WallStreetBets Stock Tips November Week 1 Roundup

Every week we bring to you some of the fundamentally strong and reasonably valued stocks that are popular on Reddit group WallStreetBets. Here are the five best WallStreetBets stocks that you can buy in the first week of November.

While WallStreetBets is not as lethal now as it was in the first quarter, Jim Cramer has warned short sellers in names like Bed Bath & Beyond that shorting is a risky exercise. Acting as a coherent group, Reddit traders have been instrumental in triggering a short squeeze in several stocks this year.

1. Bed Bath & Beyond (NYSE: BBBY)

Bed Bath & Beyond has long been a WallStreetBets favorite. It was among the prominent meme stocks in the first quarter when the Reddit frenzy was at its peak. However, like fellow meme names it trades at a fraction of its 2021 highs.

WallStreetBets is interested in BBBY stock after the recent updates

WallStreetBets members again look bullish on BBBY stock after it provided a business update and announced a partnership with Kroger. Under the partnership, Kroger customers would be able to shop BBBY products online through Kroger.com. The products would also be made available at select Kroger stores on a pilot basis next year.

The company announced that it would complete the $1 billion share buyback program with the fiscal year 2021, two years ahead of the original schedule.

Bed Bath & Beyond stock trades an NTM (next-12 months) PE multiple of 16.5x which is slightly above its 10-year average multiples. However, a section of the market has been apprehensive about BBBY stock amid the meme stock status. However, if the company has successfully turnaround the business through the various initiatives that it is taking, the stock could deliver good returns in the medium to long term.

Generally, meme stocks are risky considering the massive volatility that they witness. However, BBBY looks like one meme stock on WallStreetBets that should be on your radar amid the company’s transformation.

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2. Amazon (NYSE: AMZN)

Amazon stock is underperforming the markets in 2021 and is the worst-performing FAANG stock. The company’s third-quarter earnings were a major disappointment. It missed the revenue estimates in the quarter, for the second time in a row. Also, the company’s fourth-quarter guidance, on both the top line as well as the bottomline was below estimates. The stock has had a dismal run under the leadership of Andy Jassy who took over the reins from long-standing CEO and founder Jeff Bezos.

WallStreetBets loves AMZN, so does Wall Street

Wall Street analysts are however bullish on Amazon stock, just like WallStreetBets. Yesterday, Loop reiterated Amazon stock as a buy. “Amazon’s 3Q 2021 results and 4Q 2021 guidance came up short of our expectations, particularly from a profitability perspective. That said, we believe top-line growth deceleration was largely expected given the “normalization” of global consumer shopping and spending patterns, and note the company has several levers to pull to improve profitability,” it said in its note.

The consensus view is also bullish on Amazon stock and its median target price of $4,000 is a premium of around 16%. If you are looking for a WallStreetBets stock that you can hold for the long-term, Amazon would fit the bill.

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3. Tesla (NYSE: TSLA)

Tesla has been a long-time favorite of WallStreetBets members. The stock has risen sharply over the last month after trading sideways for around six months. The company is the newest entrant to the club of $1 trillion market cap companies. Tesla has proved critics wrong and posted a profit in every quarter since Q3 2019. It delivered a record number of cars in the third quarter and has surpassed the 2020 deliveries in the first nine months of the year only.

Wall Street analysts have been turning bullish on Tesla stock and many have raised their target prices. After the company’s earnings release, Piper Sandler raised its target price from $1,200 to $1,300. Piper Sandler analyst Alexander Potter also poked fun at Tesla bears who see increased competition as a risk for Tesla. “Every TSLA bear thesis includes commentary regarding the likely impact of future competition. But lots of supposed ‘Tesla Killer’ models have already been on the market for several quarters,” it said in its note.

Cathie Wood expects Tesla stock to hit $3,000 by 2025 while Gene Munster of Loup Ventures expects the company’s market cap to rise to $2 trillion by 2025. Overall, while a lot of low-quality EV names have also been popular on WallStreetBets in the past, Tesla looks like a quality EV stock to buy.

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4. SoFi (NYSE: SOFI)

Fintech startup SoFi is another popular WallStreetBets stock. It went public earlier this year through a reverse merger with Social Capital Hedosophia Holdings IV (IPOE). The SPAC (special purpose acquisition company) was sponsored by Chamath Palihapitiya who has also taken Virgin Galactic, OpenDoor, and Clover Health public.

WallStreetBets loves SoFi ahead of earnings

WallStreetBets members like SoFi stock ahead of its upcoming earnings. Fintech stocks have seen a rerating this year and several of them including Robinhood, Coinbase, Affirm, and NerdWallet have listed in 2021.

Talking of the SoFi, the impending bank charter would help the company’s business in the long term and end its reliance on third-party banks. It would also provide it with more lending capabilities.

Overall, SoFi provides a broad suite of products ranging from loan refinancing to stock trading. The platform has several cross-sell opportunities. If you are looking to buy a fintech stock that WallStreetBets also loves, SoFi should be on your watchlist.

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5. Skillz (NYSE: SKLZ)

Skillz is another popular stock on WallStreetBets. The company is an online mobile gaming company that lets players across the globe compete against each other. The company announced its earnings on Wednesday after the close of markets and the stock slumped post the earnings release.

WallStreetBets members are game for SKLZ

SKLZ reported revenues of $102.1 million in the third quarter which were 70% higher than the corresponding quarter of last year. However, it posted an adjusted EBITDA loss of $41.7 million in the quarter which was also wider than the last year. The company ended the quarter with strong liquidity of $540.3 million, thanks to the proceeds from the SPAC merger. During the earnings release, the company reaffirmed its 2021 revenue guidance of $389 million.

Skillz has been growing through its topline through a mix of organic as well as inorganic growth. The stock looks like a good bet on the gaming industry.

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