Do You Have These Top Meme Stocks On Your Watchlist Right Now?
Whether you call it momentum trading or meme stock boosting, the meme stocks trade appears to be alive and kicking. After the phenomenon hit the stock market by surprise back in January, meme stocks remain trending more than half a year later. Arguably, with a somewhat mixed bag of economic data rolling in, investors could be turning to more unconventional stocks today. Despite a recent slew of solid earnings figures from Big Tech, key economic measures continue to underperform. Earlier today, the ADP National Employment Report said that U.S. private payroll figures rose by 330,000 in July. This would be significantly below consensus estimates of 690,000.
For some, this would be where meme stocks, which are often fueled by social media hype, come into play. Most investors today would be familiar with the meme stock titan GameStop (NYSE: GME). Rightfully so as GME stock, despite its ups and downs this year is sitting on year-to-date gains of over 760%. Meanwhile, newer names in the industry include the likes of Virgin Galactic (NYSE: SPCE). This would be thanks to retail investor hype around the company’s promise of commercial space travel. No matter how you look at it, meme stocks would appeal to more adventurous investors amidst times of uncertainty. Could these trending names in the stock market today be worth watching right now?
Best Meme Stocks To Buy [Or Sell] This Week
- Robinhood Markets Inc. (NASDAQ: HOOD)
- AMC Entertainment Holdings Inc. (NYSE: AMC)
- Tesla Inc. (NASDAQ: TSLA)
- Palantir Technologies Inc. (NYSE: PLTR)
- Clover Health Investments Corporation (NASDAQ: CLOV)
Robinhood Markets Inc.
Robinhood Markets is a financial services company with headquarters in California. It is known for pioneering commission-free trades of stocks and exchange-traded funds and has exploded into popularity in the last year.
Furthermore, the company is a FINRA-regulated broker-dealer and its revenue comes from three main sources. Namely, interest earned on customers’ cash balances, selling order information to high-frequency traders, and margin lending. HOOD stock recently had its IPO on July 29, 2021, and currently trades at $62.24 as of 11:06 a.m. ET. The company’s stock skyrocketed by over 50% on today’s opening bell and hit new all-time highs of $86 a share.
The company seems to have gotten the attention of investors like Cathie Wood’s ARK Innovation ETF (NYSEARCA: ARKK). On Tuesday, ARK Innovation disclosed that it held around 4.9 million shares of Robinhood stock. This latest surge for HOOD stock seems to be coming from investors reacting to this piece of news. Given how many individual traders were stuck at home during the pandemic in the last 1.5 years, Robinhood has amassed over 30 million users. With the excitement surrounding the company, will you consider buying HOOD stock?
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AMC Entertainment Holdings Inc.
AMC is a movie theater chain that owns one of the largest movie theater chains in the world. With that being said, the company has over 950 theatres and over 10,000 screens across the globe. Despite the financial downturn caused by the pandemic, it had announced that it had raised approximately $587.4 million of new equity capital after a short squeeze triggered by retail investors. AMC stock currently trades at $31.79 as of 11:07 a.m. ET.
Despite the threats of the pandemic making a resurgence around the world, AMC managed to set another post-reopening weekend attendance record with approximately 3.2 million moviegoers globally in mid-July.
On July 30, 2021, the company announced that it will make its second-quarter financials on August 9, 2021, after the market closes. It also announced that it will be introducing a new partnership with Say Technologies to enhance engagement with its approximately 4 million retail investors by providing an online platform to ask questions of management. Ahead of its earnings next week, will you add AMC stock to your portfolio?
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Tesla Inc.
Tesla is a meme stock that focuses on electric vehicles and clean energy. In brief, the company is based in California and its current products include electric cars, battery energy storage from home to grid-scale, solar panels, and roof tiles. In 2020, the company had the highest sales in the plug-in and battery electric passenger car segments. TSLA stock currently trades at $722.89 as of 11:07 a.m. ET.
Last week, the company announced its second-quarter financials for 2021 and continues to break new and notable records. Firstly, it produced and delivered over 200,000 vehicles for the quarter and exceeded $1 billion of GAAP net income for the first time in its history.
The company is also working hard to keep production running as close to full capacity as possible. With global vehicle demand at record levels, component supply will have a strong influence on the company’s rate of growth for the rest of the year. With such impressive financials, will you consider TSLA stock a buy?
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Palantir Technologies Inc.
Another name to consider in the meme stock trade today would be Palantir. In essence, Palantir is a Colorado-based software company that specializes in big data analytics. Furthermore, through its core services, the company primarily helps organizations build enterprise data platforms.
The likes of which aid in managing comprehensive and sensitive data environments. In terms of clientele, Palantir works with various private and public organizations, including several arms of the U.S. government now. With PLTR stock currently trading at $22.49 as of 11:07 a.m. ET, could it be worth watching?
Well, for one thing, Palantir does not seem to be slowing down on the operational front anytime soon. Just last week, the U.S. Department of Health and Human Services (HHS) renewed its existing partnership with Palantir. Over the next year, the company will continue to help the HHS through its software platform. In detail, Palantir’s platform plays a crucial role in managing the U.S. COVID-19 vaccine distribution strategy, enabling international distribution, and improving vaccine program efficacy. With Palantir set to report its second-quarter earnings next week, would you consider PLTR stock a top meme stock to watch now?
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Clover Health Investments Corporation
Topping off our list today is Clover Health Investments. In brief, Clover identifies as a “next-generation risk-bearing organization” operating in the health care industry now. Simply put, the company is a Medicare Advantage insurer.
Also, through its proprietary platform, the company connects America’s seniors with physicians via affordable health care plans. Also, given the resurgence in coronavirus cases over the past month, demand for Clover’s services could be on the rise. Would this make CLOV stock a top meme stock now?
As it stands, the company’s shares currently trade at $8.04 as of 11:08 a.m. ET. Thanks to Clover’s latest operational update, some would argue that it could still have room to run. Namely, it is now working with ValueH, a leading member organization focused on Value-Based Care. Through the current deal, ValueH is supporting Accountable Care Organizations and Management Services Organizations in Clover’s Direct Contracting Entity (CDE). By bolstering its CDE, Clover will be able to further empower providers to better manage their Original Medicare patients. Could this timely play make CLOV stock worth investing in for you?
