5 Best Stocks to Buy on Robinhood in July 2021

In the absence of the once-popular Robintrack, retail traders have resorted to Reddit messaging boards like WallStreetBets and public or private telegram groups to share their trading ideas and check what their peers are doing lately.

Using data from the popular website Swaggy Stocks, which tracks comment volume and sentiment toward different individual names in the market as per the activity of the WallStreetBets channel, we have compiled a list of the favorite stocks among retail traders for July 2021 in case you want to follow the trend. All of these stocks can be bought through the Robinhood trading platform.

67% of all retail investor accounts lose money when trading CFDs with this provider.

1. Snapchat (SNAP)

Snapchat is gaining traction among retail traders since yesterday after the company reported upbeat second-quarter results that included a 116% year-on-year leap in revenues, a positive adjusted EBITDA of $117 million, and a 23% increase in its user base.

As per data from Swaggy Stocks, the average 7-day comment volume for SNAP stock has surged 5.4% while accounting for 12% of the total comments made on WSB today.

This is an interesting change in the trend for SNAP as comments about the stock were relatively low before today’s earnings. This increase in retail interest could drive the price higher in the following days as traders may decide to pile on OTM call options.

For now, today’s price action has retreated below its intraday highs as market participants appear to be rejecting a move above the upper trend line shown in the chart. The following days will determine if this rejection could lead to a swift drop in the price of SNAP or if the price may continue to advance toward fresh all-time highs.

2. Tesla (TSLA)

Tesla has been a long-time retail favorite and comments about the stock have been increasing lately as the date of its quarterly earnings release is approaching. Tesla is expecting to publish its financial results on 26 July and, thus far, average comment volumes have moved 1.6% higher in the past few days.

As of today, Tesla’s comment volume is accounting for over 8% of the total posts made on WallStreetBets with 78% positive sentiment and over 330 mentions. As per estimates compiled by Seeking Alpha, Tesla is expected to report adjusted earnings per share of $0.98 this quarter along with sales of $11.4 billion.

The latest price action shows that the $540 level remains a key support for the electric vehicle maker while an intraday double-bottom formation could be in play right now based on two bounces off the $620 level in the past few days.

If the company manages to surprise the market with its quarterly results, a bullish target for Tesla could be set at $770 for a potential 20% short-term gain.

3. Intel Corporation (INTC)

Chipmakers have been trending lately amid the ongoing shortages that the industry has been facing. This situation has been the result of an unexpected acceleration in the demand from data centers and cloud providers and disruptions to manufacturing capacity caused by the pandemic.

Intel reported its quarterly results yesterday, with GAAP revenues landing at $19.6 billion, effectively beating analysts’ estimates of $17.8 billion for the quarter, while adjusted earnings per share ended the quarter at $1.28 or 14 cents above the Street’s consensus forecast.

However, shares are slipping almost 6% today as the management expects that supply-side constraints may continue to affect the firm’s ability to grow its top-line results in the following quarters.

Despite this downturn, INTC stock has been gaining traction in the WSB forum, with average comment volumes rising almost 3% in the past few days while comments on the stock are accounting for around 5% of today’s chatter.

Sentiment, however, is turning negative, which could provide the opportunity for shorting INTC stock on the back of diminishing retail support. Supporting this bearish outlook, Intel shares are breaking below a long-dated support at $53 and this could result in further negative momentum for the chipmaker stock in the near future.

4. Advanced Micro Devices (AMD)

Advanced Micro Devices is scheduled to release its financial results covering the second quarter of its 2021 fiscal year next Tuesday and this chipmaker has also become a favorite among retail traders as the community is expecting another blowout quarter.

Data from Swaggy Stocks shows that average comment volumes for AMD have been increasing 1.5% lately while AMD is accounting for 6% of the total posts made within the messaging board today.

AMD has been a popular topic of conversation in the past 30 days and that indicates strong retail support toward the stock. Meanwhile, positive sentiment is currently standing at 80%.

According to data from Seeking Alpha, AMD is expected to report adjusted earnings per share of $0.54 on revenues of $3.6 billion. It is important to note that AMD has delivered positive revenue and earnings surprises in the past four quarters which increases the likelihood that this quarterly release could turn out to be a positive one of the stock.

As for the price action, AMD has managed to reverse a previous downtrend that emerged after its results for the fourth quarter of 2020 were published, with a first bullish target of $96 set for the stock if the current uptrend continues after Q2 earnings are out.

5. Nvidia (NVDA)

Nvidia shares have exploded lately as a result of the firm’s positive results and upbeat comments on its full-year performance. Moreover, the company recently performed a 4-for-1 stock split – an event that has usually been deemed as a positive development by retail traders although it results in no material changes to the company’s performance.

At the moment, posts about Nvidia stock account for almost 6% of the new posts published on WallStreetBets and ticker sentiment is remarkably positive at 89%. Meanwhile, Nvidia has remained a favorite issue among traders within the community for the past 30 days, with comment volumes remaining above 2% and reaching as much as 7% on multiple occasions.

Nvidia is expected to report its financial results for the second quarter of its 2022 fiscal year on 18 August and analysts are forecasting adjusted earnings per share of $1.02 on revenues of $6.33 billion for the firm.

Meanwhile, the price action shows that the latest rally has just created a second leg that could support further upside for the stock price after it briefly retreated from an all-time high of $209. If Nvidia delivers another surprising quarter, chances are that the stock could retest this resistance soon while the strength of the uptrend increases the likelihood of Nvidia posting fresh all-time highs once results are out.

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