$Palantir Technologies(PLTR.US)$ has emerged as the most-discussed stock on Reddit’s r/WallStreetBets forum as on Tuesday night, while $Facebook(FB.US)$, $SmileDirectClub Inc(SDC.US)$, $Tilray(TLRY.US)$ and $Tesla(TSLA.US)$ are also seeing high interest.
What Happened: Exchange-traded fund $SPDR S&P 500 ETF(SPY.US)$ is seeing the highest interest on the forum with 512 mentions as at press time, followed by data analytics company Palantir Technologies with 382 mentions, data from Quiver Quantitative showed.
Social media giant Facebook and oral care company SmileDirectClub are in the third and fourth positions, having attracted 299 and 264 mentions, respectively.
Apart from cannabis company Tilray and electric vehicle maker Tesla, the other stocks trending on the forum include e-commerce company $ContextLogic(WISH.US)$, Chinese e-commerce giant $Alibaba (BABA.US)$, videogame retailer $GameStop(GME.US)$ and $Camber Energy, Inc.(CEI.US)$
Why It Matters: Palantir Technologies is seeing high interest on the forum after the software company said it has been selected to progress to the next phase of the U.S. Army’s $823 million contract for intelligence data fabric and analytics solutions.
Facebook is attracting interest on the forum after it was reported that whistleblower Frances Haugen testified before a Senate panel Tuesday about how the company puts “profits before people.”
SmileDirectClub said it would receive a patent from the United States Patent & Trademark Office (USPTO) for the SmileBus concept, which provides convenient oral care to consumers in remote areas across the U.S. and the U.K. The company, seen as a potential short squeeze candidate by investors on the forum, has almost 32.6% of its float held short, as per the latest data from Yahoo! Finance.
Price Action: SPDR S&P 500 ETF Trust’s shares traded more than 1% higher in Tuesday’s trading at $433.10, but declined almost 0.2% in the after-hours session to $432.38.
Palantir Technologies closed almost 0.2% higher in the regular trading session at $23.21 and further gained 13.7% in the after-hours session to $26.40.
Facebook shares closed almost 2.1% higher in the regular trading session at $332.96 and further rose 0.1% in the after-hours session to $333.29.