You have to hand it over to r / WallStreetBets: they have become very robust in their stock picking process compared to the GameStop (NYSE :GME) time. The bulletin board, which grew significantly in the first half of the year, selects mortgage REITs and private prisons from the latest stocks of memes. So it should come as no surprise that the retail investor group is looking to follow the whales to new frontiers, as they are doing today with Itaú Unibanco Holdings (NYSE :ITUB) Stock.
Source : shutterstock.com/Luca Lorenzelli
Warren Buffett Berkshire Hathaway (NYSE :BRK-A, NYSE :BRK-B) recently invested $ 500 million in Nubank, a financial service that deals heavily in digital currency.
The company’s mission is to develop internationally and attract new customers, which it obviously succeeds thanks to Buffett’s investment.
Reddit investors adopt ITUB stock
It is through this lens of whales flocking south, to Brazilian banks embracing digital currency, that r / WallStreetBets investors see promise in ITUB stock. One user cites the news in a detailed article as a reason to invest in the increasingly popular market. It also doesn’t hurt that short-term interest is high on ITUB. With a short volume of 23%, Reddit would be interested in ITUB even if it didn’t have the digital currency apps and institutional optimism it does have.
From this deep dive and other bullish messages from ITUB, the discussion about the game is increasing dramatically today. TTY mentions have increased by over 6,500% in the past 24 hours.
And even through some rather unfortunate news for ITUB, investors are pouring in. Brazilian exporters are asking for nearly $ 4 billion from Itaú Unibanco and a handful of other banks specifically for its digital banking services. Exporters claim Itaú and these other banks are using cryptography to unfairly manipulate exchange rates. Regardless, ITUB stock saw almost 40 million shares traded today, up from an average of 36 million. The stock is also up 2.7% today, with values rising to $ 6.63.
At the time of publication, Brenden Rearick had (directly or indirectly) no position in any of the stocks mentioned in this article. The opinions expressed in this article are those of the author, subject to the publication guidelines of InvestorPlace.com.