{"id":108041,"date":"2021-02-25T23:34:28","date_gmt":"2021-02-25T23:34:28","guid":{"rendered":"https:\/\/fin2me.com\/?p=108041"},"modified":"2021-02-25T23:34:28","modified_gmt":"2021-02-25T23:34:28","slug":"data-firm-that-monitors-reddit-says-it-saw-gamestop-mentions-spiking-days-ago","status":"publish","type":"post","link":"https:\/\/fin2me.com\/business\/data-firm-that-monitors-reddit-says-it-saw-gamestop-mentions-spiking-days-ago\/","title":{"rendered":"Data firm that monitors Reddit says it saw GameStop mentions spiking days ago"},"content":{"rendered":"<ul>\n<li>Data firm Thinknum saw mentions of GameStop start spiking on Reddit days before the stock started rallying again, co-founder Justin Zhen told CNBC.<\/li>\n<li>&quot;The volume today has been insane, but we see a huge spike in advance of the run-up of the stock yesterday,&quot; Zhen said.<\/li>\n<li>Thinknum launched its Reddit-focused dataset after January&#x27;s GameStop frenzy.<\/li>\n<\/ul>\n<p>Mentions of GameStop increased on Reddit days before shares of the video-game retailer took off again, according to Justin Zhen, co-founder of Thinknum, a tech firm that compiles alternative data sets for investors.<\/p>\n<p>&quot;In the last 24 hours, we saw the number of occurrences of mentions for GameStop spike. It actually started spiking about four days ago,&quot; Zhen said in an interview Thursday on CNBC&#x27;s &quot;The Exchange.&quot; <\/p>\n<p>&quot;The volume today has been insane, but we see a huge spike in advance of the run-up of the stock yesterday,&quot; he said.<\/p>\n<p>Zhen was referencing Wednesday&#x27;s major late-day gain in GameStop shares, which ultimately closed higher by more than 100%. The stock rallied further during Thursday&#x27;s volatile session and was halted multiple times. It ended up closing Thursday at $108.73 per share, up 18.6%. It had reached as high as $184.68 intraday.<\/p>\n<p>The sudden surge followed news Tuesday that the company&#x27;s chief financial officer, Jim Bell, plans to resign in late March. Media reports suggested the departure could be linked to board member Ryan Cohen&#x27;s desire to see GameStop accelerate its digital transformation.<\/p>\n<p>The stock&#x27;s big two-day move puzzled some on Wall Street, and CNBC&#x27;s Jim Cramer contended earlier Thursday that a CFO shakeup is unlikely to be a catalyst for such a significant rally. Whatever the cause, the GameStop resurgence calls to mind the Reddit-sparked trading mania that first engulfed the stock in January, when it soared to $483 per share.<\/p>\n<p>&quot;What happened with GameStop when it went to $480 was one of the dumbest, most nonsensical things that I&#x27;ve seen in quite some time. This is the second dumbest,&quot; Loop Capital Markets analyst Anthony Chukumba said Thursday on CNBC&#x27;s &quot;Power Lunch.&quot; He recently dropped his GameStop coverage, citing its disconnection from fundamentals.<\/p>\n<p>&quot;I&#x27;m gobsmacked now, just as I was a few weeks ago,&quot; Chukumba added.<\/p>\n<p>The late January surge in GameStop put financial pressure on hedge funds and other investors who shorted the stock, which is essentially a bet that it will decrease in price. <\/p>\n<p>The saga has in some ways served as a wake-up call for the hedge fund industry, according to Gabe Plotkin, founder of Melvin Capital. Plotkin&#x27;s fund got caught on the wrong end of the GameStop trade January.<\/p>\n<p>Going forward, Plotkin told Congress earlier this month that he expects funds, including his own, to more closely monitor social media sites now that the power of forums like Reddit&#x27;s WallStreetBets have been demonstrated.<\/p>\n<p>&quot;I think they saw an opportunity to drive the price of a stock higher and today with social media and other memes, there&#x27;s the ability to collectively do so,&quot; he said. &quot;That was a risk factor that, up until recently, we had never seen.&quot;<\/p>\n<p>Zhen co-founded Thinknum in 2014, according to his LinkedIn, but the company&#x27;s Reddit-specific dataset went live in late January as the GameStop frenzy was unfolding. <\/p>\n<p>According to a blog post on Thinknum&#x27;s website, the dataset &quot;tracks the number of times NYSE and NASDAQ tickers are mentioned in the top 100 posts on r\/WallStreetBets and r\/Stocks in real time.&quot;<\/p>\n<p>In Thursday&#x27;s CNBC interview, Zhen stressed that Thinknum does not claim for its online datasets to be predictive of stocks poised to rally.<\/p>\n<p>&quot;We provide a service where investors can track when the number of mentions on Reddit for any particular stock is increasing. We don&#x27;t interpret or analyze the data. We don&#x27;t claim the stock will go up,&quot; said Zhen, who used to work at a hedge fund.<\/p>\n<p> &quot;But what we are saying is that there&#x27;s a lot of chatter around the stock today &#8230; and if you&#x27;re an investor, you need to pay attention,&quot; he said.<\/p>\n<p>In addition to the recently launched Reddit offering, Zhen said Thinknum has about 30 other datasets, such as those focused on product pricing and where companies are opening stores. &quot;Reddit is one oversized sample recently but there are many other data trails that good investors pay attention to,&quot; Zhen said.<\/p>\n<p>The Securities and Exchange Commission said in January that it was reviewing the GameStop saga. When asked by CNBC&#x27;s Andrew Ross Sorkin asked whether Thinknum has been contacted by the SEC, Zhen said: &quot;We have gotten many inquiries from government bodies, which I can&#x27;t comment on specifically.&quot;<\/p>\n<p>Thinknum also has seen increased interest from investors and corporations, Zhen said. &quot;The interest has been substantial. It&#x27;s the most I&#x27;ve seen in six years doing this.&quot;<\/p>\n<p>Source: <a href=\"https:\/\/www.cnbc.com\/2021\/02\/25\/firm-that-monitors-reddit-saw-gamestop-mentions-spiking-days-ago.html\" target=\"_blank\" rel=\"noopener noreferrer\">Read Full Article<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Data firm Thinknum saw mentions of GameStop start spiking on Reddit days before the stock started rallying again, co-founder Justin Zhen told CNBC. &quot;The volume [&#8230;]<\/p>\n","protected":false},"author":3,"featured_media":108040,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[6],"tags":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v21.7 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Data firm that monitors Reddit says it saw GameStop mentions spiking days ago - Fin2me<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/fin2me.com\/business\/data-firm-that-monitors-reddit-says-it-saw-gamestop-mentions-spiking-days-ago\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Data firm that monitors Reddit says it saw GameStop mentions spiking days ago - 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