Tech giant Apple Inc. continues to be the most-discussed stock on Reddit’s r/WallStreetBets forum as of early Tuesday.
What Happened: Apple is seeing the highest interest on the forum with 400 mentions at press time, followed by exchange-traded fund SPDR S&P 500 ETF Trust with 390 mentions, data from Quiver Quantitative showed.
Videogame retailer GameStop Corp. and graphics chipmaker Nvidia Corp. are in the third and fourth positions, having attracted 380 and 285 mentions respectively.
Why It Matters: Apple, currently the most valued company in the world, is poised to become the first company in the world to touch the $3 trillion market cap this week, as per analysts.
It was reported on Monday that JPMorgan Securities analyst Samik Chaterjee maintained an Overweight rating on Apple stock and raised the price target to $210 from $180.
The Tim Cook-led company, which now has a market capitalization of $2.88 trillion, is seen as a safe haven amid economic uncertainty.
The U.S. Federal Reserve is expected to announce it will accelerate the pace of its tapering plans after its two-day monetary policy meeting ends on Wednesday.
Meanwhile, a post on the Reddit forum has predicted that the Federal Reserve will raise interest rates in July and November next year, followed by a third rate hike in January 2023.
Price Action: Apple’s shares closed almost 2.1% lower in Monday’s regular trading session at $175.74 and further lost less than 0.1% in the after-hours session to $175.70.