Subreddit ASX Bets is gambling these 4 ASX shares will follow in GameStop's footsteps

Subreddit ASX Bets is gambling on these 4 ASX shares to keep rising – including Zip.

| More on:
Tabcorp share price merger Poker chips on a laptop keyboard to symbolise gambling on ASX shares

Image source: Getty Images

You’re reading a free article with opinions that may differ from The Motley Fool’s Premium Investing Services. Become a Motley Fool member today to get instant access to our top analyst recommendations, in-depth research, investing resources, and more. Learn More

At the end of January, the GameStop Corp. (NYSE: GME) share price hit an all-time high of US$483. Only 2 months previously, shares in the company were trading at US$14.75. Many attributed the video game retailer's dramatic rise to subreddit Wall Street Bets.

The Australian equivalent – ASX Bets – has 10 shares it believes will be our next GameStop. Here are 4 of them.

Zip Co Ltd (ASX: Z1P)

The most popular of the recommended shares is Zip. At least one post a day on ASX Bets is devoted to the buy now, pay later (BNPL) provider.

At close of trade Monday, shares in the company were swapping hands at $8.90. That's down 6.9% on the previous trading day's close and over 34% for the month. High-risk shares are suffering this year as US bond-yields increase.

If an investor bought shares in the company this time last year, they would be sitting on a hefty 302.7% return.

Lake Resources N.L. (ASX: LKE)

Lake Resources is a lithium exploration business with a number of lithium brine projects being developed or explored across Argentina. 

As previously reported, lithium's commodity price is skyrocketing. It's increased 80% over 3 months and currently sits at US$70,500. The price rise is mostly attributed to increasing electric car sales.

Lake Resources closed 7.1% lower on Monday to finish at 32.5 cents per share. Just one week ago shares in the company were swapping hands at 46 cents. Yet, this time last year, the Lake Resources share price was just 3.4 cents, which puts the company's 12-month return at an astronomical 802.8%.

Race Oncology Ltd (ASX: RAC)

As the name suggests, Race Oncology is in the business of treating cancer. It is developing a cancer-fighting drug it calls Bisantrene. The medical company recently announced Bisantrene is effective in terminating patient-derived ovarian cancer cells.

In the first half of FY21, Race Oncology reported a net loss of $2.1 million – up 37% from the prior corresponding period (pcp).

The Race Oncology share price closed 1.36% higher on Monday to end the day at $3.73. If you bought shares exactly one year ago, you would have a mouth-watering 921.9% return on your investment.

Latin Resources Ltd (ASX: LRS)

Latin Resources is an Australian and South American-based mining and mineral exploration company. Its operations include a gold mine in NSW, a copper project in Peru and lithium opportunities in Argentina as well as Brazil.

While the company is focused on exploring a range of elements, the hype is in its lithium projects. Like with Lake Resources, as the demand for lithium is booming, so too is its price. The main beneficiaries of the frenzy will inevitably be lithium miners.

The Latin Resources share price closed 1.56% higher on Monday at 6.5 cents. In the last 3 months, it has increased by more than 100%. Even more astounding, over the last 52 weeks it has soared by a logic-defying 1,525%.

Motley Fool contributor Marc Sidarous has no position in any of the stocks mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. owns shares of ZIPCOLTD FPO. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

More on Share Market News

IPO written in dark blue with a yellow background.
Financial Shares

ASX fintech stock backed by Mastercard slumps 9% on debut

Meet the ASX's newest fintech company.

Read more »

A young woman smiles as she rides a zip line high above the trees.
Share Gainers

Here are the top 10 ASX 200 shares today

ASX investors kicked off the trading week in style today.

Read more »

young woman reviewing financial reports at desk with multiple computer screens
Broker Notes

Leading brokers name 3 ASX shares to buy today

Here's why brokers believe that now could be the time to snap up these stocks.

Read more »

A businesswoman exhales a deep sigh after receiving bad news, and gets on with it.
Share Fallers

Why Bell Financial, IPD, Megaport, and Resolute Mining shares are falling today

These shares are starting the week in the red. But why?

Read more »

Person pointing at an increasing blue graph which represents a rising share price.
Share Gainers

Why Liberty, Lovisa, Novonix, and SG Fleet shares are storming higher today

These shares are starting the week strongly. But why? Let's find out.

Read more »

Shot of a young businesswoman looking stressed out while working in an office.
Industrials Shares

This ASX share is tumbling 13% on reduced earnings forecast

Earnings are expected to fall in the first half, much to the dismay of the market.

Read more »

A man in his 30s holds his laptop and operates it with his other hand as he has a look of pleasant surprise on his face as though he is learning something new or finding hidden value in something on the screen.
Mergers & Acquisitions

Guess which ASX All Ords stock just rocketed 23% on a $1.2 billion offer

Investors are piling into the ASX All Ords stock amid a $1.2 billion takeover bid.

Read more »

Excited group of friends sitting on sofa watching sports on TV and celebrating.
Technology Shares

Why today is a big day for Pro Medicus shares

Records are being broken by this share on Monday. What's going on?

Read more »