Do You Have These Top Meme Stocks On Your June 2021 Watchlist?
As investors continue to navigate the stock market today, some might be making meme stocks lists. Chances are, if you have been keeping up with the latest stock market news, you have likely heard of meme stocks. Nevertheless, before we go into details, what are meme stocks? Simply put, this group of stocks sees massive surges in value thanks to retail investor hype on social media platforms. The most prominent platform now for meme stocks would be Reddit, which houses the r/WallStreetBets forum. No doubt, the explosive gains from this corner of the stock market would attract more adventurous investors right now.
Take Koss (NASDAQ: KOSS) and Bed Bath & Beyond (NASDAQ: BBBY) for instance. Both retailers’ shares are up by over 250% in the past year. On one hand, the retail industry appears to be steadily gaining momentum as the economy reopens. On the other hand, retail investors appear keen to boost their favorite meme stocks after realizing the collective power they hold. If anything, we could be looking at a movement that could continue to influence the stock market for the foreseeable future. Because of this, I can understand if some investors are looking to jump on the current trend. If you are one of them, here are four of the hottest meme stocks in the stock market now.
Best Meme Stocks To Watch This Week
- AMC Entertainment Holdings Inc. (NYSE: AMC)
- Tesla Inc. (NASDAQ: TSLA)
- BlackBerry Limited (NYSE: BB)
- GameStop Corporation (NYSE: GME)
AMC Entertainment Holdings Inc.
AMC is a theatrical exhibition company that has been gaining a lot of attention recently as a meme stock. It is one of the largest movie companies in the world, with approximately 950 theatres and 10,500 screens across the globe. The company has been up by over 1,300% year-to-date thanks to retail traders triggering a short squeeze to send the meme stock to unprecedented gains. AMC stock currently trades at $31.21 as of 1:23 p.m. ET.
Today, the company announced that it has raised $230.5 million of new equity from Mudrick Capital in exchange for 8.5 million shares of AMC’s Class A Common stock. The cash proceeds from this sale will be used to invest in the company’s strategic goals. For the most part, this would include enhancing the consumer appeal of AMC’s existing theatres and acquiring additional theatre leases. The funds will also be used to explore deleveraging opportunities. With increased liquidity and an increasingly vaccinated population, AMC could be on the offensive again. Will you consider watching AMC stock for these reasons?
Tesla is a meme stock that produces electric vehicles and is also a clean energy company based in California. The company has been at the forefront of sustainable energy and is accelerating the world towards it. It also manufactures energy solutions like the Powerwall, Powerpack, and Solar Roof. These products would enable homeowners, businesses, and utilities to manage renewable energy generation, storage, and consumption. TSLA stock currently trades at $624.72 as of 1:23 p.m. ET.
In April, the company reported its first-quarter financial results. Diving in, the company produced over 180,000 vehicles during the quarter and delivered nearly 185,000 vehicles. These impressive figures seem to be coming from the strong reception of its Model Y in China. Total revenue for the quarter was $10.38 billion, a 74% increase year-over-year. It also ended the quarter with $17.1 billion in cash and cash equivalents.
It is also ramping up production in various parts of the world. This includes the buildout of Gigafactory Berlin. This would help the company achieve its 50% average annual growth in vehicle deliveries. It also expects to grow considerably in 2021. For these reasons, will you consider adding TSLA stock to your watchlist?
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BlackBerry is a multinational company that provides intelligent security software and services to enterprises and governments around the world. The company leverages artificial intelligence (AI) and machine learning to deliver solutions in many industries. This would include cybersecurity, safety, and data privacy. It also offers endpoint security management, encryption, and embedded systems. BB stock currently trades at $11.14 as of 1:23 p.m. ET.
In May, the company announced a five-year, multi-million-dollar partnership agreement focused on driving research-powered innovation in Canada. By combining the university’s world-renowned research with BlackBerry’s resources, the two organizations will work together in a unique program designed to fast-track R&D into market-read products.
John Chen, Executive Chairman, and CEO, BlackBerry had this to say, “We are thrilled to be doubling down on that mission while helping to foster the next generation of innovators and imagineers as part of our expanded partnership with the University of Waterloo and look forward to working with them to investigate new ideas to take them from hand-scribbled diagrams to fully formed technologies ready for the global marketplace.” All things considered, is BB stock worth watching?
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Last but definitely not least, we have the meme stock that started this current saga, GameStop. In brief, it is the largest video game retailer across the globe selling consumer electronics, and related gaming merchandise. While most would see the company as a hyped trendsetter, GameStop continues adapting its business to the current times. Namely, the company is looking to shift its focus towards e-commerce services. As it stands, GME stock is currently trading at $242.55 a share as of 1:24 p.m. ET. This would mark gains of over 1,180% in the past year. Could it still be worth jumping on now?
Well, for one thing, GameStop is not resting on its laurels just yet. Just last week, news broke of the company’s current non-fungible token (NFT) based plans. Specifically, GameStop has created an NFT platform and is looking to hire blockchain engineers. It seems like the company could be eyeing the lucrative NFT market now. Given its wide gallery of video game assets, this would make for another significant stream of revenue for GameStop now.
Moreover, the company also recently expanded its fulfillment network by leasing a 700,000 square foot fulfillment center in Pennsylvania. Given all of this, we could be looking at exciting times ahead for GME stock. Would you agree?