What an interesting discussion wallstreetbets and GameStop have provided for us. I can’t imagine too many people reading this article are unaware of the situation with the wallstreetbets Reddit thread and GameStop's stock price, but if you are, this is a wonderful explainer.
Essentially retail investors (people like you and me, not professionals) desired to take more control over stock market movements, specifically where hedge funds are betting against equities. This started in a Reddit thread and has so far seen stock prices rise meteorically for GameStop, AMC Entertainment Holdings, Bed Bath and Beyond and more. GameStop is the most notable with a 789% increase in its stock price over the past seven business days.
It is beyond the scope of this article to discuss company valuations, legal matters, ethics, etc. -- but we will quickly showcase the impact seen across investing apps and the Reddit app itself.
Yesterday, January 27th, the following lifetime of app achievements were met:
Robinhood had its most single day downloads with 120k.
Robinhood recorded its highest number of DAUs with 2.6M.
Robinhood ranked its highest in the US iOS App Store at #1 Overall.
Reddit had its most single day downloads with 199k.
Reddit ranked its highest in the US iOS App Store at #2 Overall.
TD Ameritrade recorded its highest number of DAUs with 444k.
TD Ameritrade ranked its highest in the US iOS App Store at #53 Overall.
Webull recorded its highest number of DAUs with 952k.
Webull ranked its highest in the US iOS App Store at #45 Overall.
E*TRADE ranked its highest in the US iOS App Store at #113 Overall.
Existing users of these apps became re-engaged as well, increasing their Apptopia Engagement Index scores significantly over the course of this month.
This is a developing story -- as I write this, GameStop's stock is up 134% in pre-market trading. I'm very interested in the conversations and fallout we're going to see take place from this cultural event, and will make sure to stay tuned to the impact it may continue to have on consumer trends.