Do You Have These Top Meme Stocks On Your Watchlist Now?
As investors consider the ups and downs in the stock market this week, the meme stock train continues to chug along. This would be the case as more traders are turning to this industry despite its bouts of volatility. For one thing, this confidence in meme stocks could be due to the main thing fueling their gains. That is retail investor hype. Even as global equities and cryptocurrencies falter, meme stocks appear to be gaining momentum regardless. As such, investors that could stomach higher risks could be eyeing these meme stocks in the stock market today.
So much so that even the likes of Virgin Galactic (NYSE: SPCE) are now gaining traction among analysts. Just last week, analysts from both Cowen (NASDAQ: COWN) and Jefferies (NYSE: JEF) reiterated their support for the meme stock. Sure, both firms lowered their price targets in light of recent regulatory tailwinds. However, the duo cites Virgin Galactic as being a leading name in the commercial spaceflight industry now. Elsewhere, even emerging names in the meme stock space like Marin Software (NASDAQ: MRIN) are focusing on growth. Just last month, Marin announced an integration with Criteo, a commerce media platform operator. With all this in mind, could meme stocks be the way to go in the stock market now?
Best Meme Stocks To Buy [Or Sell] Today
- GameStop Corporation (NYSE: GME)
- AMC Entertainment (NYSE: AMC)
- Clover Health Investments Corporation (NASDAQ: CLOV)
- Affirm Holdings Inc. (NASDAQ: AFRM)
GameStop Corporation
First, on this list of meme stocks, we have GameStop, who had earlier in 2021 kicked off the meme stock craze. Starting the year at $17.25 a share, the company has risen by over 900% year-to-date after retail investors rallied behind the retail company. In essence, the company is a video game and consumer electronics retailer that is also one of the largest of its kind in the world. On September 8, the company reported its second-quarter financials.
Diving in, it generated net sales of $1.183 billion, increasing by 25.5% year-over-year. It also ended the quarter with $1.78 billion in cash and restricted cash. The company has also been investing in its long-term growth initiatives that include expanding its product catalog, enhancing its fulfillment network capabilities and technologies.
Furthermore, it has also entered into a lease of a new 530,000 square-foot fulfillment center in Nevada, positioning GameStop’s fulfillment network to span both coasts of the continental U.S. On Monday, the company also announced that it will be hiring 500 employees at its new customer care center in South Florida. The new facility will be operational by the end of 2021 and will be an integral part of its U.S.-based customer care operations. Given all of this, will you consider adding GME stock to your radar right now?
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AMC Entertainment Holdings
Next up, we have AMC Entertainment Holdings, one of the largest cinema chains in the world. The company also boasts the largest share of the U.S. theater market. As cinemas reopen all over the globe with countries coming to ‘live with the coronavirus’, the company is certainly at the forefront of the reopening economy. Evidently, this can be seen when it announced that it has set a new labor day weekend admissions revenue record with the premier of the record-shattering Shang-Chi and the Legend of the 10 Rings from Marvel Studios. AMC stock has enjoyed gains of over 1,500% year-to-date.
The company also says that more than 2 million people had watched movies in AMC’s U.S. theatres this weekend, primarily watching the new Marvel movie. Adam Aron, Chairman, and CEO of AMC Theatres said, “For two overarching reasons, this Labor Day weekend in the United States has been an important milestone for AMC as we steadily work to generate a recovery for our business. First, our U.S. admissions revenues set a new Labor Day weekend record for AMC in the U.S., eclipsing a record previously set in 2013. Second, more people in the U.S. went to the movies at AMC during Labor Day 2021 than they did during Labor Day weekend in 2019.” With this piece of information, will you add AMC stock to your portfolio of meme stocks?
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Clover Health Investments Corporation
Following that, we will be taking a look at an upcoming name in the health care space, Clover Health. In brief, the Tennessee-based company identifies itself as a “next-generation risk-bearing organization”. Simply put, it specializes in providing seniors with access to affordable health care. The company is primarily able to do so via its role as a Medicare Advantage insurer. What sets Clover apart from the competition would be its proprietary software platform, the Clover Assistant. Through the Clover Assistant, Clover supports physicians by providing personalized recommendations at the point of care for each patient.
Now, CLOV stock would be in an interesting position, to say the least. For starters, the company would be in the camp of defensive stocks which are gaining attention in the stock market lately. Given the turbulence in the market this week, I can understand why. After all, the company’s health insurance offerings would see consistent demand regardless of the current state of the economy. This would, ideally, make the company a go-to for investors looking to make more defensive plays. Not to mention, CLOV stock’s status as a meme stock could serve to further bolster the company’s reputation among retail investors. Given all these, will CLOV stock make your list of top meme stocks to watch?
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Affirm Holdings Inc.
Topping off our list today is Affirm Holdings. For the most part, Affirm is a fintech company that primarily focuses on providing Buy-Now-Pay-Later (BNPL) services. Notably, the BNPL industry has and continues to grow at breakneck speeds. According to data collected from Worldpay, a global payment processing firm, BNPL accounted for about 2.1% of global e-commerce transactions in 2020. This adds up to a whopping $97 billion. In 2021, the rise in BNPL players would indicate that these trends are now persisting. On that note, Affirm is one of the latest names to make waves in the space. This would be thanks to its recently revealed partnership with Amazon (NASDAQ: AMZN).
Overall, the surge in demand for BNPL and Affirm’s Amazon collaboration appears to be fueling hype for the company’s shares. In particular, mentions of AFRM stock have been on the rise on Reddit lately and some are dubbing it another meme stock to consider now. Even so, Affirm appears to be firing on all cylinders now. In its latest fiscal quarter report, the company posted a total revenue of $261.78 million. This would mark a significant year-over-year jump of over 70%. Additionally, it also ended the quarter with over $1.47 billion in cash on hand, a 449% year-over-year surge. Considering this, will AFRM stock be a top meme stock to buy in the stock market today?
