10 Most Active Stocks On Stocktwits Last Week With Message Volume Spurt
By Stocktwits Inc | First Published Nov 18, 2024, 10:55 PM ISTCryptocurrencies, stocks that pulled back from their post-election highs, and some obscure securities were among those that saw huge message volumes in the past week.
The S&P 500 retreated from its closing high (6,001.35) hit on Monday before ending the week at 5,870.62, down 2.08% for the 5-session period. Techs suffered steep losses, as evident from the 3.15% pullback by the Nasdaq Composite Index. The 30-stock Dow Jones Industrial Average was down a more modest 1.24%.
As the rally stalled and the broader market experienced its steepest weekly losses since early September, the following stocks were the most active on the Stocktwits platform (based on message volume):
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Dogecoin ($DOGE.X)
Bitcoin ($BTC.X)
Tesla, Inc. ($TSLA)
Super Micro Computer, Inc. ($SMCI)
Ripple ($XRP.X)
SPDR S&P 500 ETF Trust ($SPY)
Autozi Internet Technology Global Ltd. ($AZI)
Trump Media & Technology Group Corp. ($DJT)
GameStop Corp. ($GME)
Elevai Labs, Inc. ($ELAB)
Dogecoin: Riding on the crypto rally following Donald Trump’s victory in the 2024 presidential election, Dogecoin rallied to a high of $0.435863 on Tuesday pulling back to a low of $0.354469 three sessions later.
A poll to solicit opinion from Stocktwits users regarding the year-end price target for Doge, which has an hour left for closing, showed about 41% think it would end 2024 between $0.50 and $1.00.
A Stocktwits user said the rally could resume if rumors of the incoming Trump administration eliminate capital gains taxes on U.S.-issued cryptocurrencies.
Bitcoin: Bitcoin, which is the top crypto by market capitalization, broke above $80K last Sunday and climbed to an intraday high of $93,434.35 on Wednesday. Since then, the Bitcoin rally has cooled off amid the stock market weakness.
Bullish investors and analysts are eyeing a break above the $100,000 mark.
Stocktwits users are mostly positive, with one user suggesting the technical chart looks “pretty solid.”
Tesla: The extended rally in the shares of Elon Musk-led electric-vehicle company Tesla stalled last week. After scaling an intraday high of $358.64 and a closing high of $350 on Monday, the stock has pulled back sharply. For the week, Tesla shares lost 0.16%, although they shed a steeper 10.57% from the intraday highs.
Tesla bull and the Future Fund LLC Managing Partner Gary Black recently trimmed his Tesla position, reasoning that Tesla at $350 is less attractive than Tesla at $140.
Super Micro: Embattled artificial intelligence server maker Super Micro fell in the first four sessions of the week amid fears of potential delisting. The company delayed the filing of its annual report for the fiscal year 2024 and also its first quarter of the next fiscal that ended on Sept. 30, 2024.
The company received some good tidings late in the week when three broker-dealers with common ownership acquired 30.83 million shares of the company, translating to a 5.3% stake.
The unfolding week is important as investors await word on the company’s response to the deadline for filing its annual report.
Ripple: Payments cryptocurrency XRP crossed the $1 threshold on Saturday for the first time in three years. The crypto’s strength is attributable to the expectations that the incoming Trump administration will formulate pro-crypto policies.
Ripple has been the subject of an investigation by the SEC after the blockchain company raised more than $1.3 billion in 2013 by selling XRP in an unregistered public offering. The SEC has an ongoing lawsuit against Ripple in the U.S. Southern District Court of New York.
The widespread expectation is that SEC Chair Gary Gensler, who has been tough with cryptocurrency companies, could step down soon as part of the new guard taking over on the political arena.
SPY: Following the market pullback, SPY garnered some attention and was among the active sought out security on Stocktwits last week. The upcoming week is crucial for the SPY, as Nvidia - a heavily weighted stock, is scheduled to report earnings. The artificial intelligence stalwart’s earnings have ramifications for a slew of heavily-weighted tech stocks pursuing AI.
Some key economic data due for the unfolding week include S&P Global’s private sector activity readings for November, the Conference Board’s leading economic index for October, the weekly jobless claims data and a few housing market readings. The market participants may also stay tuned to a spate of Fed speeches scheduled for they week as they worry about the rate trajectory.
Autozi: Chinese automotive products and services company Autozi was in the news last week amid news of increased institutional interest in the company. Message volume for the stock spiked higher, with most on Stocktwits ‘bullish’ on the stock.
The company followed up with the two 13G filings on Wednesday, and filed yet another on Friday in which it disclosed CEO Houqi Zhang has hiked his stake to 40.6% of the Class A shares, assuming conversion of the Class B ordinary shares owned by him.
Trump Media: The post-election bump received by Trump-controlled Trump Media & Technology stock cooled off last week. The owner of Truth Social platform continues to be viewed positively by the retail.
GameStop: Meme stock GameStop, a retailer of video games, saw volatility in the week ended Nov. 15. It, however, bucked the broader market weakness and ended the week up by 6.87%.
Elevai Labs: Newport Beach, California-based Elevai, a skincare development company, was in the news over the release of its fiscal year second-quarter results last week. Retailers on Stockwits are hoping for a short-squeeze, with 19.08% of the outstanding shares held short.
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