This post is in continuation of this post I made last week. The response I received was amazing and lot of you were asking for continued weekly updates. So here goes!
Most Discussed Stocks of the Week
GameStop continues to be the top discussed stock though there has been a significant drop in the overall number of mentions (last week GME was mentioned 27K times). Tesla is now the number 2 most discussed stock. Facebook is the newcomer into the top 10 list but not in a good way. They had one of the largest data leaks (533 Million customers data was compromised) and the users were understandably pissed. The average sentiment across the comments reflects that. ASO also made it into the top 10 due to chatter on the stellar earnings report as well as the high short interest on the company.
Top Growing Stocks of the Week
Above is the list of stocks that have exploded in the number of mentions throughout social media.
Romeo Power ($RMO) was the company with the most growth in mentions. The stock was trending due to a 60% jump in stock price on Tuesday following a strategic deal they announced with truck giant PACCAR.
Nano-X Imaging($NNOX) is a medical imaging technology company. They recently received 510(k) clearance from the FDA. NNOX’s CEO has said that the company is on track to commence system shipment’s from Q4'21. The company’s stock price shot up 20% only to lose over the next week.
Academy Sports($ASO) has been on the top growing stocks for two weeks now (which in turn made the stock figure in the top 10 most discussed stocks list). The company was mentioned heavily due to its stellar earnings report (EPS was an impressive 41% ahead of analyst estimates). Adding to this, the company is heavily shorted (~40% short interest) and the stock price is expected to be highly volatile.
Facebook($FB) as discussed above was trending due to their data leak which exposed the user data of more than half-billion users.
Norwegian Cruise line($NCLH) was generating discussions as its CEO has sent a proposal to the CDC on how the company could safely travel once again in July. The company is also planning to resume cruise operations for voyages boarding outside of the United States with sailings originating in Jamaica, the Dominican Republic, and Greece starting in July 2021.
SOME FAQ’s:
How does the program work: The program is built using Python and uses both Twitter and Reddit API to stream comments and tweets and spot tickers that are exhibiting accelerated growth. I added sentiment analysis to the findings so as to check the general sentiment (whether what is being talked about in the stock is positive or negative).
What is sentiment: It's calculated using natural language processing with a modified version of vadersentiment. You get pre-trained models which classify whether a given statement is positive or negative. I have modified it to analyse financial comments also ( eg. Calls, puts, moon, gain, loss etc). It then classifies the statement between -100% and +100% depending on if it's negative or positive respectively. The numbers you are seeing here is the average across all the comments.
Thank you for reading!
Disclaimer: I am not a financial advisor.