The 7 Best Reddit Stocks to Buy Now
Reddit, often touted as “the front page of the internet,” has effectively evolved into a bustling hub for stock market enthusiasts. Several investing subreddits stand out among the various forums it offers, drawing in millions with their rich discussions on different market trends and predictions. These forums’ influence has become incredibly profound, so it’s common to see websites effectively tracking the Best Reddit Stocks to Buy.
Transitioning from memes to market forecasts, Reddit’s dynamic has undeniably shifted over the years. As investors from all walks of life come in, there’s a compelling blend of traditional wisdom and fresh perspective.
Thus, for those keen on keeping a pulse on the market’s heartbeat, overlooking the rising clout of Reddit might be a missed opportunity. However, even though Reddit’s recommendations can be striking, it’s imperative to conduct thorough research before making investment decisions.
Let’s explore seven stocks trending on social media, highlighted by the Reddit trend tracker, ApeWisdom.
Meta Platforms (META)
Meta Platforms 
META is striding back into the limelight again, captivating investors with its astonishing comeback.
After a turbulent 2022, the juggernaut behind Facebook and Instagram has showcased an impressive recovery, clocking in triple-digit percentage gains in its stock in the past year.
As it ventures beyond the metaverse, Meta is razor-focused on tapping into the rich veins of artificial intelligence and optimizing its financial operations. Boasting a staggering user base of 3.8 billion across its apps, the digital giant’s user engagement remains nothing short of marvelous.
Digging a bit deeper, Meta’s AI-centric innovations are turning heads. The company is setting a gold standard with key features such as Reels revolutionizing user interactions and tools such as Meta Advantage enhancing advertising experiences through AI.
Meta’s recent financial announcements have been nothing short of stellar. The tech behemoth reported second-quarter earnings per share of $2.98, outshining the expected $2.91.
Additionally, its quarterly revenue of $32 billion marked an 11% year-over-year growth, effortlessly surpassing expectations as well.
DTE Energy (DTE)
Hailing from the heart of Detroit, Michigan, DTE Energy 
DTE stands tall as a dynamic energy giant with expansive reach across the U.S. and Canada.
With a diversified portfolio, the company lights up lives, delivering electricity to over 2.2 million customers and warming homes with natural gas for another 1.3 million in Michigan.
Although its second-quarter earnings pleasantly surprised many, the stock’s performance post-announcement has been subdued. The stellar report showed a net income of $201.0 million, a jaw-dropping surge of 443.2% from the prior-year period.
Despite a dip in sales, the company’s cash flows showcased robust resilience. On a trailing-twelve-month basis, DTE proudly reported an operating cash flow of $2.6 billion, effortlessly covering its alluring annual dividend payout of $785.3 million.
Looking ahead, the energy titan has ambitious blueprints, planning a substantial $23 billion investment in its operations over the next five years.
Nvidia (NVDA)
Nvidia 
NVDA, the tech titan, continues to turn heads with its staggering performances, delivering over a 180% year-to-date return.
Nvidia’s chips are critical in our tech-transformed landscape, from fueling the metaverse to revolutionizing high-performance computing. Building on its momentum, Nvidia continues to innovate on the AI front.
Its recent collaboration with Hugging Face and the roll-out of the AI Workbench stands as a testament to its leadership in machine learning. Additionally, startups integrating Nvidia’s NeMo software signal the company’s resonance in the AI sector.
Come spring, Nvidia’s prowess was further validated as it touched the $1 trillion market capitalization milestone. While August has seen the share price cooling in line with the broader market, all eyes are on its second-quarter second-quarter release scheduled for August 23.
If history serves as a guide, the impending financials might be another feather in Nvidia’s already impressive cap if it posts results exceeding analyst estimates.
Tesla (TSLA)
Doubters have cast shadows on Tesla 
TSLA, fixating on recent financial hiccups, the eagerly awaited Cybertruck, and skeptics questioning Elon Musk’s multitasking prowess.
However, Tesla continues to prove its doubters wrong with its record deliveries each quarter and pertinent investments in growing its market share further.
Recently, TSLA shares entered an adjustment period, largely influenced by its modest second-quarter results.
This has caused some investors to pause, but the forthcoming prospects are exhilarating for Tesla enthusiasts. From the long-awaited launch of the Cybertruck to the massive AI-driven “Dojo” supercomputer, the future looks luminous.
Yes, there are pressing concerns affecting Tesla’s profit margins. However, these are strategic choices in line with Musk’s blueprint to fortify Tesla’s market dominance. Despite these challenges, Tesla remains profitable, which speaks volumes about its quality, overshadowing momentary hurdles.
Salesforce (CRM)
In the challenging macro landscape, Salesforce 
CRM continues to exhibit unwavering sales growth, a testament to its extensive product range.
The firm has confidently stepped into the AI realm with the recent unveiling of its generative AI offerings. Innovations such as the Slack GPT and steadfast integration of generative AI into existing product suites have solidified its positioning in the sector.
As Salesforce pushes the envelope, it showcases robust revenue growth and fortifies its operating margins.
Kicking off the fiscal year on a high, Salesforce outpaced analysts’ estimates by a remarkable in its first quarter. An 11% year-over-year revenue boost in sales to $8.25 billion underscores its presence in the cloud computing sphere.
Salesforce’s strategic pivot to AI is powering this growth engine, notably through its Einstein AI technology. With capabilities that allow users to glean essential insights from their data and the recent launch of Einstein GPT, Salesforce is on fire.
This revamped software is engineered to deliver a staggering 200 billion AI-powered predictions daily.
Invesco QQQ (QQQ)
In the realm of exchange-traded-funds, the popular Invesco QQQ 
QQQ stands out, often referred to by its monikers “Triple Q” or just “Q.”
This iconic exchange-traded fund mirrors the Nasdaq 100 index, housing giants such as Apple, Nvidia, Tesla, and other growth stocks. Due to its tech-centric portfolio, QQQ has consistently offered shareholders remarkable gains, effectively weathering the 2022 tech storm.
In 2023 alone, QQQ’s trajectory surged by more than 40%. Looking at things from a larger perspective, it’s rewarded its investors with a whopping 103% rise over five years.
Beyond its robust performance, QQQ’s appeal lies in its accessibility, with no entry barriers regarding minimum investment and a palatable fee structure at 0.20%. With a diversified holding of 102 stocks, predominantly tech-laden at 57%, it commands a hefty $205 billion in assets under management.
Plus, for those with an eye on dividends, it’s dishing out a 0.54% yield, resulting in 15 consecutive years of payouts.
Eversource Energy (ES)
Eversource Energy 
ES, in the heart of the densely populated New England region, stands tall as one of America’s largest utilities.
Its robust positioning is further bolstered by its incredibly stable cash flows. Over the past five years, the company has demonstrated commendable consistency, charting a 9% surge in revenue and a 6.2% growth in EBITDA.
Trading at a rather attractive 1.8 times forward sales, Eversource’s valuation sits significantly lower, by over 38%, than the sector’s median. Dividend investors would surely find its 4% yield enticing, especially given its impeccable two-decade-plus record of consistent payouts.
Its recently released second-quarter figures accentuate the company’s strength. It reported a Non-GAAP earnings-per-share of $1, surpassing expectations by nine cents, and a 2.3% year-over-year revenue jump to $2.63 billion.
Eversource remains bullish on its 2023 outlook, with a forward-looking vision forecasting an upper-half growth rate of 5% to 7% in long-term EPS, taking 2022’s $4.09 per share as a benchmark.
On the date of publication, Muslim Farooque did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
Muslim Farooque is a keen investor and an optimist at heart. A life-long gamer and tech enthusiast, he has a particular affinity for analyzing technology stocks. Muslim holds a bachelor’s of science degree in applied accounting from Oxford Brookes University.
More from InvestorPlace