 "5 Media & Entertainment And Communication Services Stocks That Gained Massive Retail Following On Stocktwits in 2024")
synopsis
A standout feature of the 2024 market rally is participation by small-cap stocks on expectations that Fed cuts will shore up profitability.
The stock market has been on a bull run for over two years now. The S&P 500 Index is up 26.6% this year on top of the 24% gain in 2023. A standout feature of the 2024 market rally is participation by small-cap stocks. The iShares Russell 2000 ETF ($IWM) has added 13.76%, propelled higher by expectations that the Federal Reserve will continue to cut rates.
Amid the market buoyancy, retail following for a few communication services ratcheted higher and these include:
Trump Media & Technology Group, Inc. (DJT)
Trump Media & Technology Group, aka TMTG, backed by President-elect Donald Trump, fluctuated wildly throughout the year depending on how its owner fared in the political arena.
The company, often panned by a section of analysts as a scam due to its weak fundamentals, listed its shares on the Nasdaq in late March following the completion of its long-pending merger with the special purpose acquisition company Digital World Acquisition Corp.
Post the listing, Trump owned a 60% stake in TMTG, which owns the Truth Social platform. Recently, Trump transferred $4 billion worth of shares he owned in the company to a trust in which his son Donald Trump Jr. is the sole trustee.
The stock is down about 36% since its listing and a steeper 53% from its post-listing peak of $79.38.
As the year draws to a close, retail sentiment toward the stock is neutral (47/100), with message volume improving and yet remaining at ‘normal levels.''
Reddit, Inc. (RDDT)
Community-focused social media platform Reddit, which made its stock market debut around the same time as TMTG, saw its shares generate modest returns for much of the year.
The stock gapped up sharply on Oct. 30 when it reported a surprise quarterly profit and issued a markedly upbeat revenue guidance. At that time, Citi called the results impressive and lauded the company for its continued user growth and engagement gains, with daily active users rising 47% year-over-year (YoY) to 97 million.
The stock topped $100 on Oct. 30 and is on the cusp of breaking the $200 barrier.
Reddit stock has gained 284% since its March 22 listing.
On Stocktwits, sentiment toward the stock has improved from ‘neutral’ a day ago to ‘bullish’ (64/100) but the improved sentiment has been accompanied by ‘normal’ message volume.
TruGolf Holdings, Inc. (TRUG)
Centerville, Utah-based TruGolf develops and sells indoor golf simulator hardware under the TruGolf Nevada brand. The stock has plunged nearly 94% this year.
Short interest in the stock has dwindled to 0.75% of the float, but retail continues to pledge allegiance to it.
Retail is ‘bullish’ (59/100), an improvement from ‘neutral’ a day ago, with message volume at ‘normal’ levels.
Brera Holdings Plc. ($BREA)
Dublin, Ireland-based Brera operates football clubs under the Brera FC brand name. This penny stock has gained about 22%.
The company recently announced its detailed three-step acquisition of a majority equity stake in Italian Serie B football club SS Juve Stabia, a 117-year-old club ranked fourth in Serie B.
The retail crowd is betting on the stock pushing to $3.
Ziff Davis, Inc. ($ZD)
New York-based Ziff Davis is a digital media and internet company. Its product offerings include PCMag, Mashable, Spiceworks, retailMeNot and Offers.com.
Retail is ‘extremely bullish’ on the stock, with message volume at ‘extremely high’ levels.
The stock has lost about 16% this year.
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