4 Trending Meme Stocks For Your Watchlist This Week
The broader stock market continues to climb towards newer heights this week despite the backdrop of rising coronavirus cases. At the same time, meme stocks continue to gain regardless of criticisms over their social media hype-fueled rallies. Sure, the meme stock trade may not be for every type of investor out there today. After all, the explosive gains on display do come with a fair bit of volatility alongside. However, more adventurous investors have and continue to benefit from jumping on the meme trend this year.
Evidently, we can see that GameStop (NYSE: GME), the flagship meme stock, remains a hot pick among retail investors. Year-to-date, GME stock is currently sitting on monumental gains of over 900%. This would be after the company’s shares surged by 27% during intraday trading yesterday. As a result, other companies in the meme stock sector such as Bed, Bath & Beyond (NASDAQ: BBBY) jumped as well. Overall, I can understand if all this has you keen on getting a piece of the action now. With that in mind, could one of these trending meme stocks be worth top picks in the stock market today?
Best Meme Stocks To Buy [Or Sell] Ahead Of September 2021
- AMC Entertainment Holdings Inc. (NYSE: AMC)
- Clover Health Investments Corporation (NASDAQ: CLOV)
- Robinhood Markets Inc. (NASDAQ: HOOD)
- Virgin Galactic Holdings Inc. (NYSE: SPCE)
AMC Entertainment Holdings Inc.
AMC Entertainment is a meme stock that is also the largest movie exhibition company in the world. It boasts over 900 theatres and 10,000 screens across the globe. The company, like GameStop, has gained the backing of retail traders that have pushed the price of the stock up. Impressively, AMC stock has enjoyed gains of over 700% in the past year alone thanks to this and currently trades at $45.34 apiece as of 11:18 a.m. ET.
On August 9, 2021, the company reported its second-quarter financials for 2021. Notably, it operated 593 domestic theatres representing 100% of its domestic theatres, and 335 international theatres representing approximately 95% of its international theatres. Revenue for the quarter was $444.7 million.
Adam Aron, Chairman, and CEO of AMC commented, “The second quarter of 2021 was transformational for AMC. We raised yet another $1.25 billion of new equity capital (before commissions and fees) in the quarter, boosting our quarter ending liquidity to more than $2 billion (including cash and undrawn revolving lines of credit) which is about double the previous highest ever such mark in AMC’s 101-year history. We believe this gives AMC financial staying power to navigate boldly amidst coronavirus waters.” Given this piece of news, will you consider adding AMC stock to your portfolio?
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Clover Health Investments Corp.
Next on this list, we have Clover Health Investments. The company is a next-generation Medicare Advantage insurer, which leverages its flagship software platform, the Clover Assistant, to provide America’s seniors with highly affordable health care plans. It also offers physicians and health care providers data-driven, personalized insights. This would ultimately help them improve clinical decision-making outcomes. CLOV stock currently trades at $8.83 as of 11:18 a.m. ET.
On August 11, 2021, the company reported its second-quarter financials for 2021. Diving in, its total revenue for the quarter was $412 million, up by 140% year-over-year. The company also says that it is on track to manage over $1 billion of annualized revenue. It also took another step in its journey to improve every life with the launch of Direct Contracting during the quarter. This more than doubled its revenue and doubled lives under Clover Assistant management. All things considered, will you buy CLOV stock?
Robinhood Markets Inc.
Robinhood Markets is a financial services company that is known for pioneering commission-free trades of stocks and exchange-traded funds via its mobile app. The company is a FINRA-regulated broker-dealer, registered with the U.S. Securities and Exchange Commission. Its main source of income is from interest earned on customers’ cash balances and selling order information to high-frequency traders and margin lending. HOOD stock currently trades at $48.38 as of 11:18 a.m. ET.
The company also recently reported its second-quarter financials on August 18, 2021. To begin, total net revenues increased by 131% to $565 million in the quarter. Its transaction-based revenues increased by 141% to $451 million. A notable chunk of this revenue came from cryptocurrencies, at $233 million. The company also saw its monthly active users more than double to 21.3 million for the quarter. Among other highlights, the company also launched its IPO Access product in May, providing customers access to shares of certain initial public offerings at the same prices as institutional and high net worth investors. For these reasons, is HOOD stock worth buying?
Virgin Galactic Holdings Inc.
Following that, we will be taking a look at Virgin Galactic Holdings, or SPCE for short. For the uninitiated, the company is among the key players in the space tourism industry now. Through its operations, SPCE is actively developing and refining its advanced air and space vehicles. Given the hype around the idea of commercial space travel, SPCE stock would be a likely name among meme stocks now. As it stands, the company’s shares currently trade at $26.70 as of 11:18 a.m. ET. The real question now is, would all this make SPCE stock a wise investment now?
Well, for one thing, the company appears to be making progress on the operational front. Earlier this month, SPCE reopened ticket sales for its space flights. Safe to say, the company’s ideal market would be the uber-rich for now, given the $450,000 price tag for a seat. By SPCE’s estimates, commercial flights could start as early as 2022 as more test missions are carried out. According to CEO Michael Coglazier, all of this would serve to further bolster “renewed public interest” in SPCE’s current offerings. All in all, would this make SPCE stock a top buy now?