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Last year, online investing app Robinhood, which is best-known for its commission-free trades and gifting of free shares of stock to new members, picked up somewhere in the neighborhood of 3 million new users. This is noteworthy given that the average age of Robinhood's user base is only 31. Many of these young and/or novice investors have approached the market's wild vacillations as an opportunity to get rich quick.
Last year was nothing short of a roller coaster ride for the investing community. Instead of the coronavirus pandemic whipsawing equity valuation, it's now groups of retail investors on Reddit's WallStreetBets chat room who are responsible for historic volatility in either heavily short-sold companies and/or penny stocks. Among the favorites of the Reddit crowd are video game and accessories retailer GameStop (NYSE: GME), movie theater operator AMC Entertainment (NYSE: AMC), and Canadian marijuana stock Sundial Growers (NASDAQ: SNDL).
Sundial Growers (NASDAQ: SNDL) has been one of the hottest pot stocks of 2021. With a valuation of $2.03 billion, it is up 174% since the start of January (the Horizons Marijuana Life Sciences ETF is up 61% during that same time) as of March 3. Could now be a good time to buy the stock, or is it too risky given that a new earnings report is just weeks away?