3 Trending Meme Stocks Gaining Investors’ Attention Right Now
With the current meme stocks frenzy being recently reignited, seasoned, and new investors alike could once again be wondering “what is a meme stock?” Together with this question, some may also be searching for heavily shorted stocks right now in the stock market. For those unfamiliar, all this would require a brief explanation before we go into the details.
To begin with, the current craze around meme stocks started back in January earlier this year. As most would know, the GameStop Corporation (NYSE: GME) is the classic meme stock where it all started. Simply put, retail investors banded together via a webpage on the social media platform Reddit, to boost GME stock. The main reason for this is because of Chewy (NYSE: CHWY) co-founder Ryan Cohen, joining GameStop’s Board of Directors. Moreover, GME stock’s history of being shorted by institutional investors would also be a factor in play. Fast forward to the past few weeks and we can see that there appears to be renewed investor interest in meme stocks now.
Sure, some would argue that meme stocks are not the safest play in the stock market today. While they may be dominating stock market news in general, most of the top meme stocks are often volatile, to say the least. However, there remain certain names in this group of stocks that hold some long-term potential. After all, retail investors would be able to pool their collective research and knowledge together, making for relevant investment strategies. So, while meme stocks such as GameStop and BioNano Genomics (NASDAQ: BNGO) currently boast gains of over 1,200% in the past year, one question remains. Is now the time to jump on the meme stocks train? If you are leaning towards a yes, here are three trending right now.
Best Meme Stocks To Buy [Or Sell] This Week
- AMC Entertainment Holdings Inc. (NYSE: AMC)
- Wendys Company (NASDAQ: WEN)
- BlackBerry Limited (NYSE: BB)
AMC Entertainment Holdings Inc.
AMC is one of the largest movie exhibition companies in the U.S. and the world with approximately 950 theatres and 10,500 screens across the globe. The company has recently been part of the meme stock craze and has seen its valuation risen to astronomical highs. This came about as Reddit day traders continue to rally behind this meme stock to continue pushing the company’s stock price up. AMC stock is up by over 2,500% year-to-date.
Source: TD Ameritrade TOS
Last week, the company unveiled a new communication initiative to engage directly with its retail shareholder base. AMC plans to do this with the launch of AMC Investor Connect. The new initiative will put AMC in direct communication with its base of enthusiastic and passionate shareholders to provide them special offers and keep them up to date about important company information. Shareholders will get exclusive promotions, which include free or discounted items and also invitations to special screenings. The share has been up by over 70% since this announcement at the start of June.
In March, the company also reported its first-quarter financials for 2021. Despite not operating at full capacity, the company says that they are well-positioned for growth given the favorable conditions that AMC is in. Firstly, it is a result of a successful and steadily growing vaccination program in the U.S., Europe, and the Middle East. Secondly, the company has been proactively implementing its comprehensive and effective AMC Safe & Clean protocols ahead of fully reopening. Impressively, the company has seen approximately 7 million U.S. and international patrons returning to its theatres in the first quarter. Given the excitement surrounding AMC, will you consider buying AMC stock?
Wendy’s is a holding company for the major fast-food chain Wendy’s. Today, Wendy’s and its franchisees employ hundreds of thousands of people across more than 6,700 restaurants worldwide. It also aims to become one of the world’s most thriving and beloved restaurant brands. WEN stock is up over 18% during Tuesday’s trading session and currently trades at $27.17 as of 1:07 p.m. ET. The company seems to be the latest target for retail traders as the meme spotlight turns to restaurant stocks.
Source: TD Ameritrade TOS
Last week, the company announced that it has arrived in the U.K. Specifically, Wendy’s has selected Reading as it is a great community with a strong employee base and is near a major transportation hub. This is certainly an exciting time for the company as it marks the official launch of the brand in the U.K. and across Europe. Last month, the company also announced the transition of 13 franchised restaurants in the province of Quebec, Canada. With this agreement, Wendy is also looking to build additional restaurants through 2025. Should things go as planned, Wendy’s could double its footprint in the region.
Also, the company reported its first-quarter financials on May 12, 2021. Impressively, the company continues to see systemwide sales growth, a 12.5% increase year-over-year. Systemwide sales were $2.951 billion for the quarter. “We are increasing our 2021 financial outlook meaningfully across all key financial metrics, driven by an outstanding first quarter that underscores our continued momentum and the overall strength of our business,” President and Chief Executive Officer Todd Penegor said. For these reasons, will you consider adding WEN stock into your portfolio?
BlackBerry is a tech company that provides intelligent security software and services to enterprises and governments around the world. The company states that it secures more than 500 million endpoints including 175 million cars on the road today. Based in Ontario, Canada, BlackBerry leverages AI and machine learning to deliver innovative solutions in the areas of cybersecurity, safety, and data privacy solutions. BB stock currently trades at $15.68 as of 1:08 p.m. ET and has more than doubled year-to-date.
Source: TD Ameritrade TOS
On the operational front, BlackBerry has been keeping busy as well. Just yesterday, the company provided a significant update on its Neutrino Realtime Operating System (NROS). Namely, the NROS will be put to use in a new automobile software stack as BlackBerry collaborates with BiTECH Automotive, a Sino-foreign joint venture company. In turn, the NROS will be installed in Changan Automobile’s new SUV, the UNI-K, adding to BlackBerry’s presence in the Chinese automobile market. According to BlackBerry, its software will help provide a personalized user experience for drivers while monitoring critical systems in the vehicle.
By and large, BlackBerry appears to be kicking into high gear now with its latest collaboration. For the most part, this is thanks to BiTECH’s current clientele. As it stands automobile makers such as Audi, Volvo, and Geely are currently using its products. When coupled with its current meme stock gains, would you consider BB stock a buy now?
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.