Are These Meme Reddit Stocks The Best Stocks To Buy Right Now?
A “meme stock” is a stock that is popular on social media platforms like Reddit, and Twitter Inc. (NYSE: TWTR). These stocks are often heavily shorted by institutional investors, which can result in a large price increase when retail investors buy them. Meme stocks are typically volatile and can be subject to sudden price swings. Many meme stocks are also highly speculative and may not be suitable for all investors. Most notably, some of the most popular meme stocks include GameStop (NYSE: GME), AMC Entertainment, and BlackBerry (NYSE: BB) to name a few.
While trading meme stocks can be risky, it can also be profitable if done carefully. For example, many traders will carry out extensive research on a stock before deciding to buy or sell it. Others may use stop-loss orders to limit their losses in case a stock price falls sharply. Ultimately, whether or not trading meme stocks is a good idea depends on the individual trader’s risk tolerance and trading strategy. If this is you, here’s a list of three top meme stocks to look out for in the stock market now.
Top List Of Meme Stocks To Watch Now
- Bed Bath & Beyond Inc. (NASDAQ: BBBY)
- Avis Budget Group Inc (NASDAQ: CAR)
- AMC Entertainment (NYSE: AMC)
Bed Bath & Beyond (NASDAQ: BBBY)
Starting off our list today, is a meme stock that needs little to no introduction, Bed Bath & Beyond (BBBY). Bed Bath & Beyond is a retailer that specializes in bedding, bath towels, and other home items. The company was founded in 1971 and has since grown to become one of the largest retailers in the United States. For a sense of scale, the company operates more than 1,000 stores across the country and employs over 40,000 people. Notably, Bed Bath & Beyond’s product selection includes items from a wide range of brands, including popular names such as Martha Stewart and Wamsutta.
According to data from True Trading Group‘s social sentiment data, BBBY Stock is the most mentioned stock ticker across Reddit’s WallStreet Bets forum today. As a result, shares of BBBY stock are up over 29% going into power hour on Tuesday afternoon. BBBY stock is currently trading at $20.97 per share.
In the company’s most recent Q1 quarterly results, the retailer posted a loss of $2.83 per share on a revenue of $1.5 billion. Wall Street’s consensus estimates were a loss of $1.33 per share and revenue of $1.5 billion. This recent meme stock rally has had BBBY stock at the forefront of it. As a result, shares of BBBY stock are up over a whopping 328.23% in the last month of trading activity. Given the volatility and buzz surrounding BBBY stock, is worth keeping closer tabs on right now?
Avis Budget Group (NASDAQ: CAR)
Following that, is Avis Budget Car (CAR). Avis Budget Car is a car rental company that offers both short-term and long-term rentals. The company has a wide variety of vehicles available for rent, including economy cars, luxury cars, SUVs, and vans. Avis Budget Car also offers a variety of services, such as airport pick-up and drop-off, 24-hour customer service, and roadside assistance.
At the beginning of this month, Avis reported a beat for its most recent quarterly results. Specifically, the company reported Q2 earnings per share of $15.94, with revenue totaling $3.2 billion. For context, analysts’ estimates on wall street were earnings per share of $12.22 and revenue of $2.8 billion. Impressively, revenue increased 36.8% during the same time period the year prior. “Through enhanced revenue generation, diligent fleet management and stringent cost control, we generated another record quarter for the Company, highlighted by the Americas reporting over one billion of Adjusted EBITDA for the first time in a quarter and International achieving their highest second quarter Adjusted EBITDA ever,” said Joe Ferraro, Avis Budget Group Chief Executive Officer.
CAR stock is currently the 10th-ranked most mentioned ticker on the WSB forum on Tuesday. Shares of CAR stock are up over 27% in the last month of trading and is currently trading at $194.05 per share during power hour on Tuesday. With that said, do you have CAR stock on your watchlist right now?
AMC Entertainment (NYSE: AMC)
Last but not least, let’s check out AMC Entertainment (AMC). In brief, AMC Entertainment is an American entertainment company that operates AMC Theatres. AMC Theatres has the largest share of the United States theatrical market. For a sense of scale, the company currently operates nearly 950 theatres and 10,600 screens worldwide. Notably, AMC is among one of the most popular meme stocks for investors in the stock market today. Meanwhile, earlier this month AMC announced its second quarter 2022 results.
Diving in, AMC reported revenue of $1.2 billion, while posting a loss of $0.17 per share. This is compared with consensus estimates for a loss of $0.20 per share, with revenue of $1.2 billion. Impressively, the company was able to increase revenue by 162.3% on a year-over-year basis. As a result, total revenue in the second quarter of 2022 was more than two and a half times the revenue of the second quarter in 2021.
Adam Aron AMC Entertainment Chairman and CEO stated in his letter to shareholders, “Our Q2 2022 results, in our minds, prove once again what we have long said, that as Hollywood releases movies with broad consumer appeal, people will flock to see them at movie theatres in huge and eye-popping numbers. In the second quarter of 2022, AMC had an attendance of 59 million people at our theatres globally, up 168% from the 22 million attendees in the same quarter a year ago.” In the last month of trading, shares of AMC stock are up over 47% and are currently trading at $24.38 a share during Tuesday’s power hour session. All in all, is AMC on your list of meme stocks to watch now?