What happened Investors on Reddit and other social media sites appeared to ignite a trading frenzy in multiple stocks Monday. Here's how some of the most popular Reddit stocks fared today: Naked Brand Group (NASDAQ: NAKD), up 29% Bionano Genomics (NASDAQ: BNGO), up 24% Ocugen (NASDAQ: OCGN), up 20% Zomedica (NYSEMKT: ZOM), up 20% Castor Maritime (NASDAQ: CTRM), up 11% So what Investors have reason to be optimistic about all five of these companies. Ocugen's partnership with Bharat Biotech gives it a 45% share of any potential profits that the India-based drug developer's promising COVID-19 vaccine candidate, Covaxin, earns in the U.S. Bionano Genomics' Saphyr genome mapping system could give doctors the ability to develop better treatment options for a wide array of diseases. And Zomedica recently initiated commercialization efforts for its Truforma diagnostic platform for cats and dogs. Meanwhile, Naked Brand Group is in the midst of shifting away from its unprofitable brick-and-mortar stores and toward its higher-margin e-commerce operations. And Castor Maritime is using the coronavirus-induced downturn in the shipping industry to expand its fleet by scooping up discount-priced vessels. Many stocks that are popular among Reddit's traders surged Monday. Image source: Getty Images. Still, there wasn't much in the way of news today that would explain the sharp upward moves in these stocks. Instead, their heavy trading volumes suggest that traders on Reddit and other social media sites may be working together to drive up their prices once again by coordinating their purchases. Now what Social media-induced trading frenzies can produce staggering gains for investors. But they can also be short-lived. Owners of these stocks should thus brace for extreme volatility -- both to the upside and downside -- in the days ahead. 10 stocks we like better than Ocugen, Inc.When investing geniuses David and Tom Gardner have a stock tip, it can pay to listen. After all, the newsletter they have run for over a decade, Motley Fool Stock Advisor, has tripled the market.* David and Tom just revealed what they believe are the ten best stocks for investors to buy right now... and Ocugen, Inc. wasn't one of them! That's right -- they think these 10 stocks are even better buys. See the 10 stocks *Stock Advisor returns as of February 24, 2021 Joe Tenebruso has no position in any of the stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy.Source