ASX Small Cap Lunch Wrap: Big investors are scrolling reddit for stock market tips
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Wall Street is looking to influential stock trading subreddits like r/wallstreetbets to gain an edge.
A perfect storm of pandemic-induced boredom, red hot stock markets, and zero-fee trading has inspired retail investors flock to equities this year.
They now represent the second largest group in the US market, morphing into a force “Wall Street can’t afford to ignore”, according to Bloomberg.
Benn Eifert, chief investment officer of hedge fund QVR Advisors, points to popular reddit community r/wallstreetbets, which is legendary for its high risk/high reward play-style.
“There are influencers within that community that will say, ‘Alright, today we’re buying the Tesla $US2500 calls for next Friday,’ and the volumes that will print are huge,” Eifert says.
“And you better believe that the most sophisticated options players in the world — the Susquehannas and Citadel Securities — are extremely focused on this flow and predicting it in real-time.”
US share markets rose on Tuesday. Tesla shares were up 7.2 per cent as anticipation builds on reddit for the carmaker’s ‘Battery Day’ event next week.
Aussie shares were higher on the open, with the benchmark ASX200 Index gaining 45 points or 0.77 per cent to 5,940 by 12pm EST.
Here are the best performing ASX small cap stocks at 12pm Wednesday September 16:
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CODE | NAME | PRICE | % CHANGE | MARKET CAP |
---|---|---|---|---|
EER | East Energy Resources | 0.03 | 900 | $ 9,602,961.11 |
SAN | Sagalio Energy | 0.055 | 588 | $ 1,637,281.04 |
T3D | 333D | 0.002 | 100 | $ 2,131,991.53 |
ICI | Icandy Interactive | 0.056 | 87 | $ 11,031,763.44 |
ALT | Analytica | 0.003 | 50 | $ 10,558,837.00 |
ANW | Aus Tin Mining | 0.0015 | 50 | $ 3,218,662.95 |
BAS | Bass Oil | 0.0015 | 50 | $ 6,684,280.19 |
CCE | Carnegie Clean Energy | 0.0015 | 50 | $ 11,141,452.45 |
PCL | Pancontinental Oil | 0.0015 | 50 | $ 5,406,715.49 |
FFG | Fatfish Group | 0.016 | 45 | $ 8,969,204.28 |
CLA | Celsius Resources | 0.032 | 39 | $ 17,945,015.86 |
NPM | Newpeak Metals | 0.004 | 33 | $ 12,697,105.33 |
PAK | Pacific American | 0.026 | 30 | $ 5,541,698.00 |
LNY | Laneway Resources | 0.009 | 29 | $ 26,425,461.53 |
LMG | Latrobe Magnesium | 0.028 | 27 | $ 28,523,067.52 |
MYQ | Myfiziq | 1.035 | 27 | $ 93,635,694.75 |
SGI | Stealth Global | 0.105 | 24 | $ 8,066,500.00 |
KTA | Krakatoa Resources | 0.1 | 23 | $ 20,326,950.00 |
TNY | Tinybeans | 1.12 | 20 | $ 42,577,515.75 |
MNW | Mint Payments | 0.012 | 20 | $ 11,339,712.97 |
GAS | State GAS | 0.61 | 20 | $ 74,642,077.14 |
THR | Thor Mining | 0.013 | 18 | $ 4,679,291.28 |
Coal/renewable energy minnow Pacific American (ASX:PAK) is dipping a toe into WA gold exploration, while former cobalt high flyer Celsius Resources (ASX:CLA) is buying a suite of copper-gold projects in the Philippines.
And mobile gaming stock iCandy (ASX:ICI) is up two days in a row after a “strongly supported” placement announced yesterday received more than $5 million in bids.
Here are the worst performing ASX small cap stocks at 12pm Wednesday September 16:
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CODE NAME PRICE % CHANGE MARKET CAP ECT Env Clean Tech 0.001 -33% $ 14,401,549.18 PSL Paterson Resources 0.003 -25% $ 15,441,989.25 KAS Kasbah Resources 0.012 -20% $ 2,030,699.28 LCY Legacy Iron Ore 0.004 -20% $ 31,236,192.59 FFR Firefly Resources 0.19 -17% $ 59,119,092.36 EGR Ecograf 0.17 -17% $ 74,617,287.44 CFO Cfoam 0.025 -17% $ 5,765,220.78 THC THC Global Group 0.23 -16% $ 48,393,887.85 CGN Crater Gold 0.012 -14% $ 17,184,942.14 AVE Avecho Biotech 0.007 -13% $ 12,779,659.36 BAT Battery Minerals 0.014 -13% $ 21,089,464.78 JXT Jaxsta 0.15 -12% $ 27,273,051.21 DAU Dampier Gold 0.03 -12% $ 9,688,658.36 BUX Buxton Resources 0.115 -12% $ 17,687,206.16 GSW Getswift 0.37 -11% $ 89,486,365.34 LCL Los Cerros 0.1875 -11% $ 76,908,516.72 PO3 Purifloh 1.96 -10% $ 69,036,460.62 AGE Alligator Energy 0.0045 -10% $ 7,192,146.71 EVE EVE Investments 0.009 -10% $ 38,229,918.89
THC Global (ASX:THC) has been forced to justify its continued existence on the ASX after the troubled cannabis company delivered its half-year financial statements with an important proviso.