This New Week May See Increased Trading Activity from Reddit Investors
Feb 1 2021 · 12:15 UTC | Updated
Feb 1 2021 · 13:12 by Benjamin Godfrey · 3 min read
Photo: Depositphotos
You have successfully joined our subscriber list.
The activities of the Reddit chatroom r/wallstreetbets may be far from over as more stocks that are being shorted by Wall Street firms may be pumped again.
It is the first day of the trading week and speculations abound that Wall Street may see increased trading activities from the retail investors on the Reddit social media platform. The previous week was marked by a retail frenzy that saw Reddit users organized in the chatroom dubbed r/wallstreetbets buy up the shares of stocks that are being shorted by institutional short-sellers.
By Reuters Staff
1 Min Read
FILE PHOTO: A man wears a protective mask as he walks past the New York Stock Exchange on the corner of Wall and Broad streets during the coronavirus outbreak in New York City, New York, U.S., March 13, 2020. REUTERS/Lucas Jackson
NEW YORK (Reuters) - U.S. hedge funds last week bought and sold the most stock in more than 10 years amid wild swings in GameStop Corp shares that many had bet against, but their market exposure to stocks is still near record levels, according to an analysis by Goldman Sachs Inc.
“According to Goldman Sachs Prime Services, this week represented the largest active hedge fund de-grossing since February 2009. Funds in their coverage sold long positions and covered shorts in every sector,” the investment bank wrote in a note late Friday.