BB Stock – ASX investors couldn’t get enough of meme stocks last week
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Most weeks, Commonwealth Bank of Australia (ASX: C(BA))’s CommSec share trading platform tells us the most popular US shares that its Aussie customer base was trading the previous week. Since CommSec is one of the most popular ASX brokerage platforms on the ASX, its data can give us a valuable insight into the US shares ASX investors are buying and selling right now.
My Fool colleague James Mickleboro has already covered some of the popular ASX shares from CommSec today. So here are the top 10 international shares that CommSec users were buying and selling last week. This week’s data covers June 7-10.
Meme stocks galore for ASX investors
- GameStop Corp. ((NYSE: GM)E) – representing 5.9% of total trades with a 78%/22% buy-to-sell ratio.
- AMC Entertainment Holdings Inc (NYSE: AMC) – representing 4.6% of total trades with a 66%/34% buy-to-sell ratio.
- Tesla Inc (NASDAQ: (TSLA)) – representing 3% of total trades with a 72%/28% buy-to-sell ratio.
- Clover Heath Investments Corp (NASDAQ: CLOV) – representing 2.4% of total trades with a 72%/28% buy-to-sell ratio.
- Apple Inc (NASDAQ: AAPL) – representing 2.3% of total trades with a 76%/24% buy-to-sell ratio.
- BlackBerry Ltd (NYSE: BB)
- Amazon.com, Inc. (NASDAQ: AMZN)
- ContextLogic Inc (NASDAQ: WISH)
- Nio Inc. (NYSE: NIO)
- Alibaba Group Holding Ltd (NYSE: (BA)(BA))
What can we learn from these trades?
So what can we learn? Well, that ASX investors are not immune from the ‘meme stock’ train, mainly. This week’s list is dominated by so-called ‘meme stocks’ – the catchy name given to companies whose share prices are the subject of social media-driven speculation. We can comfortably put GameStop (the original meme stock) in this bucket, as well as AMC, Clover Health, BlackBerry and ContextLogic. Tesla is also viewed as a meme stock by many investors. As is (to a lesser extent) the Chinese electric vehicle and battery manufacturer Nio.
True to form, AMC, Clover, BlackBerry and ContextLogic have all enjoyed Reddit-fuelled spikes in value during the past month or so. AMC is up more than 300% in the past month. Clover shot up almost 150% between 4 June and 8 June. BlackBerry is up 65% in the past month. And ContextLogic enjoyed nearly a 50% bump just last Tuesday. It seems ASX investors are keen to get a slice of the meme stock pie.
In other news, we still see the US blue-chip tech stocks in Amazon and Apple maintaining a dominant positioning on this list. Chinese e-commerce giant Alibaba is also a regular inclusion here and just makes the top ten this week.