Newsmax, TruGolf, Reddit: Why Retail Traders Are Buzzing Over These 3 Communication Services Stocks
Synopsis
Strong retail activity for these stocks have come despite any major news catalysts, underlining their status as retail favorites.
The broader market paused for a breather in the week ended May 9 and, in the process, snapped a two-week winning run. Amid the rally's cool-off, the following communication services stocks saw a strong increase in retail chatter over the past 24 hours to late Sunday on Stocktwits.
Newsmax, Inc. (NMAX) | 400% increase in message volume
Boca Raton, Florida-based Newsmax, which functions as a television broadcaster and multi-platform content publisher, went public on March 31. The pro-Trump media company made a dream debut with a 735% gain for the stock in its first session as a public company.
The stock has since then lost over 71% as the early euphoria faded.
Most recent retail comments veered to being ‘bullish,’ with one user expecting the stock to get back to the $200 level.
Another user said he added more stock, while a third pointed to the looming May 15 deadline for filing the quarterly report.
TruGolf Holdings, Inc. (TRUG) | 400% increase in message volume
Nano-cap TruGolf is a provider of golf simulator hardware, and its stock fell about 12% last week. The Salt Lake City, Utah-based company’s shares are down a steeper 62% year-to-date.
Retail investors were hoping for a turnaround in the stock despite a lack of any meaningful catalyst last week.
Short interest in the stock is at a not-so-elevated 1.70%, according to Koyfin.
Reddit, Inc. (RDDT) | 267% increase in message volume
Reddit stock has been on retail’s radar ever since it pulled back from its all-time high of $230.41, hit on Feb. 10. The stock did not get much lift from the first-quarter results reported in early May.
Retail chatter centered around a potential rebound in the stock past the $200 level following the U.S.-China trade deal.
The Communication Services Select Sector SPDR ETF Fund (XLC) rose 1.93% to $99.06 in the early premarket session on Monday. The exchange-traded fund (ETF) is up about 0.70% this year.
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