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3 Reddit Stocks That Could Roar in Q2 – ReadWrite



3 Reddit Stocks That Could Roar in Q2 - ReadWrite
  • Elon Musk will be able to focus on Tesla (TSLA) profits now that he’s not taking a spot on Twitter’s (TWTR) board.
  • Apple (AAPL) could see $20 billion in sales this year from the iPhone SE 3.
  • BitNile (NILE) says it’s debt-free and investing more money into Bitcoin (BTC-USD) miners.

Today’s retail investors have a wealth of information at their fingerprints, with one of the most popular sources being discussions on the Reddit platform. As such, stocks that are generating a lot of buzz there can be referred to as “Reddit stocks.”

Reddit stocks run the gamut — from stable index funds to questionable meme plays like GameStop (NYSE:GME) and AMC Entertainment (NYSE:AMC). You’ll see mega-cap stocks like Amazon (NASDAQ:AMZN) and you’ll see small companies like Forestar Group (NYSE:FOR), a Texas-based property development company.

So really, there’s something for every taste.

The trick to sifting through Reddit stocks is to figure out what’s a good option for your investing style and what’s just noise. Not every Reddit stock will be a good choice for you.

For the sake of this exercise, however, we’ll look at some Reddit stocks that you can reasonably expect to show gains in the second quarter. Each of these names are ranked among the 20 most-trending stocks on Reddit over the last 24 hours.

Ticker Company Current Price
TSLA Tesla $973.90
AAPL Apple $167.29
NILE BitNile 54 cents

Tesla (TSLA)

Reddit trending rank: No. 8

It doesn’t matter if it’s the second quarter or not — Tesla (NASDAQ:TSLA) stock will always be one of the most-discussed names on the Reddit platform. And with good reason.

The EV company saw its stock go up nearly 1,600% over the last five years. It executed a 5-for-1 stock split just two years ago, and now with a market capitalization of more than $1 trillion it’s planning to have another split later this year.

Tesla launched its fourth Gigafactory, this one in Austin, Texas, last week. That comes just weeks after it finally opened its doors for its long-awaited Berlin Gigafactory.

In the fourth quarter, TSLA reported earnings of $17.72 billion, beating analysts’ expectations for $16.64 billion. Earnings were $2.54 per share, which was better than the expected $2.38 per share.

Tesla stock slipped 4% on the day Twitter (NYSE:TWTR) announced that Tesla CEO Elon Musk wouldn’t be joining the social media company’s board of directors after all. But I don’t see that as a concern — if anything, I’d rather have Musk focused squarely on keeping the TSLA stock profits rolling in.

Apple (AAPL)

Reddit trending rank: No. 15

I readily admit that I’m a huge Apple (NASDAQ:AAPL) stock bull. And I think it’s going to have an outstanding yet in 2022, so I’m adding this to my list of Reddit stocks to buy for Q2.

The thing that I love the most about Apple stock right now is the opportunity it has with the iPhone SE 3. The company’s latest smartphone has 5G technology and comes at a pretty low price of $429.

That’s an attractive price point for people with Apple and Android phones who have been waiting for a decently priced 5G phone to upgrade to. Analyst Amit Daryanani says Apple should see $20 billion in sales this year alone from iPhone sales.

Apple set a new all-time record when it reported fiscal Q1 2022 earnings earlier this year. Revenue jumped 11% to $123.9 billion, versus analyst expectations of $118.66 billion.

Earnings-per-share were also up by 25% on a year-over-year basis, coming in at $2.10 per share. Analysts had expected $1.89.

BitNile Holdings (NILE)

Reddit trending rank: No. 9

I readily admit that I lean heavily to large-cap stocks when I craft my own portfolio. But BitNile Holdings (NYSEAMERICAN:NILE) stock has my attention.

A true penny stock and priced at less than 60 cents per share, BitNile is a provider of Bitcoin (BTC-USD) mining and data center operations. It operates 1,705 Bitcoin miners. It also has a majority interest in Alliance Cloud Services, which has a 617,00-square-foot data center. The company mined 31.7 Bitcoin in March, bringing its total mining efforts to 132.6 Bitcoin.

In addition, BitNile has 81% ownership of Imperalis Holding Corp. (OTCMKTS:IMHC), a Las Vegas-based company that makes cannabidiol (CBD) personal care products.

Yeah, it’s an interesting company. Formerly known as Ault Global Holdings, it’s operated by Milton “Todd” Ault III, a former broker and now a YouTube personality.

BitNile issued a financial update on April 5 announcing that it has paid off $66 million in debt and is now debt-free, so it plans to invest another $70 million to $80 million into Bitcoin miners and infrastructure.

As recently as September 2021, NILE stock was priced at $2.83, so it could be a bargain now. There are only two analysts who set price targets on NILE stock, for $6 and $7, respectively.

NILE stock could be quite the bargain in the second quarter.

Image Credit: Brett Jordan; Pexels; Thank you!


Fintech Kennek raises $12.5M seed round to digitize lending



Google eyed for $2 billion Anthropic deal after major Amazon play

London-based fintech startup Kennek has raised $12.5 million in seed funding to expand its lending operating system.

According to an Oct. 10 report, the round was led by HV Capital and included participation from Dutch Founders Fund, AlbionVC, FFVC, Plug & Play Ventures, and Syndicate One. Kennek offers software-as-a-service tools to help non-bank lenders streamline their operations using open banking, open finance, and payments.

The platform aims to automate time-consuming manual tasks and consolidate fragmented data to simplify lending. Xavier De Pauw, founder of Kennek said:

“Until kennek, lenders had to devote countless hours to menial operational tasks and deal with jumbled and hard-coded data – which makes every other part of lending a headache. As former lenders ourselves, we lived and breathed these frustrations, and built kennek to make them a thing of the past.”

The company said the latest funding round was oversubscribed and closed quickly despite the challenging fundraising environment. The new capital will be used to expand Kennek’s engineering team and strengthen its market position in the UK while exploring expansion into other European markets. Barbod Namini, Partner at lead investor HV Capital, commented on the investment:

“Kennek has developed an ambitious and genuinely unique proposition which we think can be the foundation of the entire alternative lending space. […] It is a complicated market and a solution that brings together all information and stakeholders onto a single platform is highly compelling for both lenders & the ecosystem as a whole.”

The fintech lending space has grown rapidly in recent years, but many lenders still rely on legacy systems and manual processes that limit efficiency and scalability. Kennek aims to leverage open banking and data integration to provide lenders with a more streamlined, automated lending experience.

The seed funding will allow the London-based startup to continue developing its platform and expanding its team to meet demand from non-bank lenders looking to digitize operations. Kennek’s focus on the UK and Europe also comes amid rising adoption of open banking and open finance in the regions.

Featured Image Credit: Photo from; Thank you!

Radek Zielinski

Radek Zielinski is an experienced technology and financial journalist with a passion for cybersecurity and futurology.

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Fortune 500’s race for generative AI breakthroughs



Deanna Ritchie

As excitement around generative AI grows, Fortune 500 companies, including Goldman Sachs, are carefully examining the possible applications of this technology. A recent survey of U.S. executives indicated that 60% believe generative AI will substantially impact their businesses in the long term. However, they anticipate a one to two-year timeframe before implementing their initial solutions. This optimism stems from the potential of generative AI to revolutionize various aspects of businesses, from enhancing customer experiences to optimizing internal processes. In the short term, companies will likely focus on pilot projects and experimentation, gradually integrating generative AI into their operations as they witness its positive influence on efficiency and profitability.

Goldman Sachs’ Cautious Approach to Implementing Generative AI

In a recent interview, Goldman Sachs CIO Marco Argenti revealed that the firm has not yet implemented any generative AI use cases. Instead, the company focuses on experimentation and setting high standards before adopting the technology. Argenti recognized the desire for outcomes in areas like developer and operational efficiency but emphasized ensuring precision before putting experimental AI use cases into production.

According to Argenti, striking the right balance between driving innovation and maintaining accuracy is crucial for successfully integrating generative AI within the firm. Goldman Sachs intends to continue exploring this emerging technology’s potential benefits and applications while diligently assessing risks to ensure it meets the company’s stringent quality standards.

One possible application for Goldman Sachs is in software development, where the company has observed a 20-40% productivity increase during its trials. The goal is for 1,000 developers to utilize generative AI tools by year’s end. However, Argenti emphasized that a well-defined expectation of return on investment is necessary before fully integrating generative AI into production.

To achieve this, the company plans to implement a systematic and strategic approach to adopting generative AI, ensuring that it complements and enhances the skills of its developers. Additionally, Goldman Sachs intends to evaluate the long-term impact of generative AI on their software development processes and the overall quality of the applications being developed.

Goldman Sachs’ approach to AI implementation goes beyond merely executing models. The firm has created a platform encompassing technical, legal, and compliance assessments to filter out improper content and keep track of all interactions. This comprehensive system ensures seamless integration of artificial intelligence in operations while adhering to regulatory standards and maintaining client confidentiality. Moreover, the platform continuously improves and adapts its algorithms, allowing Goldman Sachs to stay at the forefront of technology and offer its clients the most efficient and secure services.

Featured Image Credit: Photo by Google DeepMind; Pexels; Thank you!

Deanna Ritchie

Managing Editor at ReadWrite

Deanna is the Managing Editor at ReadWrite. Previously she worked as the Editor in Chief for Startup Grind and has over 20+ years of experience in content management and content development.

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UK seizes web3 opportunity simplifying crypto regulations



Deanna Ritchie

As Web3 companies increasingly consider leaving the United States due to regulatory ambiguity, the United Kingdom must simplify its cryptocurrency regulations to attract these businesses. The conservative think tank Policy Exchange recently released a report detailing ten suggestions for improving Web3 regulation in the country. Among the recommendations are reducing liability for token holders in decentralized autonomous organizations (DAOs) and encouraging the Financial Conduct Authority (FCA) to adopt alternative Know Your Customer (KYC) methodologies, such as digital identities and blockchain analytics tools. These suggestions aim to position the UK as a hub for Web3 innovation and attract blockchain-based businesses looking for a more conducive regulatory environment.

Streamlining Cryptocurrency Regulations for Innovation

To make it easier for emerging Web3 companies to navigate existing legal frameworks and contribute to the UK’s digital economy growth, the government must streamline cryptocurrency regulations and adopt forward-looking approaches. By making the regulatory landscape clear and straightforward, the UK can create an environment that fosters innovation, growth, and competitiveness in the global fintech industry.

The Policy Exchange report also recommends not weakening self-hosted wallets or treating proof-of-stake (PoS) services as financial services. This approach aims to protect the fundamental principles of decentralization and user autonomy while strongly emphasizing security and regulatory compliance. By doing so, the UK can nurture an environment that encourages innovation and the continued growth of blockchain technology.

Despite recent strict measures by UK authorities, such as His Majesty’s Treasury and the FCA, toward the digital assets sector, the proposed changes in the Policy Exchange report strive to make the UK a more attractive location for Web3 enterprises. By adopting these suggestions, the UK can demonstrate its commitment to fostering innovation in the rapidly evolving blockchain and cryptocurrency industries while ensuring a robust and transparent regulatory environment.

The ongoing uncertainty surrounding cryptocurrency regulations in various countries has prompted Web3 companies to explore alternative jurisdictions with more precise legal frameworks. As the United States grapples with regulatory ambiguity, the United Kingdom can position itself as a hub for Web3 innovation by simplifying and streamlining its cryptocurrency regulations.

Featured Image Credit: Photo by Jonathan Borba; Pexels; Thank you!

Deanna Ritchie

Managing Editor at ReadWrite

Deanna is the Managing Editor at ReadWrite. Previously she worked as the Editor in Chief for Startup Grind and has over 20+ years of experience in content management and content development.

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