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Best Meme Stocks: Viral Investments For Your Portfolio

Sarah Foley - October 19, 2021

best meme stocks

If you’ve spent any time on the internet over the past few years, you’re probably familiar with memes – funny social media posts that quickly go viral.

The concept of meme stocks has entered investment vernacular over the past few years.

Simply put, these are trendy stocks that tend to be popular with millennials.

Today we’ll discuss the best meme stocks on the market and how to invest.

What Are Meme Stocks?

Meme stocks are a unique concept that has come to prominence in the last decade or so.

The term is a reference to a specific type of viral social media post.

A meme stock is a stock that becomes trendy at a rapid pace.

Investors tend to buy them based on hype and emotion instead of logic and financial statistics.

These companies often become popular because they have the potential to innovate in the future.

Meme stocks tend to experience a lot of volatility, and their values can shoot up quickly when something exciting happens with the company.

However, traders tend to panic and sell the stock with little provocation.

Millennials love meme stocks and tend to be the demographic that drives their fluctuations.

This generation has recently become much more active investors due to online commission-free investment platforms like WeBull.

Established firms like Charles Schwab and TD Ameritrade have also added online investment tools in recent years.

Online platforms have made it much easier to make quick investment decisions.

This has had a significant effect on the way people build their portfolios and has led to the prominence of meme stocks.

These meme stocks have been further perpetuated by social media platforms like Twitter and Reddit.

Online hype can drive some people to purchase a stock without thoroughly researching its financials.

These stocks tend to fluctuate as a result of public sentiment.

However, savvy investors can still make money by trading these meme stocks – it’s all a matter of timing.

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The Reddit And Gamestop Debacle Explained

Meme stocks shot into the public eye in February 2021 as a group of Redditors decided to essentially bet against the market – with shocking results.

Gamestop stock had the most dramatic gains during this period, but stocks like AMC and BlackBerry also saw huge spikes. 

Hedge funds had been betting against struggling companies like Gamestop and AMC, assuming that their stock prices would go down.

Young day traders on Reddit decided to purchase these stocks en masse, resulting in a huge stock surge.

Short sellers were also forced to buy these stocks to cover their bids, which pushed share prices even further. 

Many of these Reddit investors used Robinhood, an investment app that caters to Millennial and Gen Z investors.

As Gamestop and AMC stocks shares started skyrocketing, Robinhood made the decision to temporarily stop purchase orders for them.

This immediately caught the attention of lawmakers from both parties, such as Alexandria Ocasio-Cortez, Ted Cruz, and Rashida Tlaib, who all called for an investigation into market manipulation. 

While hedge funds will likely lose billions of dollars in this move, many young investors won big.

Most of the meme stocks that became popular during this time period have since fallen in price.

However, many young investors are still on the hunt for the hottest new meme stocks. 

It’s worth it for any investor to keep track of the best meme stocks, as they have the potential to really move the market during a trading frenzy. 

Hot Meme Stocks Right Now

GameStop (NYSE: GME)

GameStop store

GameStop has become the ultimate meme stock practically overnight.

This chain of video game stores has locations throughout the US, Canada, New Zealand, Australia, and Europe. 

While video games are more popular than ever right now, this company has been struggling for several years.

Platforms like Steam, Playstation Network, Xbox Live, and more have made it easy for consumers to buy their favorite games online.

Add in a global pandemic, and GameStop’s revenue continued to drop. 

The Reddit short squeeze pushed GameStop’s stock up by over 300 percent in the space of just a few days.

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At its highest point, the stock traded for $325 per share. 

However, its share price has been up and down since then. 

This stock has shocked many investors and currently still sits at just under $200.

This is a shift of over 1,200% since last year at this time.

The short squeeze earlier this year gave the company an unexpected infusion of cash, which they have used to reinvest in their business. 

Only time will tell whether the company can get back on its feet, but the stock is likely to continue taking investors on a wild ride in the meantime. 

Blackberry (NYSE: BB)

Blackberry was at the forefront of mobile phone technology at the beginning of the smartphone era.

The company unfortunately fell by the wayside when Apple stepped in with its new product.

Since then, Blackberry has adjusted its focus to software, providing security solutions to various industries.

Blackberry’s stock prices weren’t seeing much excitement through the beginning of 2021, but things have turned around since.

Its share price saw a significant jump at the end of January, followed by a smaller increase in June.

The company may be looking at yet another upturn in the coming weeks.

This stock rollercoaster could lead to a boost in sales and growth for the company as a whole.

Perhaps Blackberry can follow in the footsteps of companies like Gamestop to reinvest in themselves and return to profitability.

AMC Entertainment Holdings Inc. (NYSE: AMC)

best meme stocks featured

AMC is another stock that generated a tremendous amount of buzz due to the Reddit short squeeze.

The company runs a large chain of movie theaters that have struggled throughout the pandemic. 

This is another stock that hedge funds were planning to short, as their share prices had been on a continuous downtrend for the last several years.

However, Redditors targeted the stock for their short squeeze.

As a result, this stock spiked in February and again in June, sending the stock over $60 per share.

As with Gamestop, AMC benefitted financially from this short squeeze and is using the money to reinvest in their business. 

AMC theaters saw huge crowds on labor day weekend, crushing an admissions record set all the way back in 2013.

There’s still some risk involved here, and it’s uncertain if AMC will be able to maintain a healthy business in the long run.

The company still carries a significant amount of debt. 

However, if you’re willing to bet on the re-emergence of movie theaters, AMC is a stock to watch.

Retail investors have held steady on this stock so far this year, so we’ll see if this trend can continue. 

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Best Meme Stocks To Buy

Beyond Meat (NASDAQ: BYND)

Beyond Meat looks beyond traditional meat-based foodstuffs and produces plant-based alternatives.

The company is one of the largest suppliers of plant-based chicken, beef, pork, and more.

Located in Los Angeles, Beyond Meat’s first offerings hit the shelves in just 2012.

Its products are designed to be healthier for humans and animals alike.

This philosophy helped Beyond Meat quickly build its initial market growth.

It has struggled since then to keep stock prices as high as they once were.

Like several other meme stocks on this list, Beyond Meat shot up to nearly $200 per share in January and climbed 40 points from May to June.

Beyond Meat’s stock still trades for over $100 per share at present.

These spikes could similarly allow Beyond Meat to make crucial investments to keep it on top of the plant-based meat category.

Virgin Galactic (NYSE: SPCE)

Virgin Galactic is one of a few enterprises actively developing technology for manned travel into space.

The company has been making waves across the media as the first crew to actually accomplish this task.

Richard Branson looks to take advantage of this narrow field to charge upwards of $400,000 for a seat to the stars.

Virgin Galactic stock reached new highs in February before slipping back down through the spring.

It saw another spike in June and a third following the company’s successful trip to space.

Share prices have dropped off of late due to test delays that have pushed future crewed flights out to 2022.

That being said, the company has astronomical visions for the future of spaceflight.

Virgin anticipates spaceports all over the globe that would allow customers to achieve their dreams of space travel.

The team is also looking to turn the trip into a multi-day experience, not unlike something you’d experience at Disney.

This stock is very volatile at this time as media presence could cause swings.

If commercial space travel does take off, there’s no limit to how high Virgin Galactic stock could climb.

Sundial Growers (NASDAQ: SNDL)

Sundial Growers is a Canadian cannabis provider for the adult market.

The cannabis industry as a whole sees a lot of attention in the media as laws change surrounding the substance.

Canada recently legalized cannabis, and more and more U.S. states are doing the same.

There’s still no word on whether or not the United States will legalize the product at the federal level.

The share price saw a bump to just under $3 in February before falling back below the $1 mark.

A smaller increase in June put the stock back up above $1, but the stock currently hovers at $0.70.

Sundial is a true penny stock, which causes volatility on its own.

A recent acquisition of Alcanna beverage company shows that Sundial is thinking about the future.

The company has no outstanding debt, and a positive earnings report could drive the stock price up in lieu of market shorts.

Meme Stocks: Final Thoughts

Meme stocks may seem like they are all hype, but that doesn’t mean you should count them out.

The key is to check the company’s financials before buying any shares to make sure they have long-term potential.

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Sarah Foley is a freelance content writer based in Chicago. She covers finance as well as real estate, technology, pop culture, and more.