Should Investors Be Watching These Top Meme Stocks Now?
If you have been trading stocks for the better part of 2021, you would likely be familiar with meme stocks. In a nutshell, this part of the stock market consists of stocks that carry massive social media hype with them. While the premise may seem comical at face value, meme stocks have made massive waves in the market this year. So much so that institutional bodies and investors alike have and are still highlighting the phenomenon now. Notably, even the Oracle of Omaha, Warren Buffet himself weighed in on the matter recently. He describes this bull market as having the atmosphere of a “casino”.
While meme stock traders are facing volatility, are the fundamentals completely out of play here? Not necessarily, some would argue that meme stock companies such as BlackBerry (NYSE: BB) and ContextLogic (NASDAQ: WISH) remain viable. On one hand, BlackBerry is an upcoming name in the cybersecurity space with its Internet of Things-based solutions. With the current rise in cyberattacks this year, the company could be looking at busy times ahead.
On the other hand, ContextLogic operates via its proprietary e-commerce platform. This would position it to benefit from the current momentum in the digital commerce industry. Generally, there is some strategy behind the current wave of somewhat fresh retail investors fueling meme stocks. After all, meme stock trading communities often refer to the collective knowledge of the market to make somewhat sensible plays. Having said all that, here are five meme stocks in focus on the stock market today.
Best Meme Stocks To Watch Right Now
- Torchlight Energy Resource Inc. (NASDAQ: TRCH)
- Ocugen Inc. (NASDAQ: OCGN)
- GameStop Corporation (NYSE: GME)
- Palantir Technologies Inc. (NYSE: PLTR)
- Clover Health Investments Corporation (NASDAQ: CLOV)
Torchlight Energy Resources Inc.
Torchlight is a high-growth oil and gas exploration and production (E&P) company. It primarily focuses on the acquisition and development of highly profitable domestic oil fields. The company currently holds an interest in Texas. It appears to be that the stock has become the latest meme stock to receive the attention of retail traders. TRCH stock has been up by over 1,100% year-to-date and currently trades at $9.26 as of 11:15 a.m.
On Monday, the company provided an update on its proposed business combination timing and payment date for its dividend. In it, Torchlight and Metamaterial Inc. have agreed to extend the outside date by which they must close their business combination transaction to June 30, 2021. The extension provides time for the June 24, 2021 record date and the June 25 payment date for its special Series A Preferred Stock dividend. For these reasons, is TRCH stock worth adding to your portfolio?
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Ocugen Inc.
Ocugen is a biopharmaceutical company that develops transformative therapies to treat rare eye diseases. Its revolutionary modifier gene therapy platform for instance has the potential to treat multiple retinal diseases with one drug. The company has also been developing its coronavirus vaccine, Covaxin. OCGN stock currently trades at $7.13 as of 11:15 a.m. ET and has been up by over 130% year-to-date. Last week, the company announced that it has secured a manufacturing partner to produce Covaxin.
In essence, Ocugen has selected Jubilant HollisterStier of Spokane, Washington as its manufacturing partner to prepare for potential commercial manufacturing of Covaxin for the U.S and Canadian markets. This is a critical step for the company as it prepares for its regulatory submissions to the FDA and Health Canada. Covaxin is a highly purified and inactivated vaccine that is manufactured using a vero cell manufacturing platform. The platform has an excellent safety track record of more than 300 million doses of various vaccines supplied. With that in mind, will you consider adding OCGN stock to your watchlist?
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GameStop Corporation
GameStop is a video game and consumer electronics retailer that is one of the largest video game retailers in the world. The company is a Fortune 500 company that is headquartered in Texas. It is a leading specialty retailer offering entertainment products and games through its e-commerce properties and thousands of stores. GME stock currently trades at $210.20 as of 11:16 a.m. ET and has been up by over 1,000% year-to-date.
Today, the company announced that it has completed its previously announced at-the-market equity offering program. The company says that it has ultimately sold 5 million shares of common stock and generated gross proceeds before commissions and offering expenses of over $1 billion. The net proceeds will be used to invest in its growth initiatives and maintain a strong balance sheet. All things considered, will you watch GME stock?
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Palantir Technologies Inc.
Palantir is a software company that specializes in big data analytics. The company allows institutions to make the best use of their data. In essence, it builds software that lets organizations integrate their data, operations, and decisions into one platform. PLTR stock currently trades at $25.24 as of 11:16 a.m. ET and has been up by over 150% in the last year. Last week, the company announced that it had been selected by the Federal Aviation Administration (FAA) to provide a data analytics tool that will help advance the agency’s modernization objectives for aviation safety.
The company’s Palantir Foundry will support FAA’s aircraft certification and continued operational safety activities. On June 17, 2021, Palantir also announced that it was named as a 2021 Global AWS Partner Network (APN) Public Sector Partner Award winner for its Palantir platform in its work to combat the coronavirus. The Amazon (NASDAQ: AMZN) award recognizes leaders in the channel playing a key role in helping customers drive innovation and build solutions using AWS cloud technology. Given the excitement surrounding the company, is PLTR stock worth watching?
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Clover Health Investments Corporation
Following that, we will be looking at another hot meme stock company now, Clover Health. Overall, Clover identifies as a next-generation Medicare Advantage insurer. The company mainly operates via its flagship platform, the Clover Assistant, providing seniors with affordable and straightforward healthcare plans. How it accomplishes this is by providing physicians with data-driven, personalized insights. Given the importance of maintaining one’s health amidst the pandemic, Clover’s services would remain relevant despite its meme stock status. Accordingly, I can understand the hype around CLOV stock which is currently trading at $12.73 as of 11:16 a.m. ET.
For one thing, the company continues to find ways to bolster its services even now. Earlier this month, Clover revealed plans to upscale its in-home primary care program, Clover Home Care. In particular, this will be done via the U.S. Centers for Medicare and Medicaid Services’ new Direct Contracting model. According to Clover, this play is a win-win situation for all parties involved. Not only would this see Medicare become more financially sustainable for taxpayers, but it would also improve beneficiary health outcomes. On top of that, Clover recently reported record revenue of over $200 million in its latest quarter fiscal. With the company seemingly firing on all cylinders now, will you be keeping an eye on CLOV stock?
