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.
The post Subreddit ASX Bets is gambling these 4 ASX shares will follow in GameStop’s footsteps appeared first on The Motley Fool Australia. –

Poker chips on a laptop keyboard to symbolise gambling on ASX shares

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%.

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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.

The post Subreddit ASX Bets is gambling these 4 ASX shares will follow in GameStop’s footsteps appeared first on The Motley Fool Australia.

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