11 Best Meme Stocks To Buy Now

It may seem like it’s best to follow the meme crowd’s lead, and forget about this stock completely. Yet while it did join in on the fun during the short squeeze-centric second meme stock wave, after first plunging due to the spring SPAC wipeout, it’s been tough for Virgin Galactic investors since then. This is due to several factors, including selling by insiders like Chamath Palihapitiya, and delays in its commencement of commercial flights. As with other highly volatile investments (such as the related cryptocurrencies movement), there are drawbacks to betting on meme stocks.

But between now and then, shares could make another bolt to the skies. Progress with its business could convince investors to warm back up to it. As InvestorPlace’s Louis Navellier argued in early December, there’s tremendous upside with this stock, if Simulfilam gets through the allegations, and makes its way through the FDA approval pipeline. Run don’t walk from Canopy Growth because this meme stock definitively has no more hope left. To be fair, some components of the marketing industry took a hit because of the unprecedented impact of the Covid-19 crisis.

Meme Stocks and Short Selling

But there are many things in life that are a gamble and it’s not my money. What looked unsustainable nine months ago is proving to have staying power. Retail investors continue to identify their favorite stocks https://day-trading.info/ and drive up the price. In a recent episode of The Rank on Fool Live, Fool.com contributor Matt Frankel, CFP, and chief growth officer Anand Chokkavelu ranked 10 of the most popular meme stocks in the market.

GameStop is the company that made the terms “meme stocks” and “short squeeze” household names. The initial surge in GME stock was caused by retail investors who identified a high level of short interest in the stock. GameStop stock moved from $17.25 to a closing price of $347.51 in late January.

Top Meme Stocks of 2021: GameStop (GME)

Nevertheless, I wouldn’t be opposed to throwing some speculation funds in here to trade with the meme folks. As I’ve stated in many articles for InvestorPlace, I think there’s a place for a modest amount https://trading-market.org/ of precious metals in your portfolio. While I don’t want to get into a fatalistic discussion, the financial engineering that global central banks engage in can’t be great for long-term stability.

Since February of this year, the company has let go 800 employees and sold most of its production facilities. It recently moved out of its corporate headquarters and into a smaller space. Canopy Growth has also had problems with https://forexbox.info/ the financial results reported by its BioSteel sports drink division. BioSteel made “material misstatements” in previous financial filings, requiring Canopy Growth to refile three of its past quarterly financial statements.

What Is a Meme Stock?

Suddenly, millions of white-collar workers found themselves operating remotely, which meant more time for stock trading. Houston-based Callon Petroleum (CPE) led oil stocks with a 259% gain in 2021. The oil explorer had a tough 2020, when earnings fell 63% to $2.86 a share. Analysts expect EPS to rebound 214% for 2021, followed by 50% growth in 2022. During the fall, West Texas intermediate prices surged to above $80 a barrel for the first time since 2014, as the economy continued to recover.

• Then again, sales for GameStop declined more than 21% in 2020, even with the aforementioned 191% boost in e-commerce revenue.
• AMC is also contending with the rise of streaming services that took off during the pandemic and shifting consumer habits.
• But it’s also not doing anything that justifies a stock price that at one point was over $35 a share in 2021.

In November 2020, it became public knowledge Cohen owned a 10% share in the company. By closing two days later, the value doubled; an 8x increase from the price at the time of Cohen’s and Gill’s previous posts. Meme stocks, however, didn’t truly emerge until the year 2020 via the Reddit forum r/wallstreetbets. Unlike its predecessors and other investing message boards, WallStreetBets became known for its unconventional and often irreverent tone. In this and other forums that have popped up since, users work together to identify target stocks and then promote them, while also putting their own money to work.

Inflation & Prices

The June 2021 rally of meme stocks is still going strong on Monday and we’re making a list of the top companies getting the most talk over on Reddit. GameStop (GME) became a heavily shorted stock due to a decline in foot traffic at malls and dwindling revenues. The short interest, therefore, had grown to over 100% of the shares outstanding. The case that a short squeeze could be precipitated was then developed and touted on Reddit and other investment forums. In addition, big investors, such as Scion Asset Management’s Michael Burry and Chewy co-founder Ryan Cohen, also took long positions. Some meme stocks did not fare as well as others, even with the occasional short squeeze.

This led to retail traders purchasing a large number of shares in these companies in order to take advantage of a buy-and-hold approach. The news of a short squeeze then spread virally, attracting a lot of investor attention. Due to the ongoing semiconductor crisis, anything related to computer chip production has soared in demand since the beginning of this year. Next up on this list of meme stocks is Digital World Acquisition, the SPAC that is bringing former President Donald Trump’s social media platform — Truth Social — public.