Do You Have These Top Meme Stocks On Your Radar Now?
For new and seasoned investors alike, the phrase meme stocks may come to mind when looking for the most active stocks in the stock market today. With meme stocks meaning stocks that see sudden and dramatic surges thanks to social media hype, I can understand the allure now. Before we get into the details, it is crucial to understand that meme stocks are often volatile. While most would argue that meme stocks are merely a joke, the movement continues to gain momentum, nonetheless. Because of this, the list of hot meme stocks grows longer by the day. With that in mind, it would not surprise me to see more risk-tolerant investors looking to get a piece of the action.
Sure, the question of fundamentals is often highly debated when it comes to meme stocks. However, there remain investors that see some long-term potential in several big names in the meme stock market now. Take BlackBerry (NYSE: BB) and Bed Bath & Beyond (NASDAQ: BBBY) for example. For starters, BlackBerry appears keen on addressing the latest cybersecurity issues in our world today. In its latest earnings call last month, CEO John Chen highlighted the ongoing shift in priority towards the company’s BlackBerry Protect services. Meanwhile, Bed Bath & Beyond appears confident about its current cost-optimization and restructuring strategies moving forward. Namely, the company raised its outlook for the fiscal year citing all of this and back-to-school shopping trends.
Overall, there is a case to be made for some of the top meme stocks today. After all, internet traders do rely on the power of collective knowledge before picking the next meme stock to invest in. Having said all that, here are five meme stocks making headlines in the stock market now.
Best Meme Stocks To Watch This Week
- GameStop Corporation (NYSE: GME)
- Nokia (NYSE: NOK)
- AMC Entertainment Holdings Inc. (NYSE: AMC)
- Clover Health Investments Corporation (NASDAQ: CLOV)
- Virgin Galactic Holdings Inc. (NYSE: SPCE)
GameStop is the meme stock that started it all this year. The company is a Fortune 500 company that is headquartered in Texas and is a leading specialty retailer. Its wide array of games and entertainment can be bought through its e-commerce properties and thousands of stores. GME stock currently trades at $188.90 as of 1:44 p.m. ET and has been up by over 900% year-to-date.
On Tuesday, the company announced that it continues the expansion of its North American fulfillment network and entry into a lease of a 530,000 square foot facility in Reno, Nevada, which is expected to be operational in 2022. This expansion would follow the company’s entry into a lease of a 700,000 square foot facility in York, Pennsylvania in May.
In late June, the company announced that it had completed its at-the-market equity offering program and sold 5 million shares of common stock that generated approximately $1 billion. The company says that it will use net proceeds from the offering to invest in its growth initiatives and maintain a strong balance sheet. For these reasons, will you consider investing in GME stock?
Nokia is a multinational telecommunication, information technology, and consumer electronics company. It offers a comprehensive portfolio of network equipment and services. Furthermore, it is a trusted partner for many critical networks and creates value with its intellectual property and long-term research. NOK stock currently trades at $5.38 as of 1:44 p.m. ET and is up by over 35% year-to-date.
On Monday, Nokia and TPG Telecom announced that it has switched on a live 5G standalone network in Australia on the 700 MHz spectrum band, a first in the world. Dr. Robert Joyce, Nokia’s Chief Technology Officer had this to say, “Nokia is proud to support another 5G world first. We have a long-standing partnership with TPG Telecom, and we have jointly developed our unique triple-band radio solution specifically for them. Today we get to see the result of that joint effort and collaboration which will deliver premium wide area 5G SA coverage for TPG Telecom and its customers.” Given the excitement surrounding the company, will you consider adding NOK stock to your portfolio?
AMC Entertainment Holdings Inc.
Following that, AMC is one of the largest movie exhibition companies in the U.S. and the largest in Europe. IT has over 900 theatres and 10,500 screens across the globe. The company continues to innovate by generating greater guest engagement through its loyalty and subscription programs and offering premium large format experiences. AMC stock currently trades at $45.74 as of 1:44 p.m. ET and has been up by over 2,000% year-to-date.
Last month, the company announced that it was launching AMC Investor Connect, a proactive communication initiative that will put AMC in direct communication with its shareholders. Through this program, investors will enjoy benefits like shareholder-exclusive promotions and invitations to special screenings. Investors will also receive interesting information about AMC and its place in the movie ecosystem. All things considered, is AMC stock worth buying on the dip right now?
Clover Health Investments Corp
Clover Health is a health care company that operates as a next-generation Medicare Advantage insurer. In brief, the company leverages its flagship software platform, the Clover Assistant, to provide seniors in the U.S. with highly affordable health care plans. Also, it empowers physicians with data-driven, personalized insights at the point of care to improve clinical decision-making and outcomes. CLOV stock currently trades at $9.79 as of 1:45 p.m. ET.
On June 24, 2021, the company announced that it will be expanding into 101 new markets. The expansion nearly doubles the company’s geographic footprint. This strategic play would allow even more seniors to access Clover’s high-value and affordable plans. The move by the company will improve care coordination and address care gaps for more Medicare-eligible in underserved communities. With that in mind, would you consider watching CLOV stock?
Virgin Galactic Holdings Inc.
Another top name among meme stocks today is Virgin Galactic Holdings Inc. In line with the infamous Reddit “to the moon” slang for stock gains, the company is in the business of commercial space travel. For some context, the California-based company is currently developing and testing spacecraft in hopes of catering to space tourists. Thanks to the ongoing race between Virgin Galactic and Jeff Bezos’ Blue Origin aerospace company, SPCE stock is gaining traction in the meme stock community. As such, SPCE stock is currently up by over 90% year-to-date and trades at $43.89 as of 1:45 p.m. ET.
While the idea may seem out of this world, for now, Virgin Galactic continues to press forward. To begin with, the company received its commercial spaceflight license from the Federal Aviation Administration (FAA) two weeks ago. This is thanks to Virgin Galactic clearing the final two FAA milestones via its spaceflight tests back in May. Following that, the company revealed plans for its first test launch with a full crew and commercial passengers. The likes of which include founder Richard Branson. Notably, most would point out that this gives Virgin Galactic a nine-day head start on Blue Origin. Given all of this excitement around SPCE stock now, would it be a top buy for you?