Check Out These 3 Trending Meme Stocks In The Stock Market Today
Meme stocks are stocks that have been propelled higher by social media hype, often driven by retail investors in the stock market. Meme stocks are typically volatile and tend to be more speculative in nature than traditional investments. Some of the most well-known meme stocks include GameStop, AMC Entertainment (NYSE: AMC), and Bed Bath & Beyond Inc. (NASDAQ: BBBY).
Additionally, meme stocks often have a following on social media platforms like Reddit, where users trade tips and share their excitement about the stock. Most notably, is the popular subreddit r/WallStreetBets. With that, meme stocks can be a high-risk investment, but they can also offer the opportunity for quick gains. For investors considering a meme stock, it is important to do your research and understand the risks involved before investing. With this in mind, here are three meme stocks to watch in the stock market today.
Meme Stocks To Watch Today
- Tesla, Inc. (NASDAQ: TSLA)
- GameStop Corporation (NYSE: GME)
- Rivian Automotive Inc. (NASDAQ: RIVN)
Tesla (TSLA Stock)
First up, Tesla Inc. (TSLA) is an American electric vehicle and clean energy company based in Palo Alto, California. Tesla’s current products include electric cars, battery energy storage from home to grid-scale, solar panels and solar roof tiles, and related products and services. The company aims to accelerate the world’s transition to sustainable energy through increasingly affordable electric vehicles and renewable energy generation and storage. With that, Tesla has made some recent announcements that have put them into the headlines. In detail, just last month, the company announced a 3-for-1 stock split.
Separate from that, Tesla recently reported a beat for its second quarter 2022 financial results. In the report, Tesla referred to it as a “tough quarter”. This is due to the shutdown of its plants in Shanghai, as well as global supply shortages. Though, the company posted a 57% increase in adjusted earnings per share to $2.27. Moreover, revenue increased 42% year-over-year to $16.934 billion. This is in comparison to analysts’ consensus estimates for the quarter of earnings per share of $1.81 a share, on sales of $16.54 billion. Shares of Tesla stock are set to open Wednesday morning’s trading day at $273.81 per share. Given this, is now a good time to be watching TSLA stock?
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GameStop (GME Stock)
Next, GameStop Corporation (GME) is an American video game and entertainment software retailer, with more than 2,000 stores across the United States. The company offers a variety of gaming products and services for gamers of all ages, including new and pre-owned video game hardware, software, accessories, and digital content. GameStop has been of the most popular meme stocks to date. Meanwhile, the company just announced in July the launch of its GameStop NFT Marketplace.
This marketplace will permit gamers, content creators, collectors, and others to buy, sell, and trade non-fungible tokens (NFTs). Additionally, GME announced at the end of August that they will be releasing their second quarter 2022 financial results after the market closes Wednesday. It wouldn’t surprise me if investors are paying close attention to GME stock ahead of this earnings release. As of Tuesday morning, shares of GME stock are trading at $25.14 per share. With this in mind, do you think GME is a good meme stock to add to your watchlist today?
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Rivian Automotive (RIVN Stock)
Last but not least, Rivian Automotive Inc. (RIVN), is an American automotive and technology company. In brief, The company’s first product, the Rivian R1T, is a pickup truck that is scheduled to be released in late 2022. Rivian also plans to release an SUV, the Rivian R1S, in early 2023. Just last month, the company released its second quarter 2022 financial results.
Diving right in, Rivian posted a loss of $1.89 per share, along with revenue of $364.0 million. For context, analysts’ consensus estimates for the quarter were a loss of $1.67 per share, with revenue of $338.9 million. What’s more, Rivian recorded delivery numbers of approximately 4,470 vehicles in Q2. This reflects an increase from less than 1,230 in the first quarter. With that, shares of RIVN stock are trading at $33.34 per share on Wednesday morning. All in all, does RIVN stock deserve a spot on your meme stock watchlist right now?
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