Are These The Best Meme Stocks To Have In Your Portfolio Ahead Of February 2022?

Meme stocks, a phrase that several years ago, would not have meant anything in the stock market. Now, as we pass the one-year mark since this group of stocks took the market by storm, investors could be tuning in for several reasons. To begin with, some would be keen to see how the top meme stocks around are fairing in terms of gains over the past year. Secondly, amidst the recent volatility in stocks seen earlier this month, more adventurous investors could be eyeing the sector. After all, with the Fed’s plans to raise interest rates, high-growth industries such as tech would feel additional pressure now.

Notably, this would be when meme stocks come into play. For those needing a refresher, meme stocks, in theory, primarily see gains from retail investors. These investors coordinate with one another via social media to bump up the value of select stocks. More often than not, these pushes are often attributed to a combination of hype and intent to initiate a short squeeze. Sure, this may seem wild at face value. However, retail investors do often pool their collective knowledge when making such plays. As a result, some meme stocks, arguably, carry merit in terms of the viability of their businesses.

Take AMC Entertainment (NYSE: AMC) and Bed Bath & Beyond (NASDAQ: BBBY) for instance. On one hand, AMC quite literally leveraged meme stock tailwinds to recover from its pandemic losses. Since then, a combination of cinemas reopening and strategic maneuvers is helping AMC clean up its balance sheet. On the other hand, investors are also considering BBBY stock amidst the current downturn in stocks. With all that in mind, here are three meme stocks to note in the stock market today.

Top Meme Stocks To Buy [Or Sell] This Week


GameStop is a meme stock that shook the markets last year, after skyrocketing in valuation by over 1,000% at the start of 2021. It became the poster child of retail investing as retail traders triggered a short squeeze to push the company to new highs. Today, the company is trading at $97.66 per share as of 11:06 a.m. ET. In essence, GameStop is a video game, consumer electronics, and gaming merchandise retailer.

More recently, the company was reportedly looking into expanding its NFT strategy. A report by the Wall Street Journal says that GameStop is launching a division to develop a marketplace for NFTs and establish cryptocurrency partnerships. According to people familiar with its plans, the company is making a push into a much-hyped industry as it tries to turn around its core video game business. GameStop has hired more than 20 people to run the unit, to build an online hub for buying, selling, and trading NFTs of virtual videogame goods like weapons and avatar outfits.

Last month, the company also reported its third-quarter financials. Diving in, Net sales for the quarter were $1.297 billion for the quarter, a 29% increase year-over-year. The increase in sales is due to expanded brand partnerships, with the likes of Samsung (OTCMKTS: SSNLF), LG (OTCMKTS: LGCLF), Razer, and Vizio (NYSE: VZIO) among others. Inventories for the quarter were $1.141 billion at the close of the quarter, compared to $861 million a year ago. This reflects the company’s focus on front-loading investments in inventory to meet increased customer demand and mitigate supply chain issues. Given this piece of news, is GME stock worth investing in right now?

GME stock chart
Source: TD Ameritrade TOS

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Palantir Technologies

Palantir is a software company that specializes in big data analytics. It builds and deploys operating systems for many companies today. Its software empowers organizations to effectively integrate their data, decision, and operations. The company says that its platforms allow companies to have full stack interoperability and multi-layered security and data privacy. PLTR stock currently trades at $12.74 as of 11:07 a.m. ET.

On Wednesday, the company announced the appointment of Philippe Mathieu as the head of the company’s Europe, Middle East, and Africa (EMEA) region. He will be responsible for driving the expansion of Palantir across the EMEA region, a role that he previously held at Oracle. With over 25 years of experience as an executive in the industry, he is an experienced leader with demonstrated success at building and scaling sales teams across large markets.

On January 14, 2022, the company also introduced the Palantir Certification Program. The program offers its Palantir Foundry customers the opportunity to scale and accelerate value creation by optimizing Foundry talent within their workforce. The program would be the latest step in Palantir’s ongoing effort to support its customers in unlocking value from Palantir software to help transform their organization through the use of data. As more and more customers and partners adopt Foundry and other Palantir products, the need for Foundry expertise has greatly expanded. With that being said, is PLTR stock a buy right now?

PLTR stock chart
Source: TD Ameritrade TOS

[Read More] Best Artificial Intelligence Stocks To Buy Right Now? 5 To Watch

Tesla Inc.

By some measures, Tesla has also been dubbed a meme stock over the past year. This would be due to the overall nature of CEO Elon Musk’s social media posts impacting TSLA stock’s performance. Before we get into the details, Tesla, for those unaware, is the leading name in the global electric vehicle (EV) industry now. For a sense of scale, the company currently boasts an annual manufacturing capacity of about 600,000 units. As it stands, TSLA stock currently trades at $872.73 as of 11:07 a.m. ET.

To highlight, all of this would be after massive gains of over 900% since its pandemic era low. Oddly enough, the company’s shares are trading lower year-to-date despite its recent earnings beat. In brief, Tesla reported an earnings per share of $2.52, topping estimates of $2.36. Furthermore, the EV titan raked in a record quarterly revenue of $17.72 billion, well above forecasts of $16.57 billion. Among the core divisions contributing to this would be its automotive revenue. The likes of which soared by 71% year-over-year to a whopping $15.96 billion throughout the quarter. 

Not to mention, Tesla is posting these impressive figures even with supply chain bottlenecks pressuring its production lines. CEO Elon Musk notes that this will likely persist through 2022. Nevertheless, Tesla notes that it will actively focus on increasing its current production capacities further to meet booming demands. On top of that, the company also adds that “Full Self-Driving (FSD) software,” is one of its primary focuses moving forward. After considering all of this, would TSLA stock be a top pick for you?

TSLA stock chart
Source: TD Ameritrade TOS

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