth discussions.
This subreddit isn’t as active as the other ones on this list due to the advanced nature of some of the discussions. However, there is a helpful ‘Daily General Discussion’ thread where users can have real-time debates on stock-related topics.
Rounding off our list of Reddit stock groups is r/RobinHood, which is filled with attractive investment options. RobinHood is one of the best stock trading platforms for US-based traders, offering a way to trade equities with no commissions. Due to this, RobinHood has become popular with retail traders – so much so that a subreddit was created that is dedicated to the platform.
r/RobinHood has nearly 1 million members and discusses the broader stock market and the RobinHood trading platform. Much of the discussion is focused on questions related to the RobinHood app, although these are intertwined with threads on various equities. Notably, most of the topics are related to beginners, so advanced investors may be better suited to one of the other groups on this list.
How to Buy the Best Reddit Stocks with eToro
Now that you have an idea of what the best Reddit stocks to buy in 2023 are let’s turn our attention to the investment process. When trading stocks, it’s crucial to set up an account with a licensed trading platform – preferably regulated within the country that you will be trading in. Our top pick for this is eToro.
We believe that eToro is the best platform to invest in Reddit stocks because its massive variety of assets on offer means that it covers pretty much everything discussed regularly on Reddit. It also offers 0% commission on all stock purchases and deposits from as low as $10 to get your account started.
eToro is one of the world’s largest online brokers, with over 24 million registered users. Along with its other perks, it has an exceptional reputation in terms of safety and is regulated by top-tier organizations like FinCEN, FINRA, ASIC, CySEC, and the FCA.
The most appealing element of the eToro platform is that stock trades are commission-free. For example, users can gain exposure to the best renewable energy stocks without having to pay a penny in commissions. This means that the only fee to be aware of is the bid/ask spread, which can vary from asset to asset. eToro also doesn’t charge any management, administration, or ticketing fees, making the entire process extremely cost-effective.
eToro’s minimum deposit threshold of $10 can be made via credit/debit card, bank transfer, or many popular e-wallets (e.g. PayPal). Deposits are free to make and can be used instantly to make trades. Since eToro offers fractional investing, positions can be opened from only $10, making it easy to start small and build your way up.
eToro also offers one of the best stock trading apps on the market, available to download on iOS and Android. Investors can trade over 3.000 stocks using the app from various leading exchanges. There’s even a handy ‘CopyPortfolio’ feature that allows users to invest in pre-made portfolios that are professionally managed – all without paying any management fees.
|Number of Stocks||3,000+|
|Fee to Buy Amazon||Commission-Free|
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Latest Reddit Stock News
- New data suggests that Reddit is now one of the number one places for retail investors to get their market info, with 60% claiming to use it.
- Reddit, the company, is looking to have its own IPO in 2023, but it remains to be seen whether that will make it a meme stock.
- Popular Reddit stock Tesla recently cut the prices of its EVs for the second time in 2023 as it struggles to compete with established brands.
- AMD has just released its long-awaited x3D versions of its 7000 series processors. The new processors provide huge boosts in video games.
The Best Stocks to Buy on Reddit – Conclusion
We’ve taken an in-depth look at some of the most best Reddit stocks across a variety of investing subreddits, plus the incredibly exciting meme coin Love Hate Inu.
Our top three picks, Love Hate Inu, Nvidia, and AMD, are all assets with huge upside potential. Nvidia and AMD stand to gain massively from the AI revolution that is just starting to take place. They could be some of the biggest stocks in the world by 2030. Meanwhile, Love Hate Inu is potentially the most exciting meme coin to be released since the original DogeCoin. A meme coin with real-world utility has nearly unlimited prospects, and that’s exactly what LHINU is.
For Nvidia and AMD, we recommend using eToro as it’s the best place to invest in Reddit stocks. If Love Hate Inu looks appealing, be sure to check it out below.
Love Hate Inu - Next Big Meme Coin
- First Web3 Vote to Earn Platform
- Latest Meme Coin to List on OKX
- Staking Rewards
- Vote on Current Topics and Earn $LHINU Tokens
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