Tesla Inc (NASDAQ: TSLA) inventory actions and the Reddit funding dialogue board r/WallStreetBets have a “actual,” even when “nuanced,” connection, in line with analysts at Barclays.
What Occurred: The motion of the automaker’s inventory has a correlation with mentions on r/WallStreetBets, the identical Reddit discussion board on the middle of the GameStop Corp (NYSE: GME) quick squeeze, Barclays stated in a be aware, Gizmodo reported.
“On the autos workforce, we’ve painfully discovered that social media memes can matter extra for TSLA share efficiency than precise monetary metrics, fundamentals or (dare we are saying) valuation,” the analysts on the British financial institution wrote, Gizmodo famous — citing a CNBC report.
“There’s a optimistic correlation between the variety of WSB submissions solely citing TSLA, and the efficiency of the inventory.”
Why It Issues: Many Tesla traders ascribe any unfavourable information associated to the corporate because the work of short-sellers, famous Gizmodo.