The next two meme stocks to buy in July: Tilray and Purple Innovation

By: Wajeeh Khan
Wajeeh Khan
Wajeeh is an active follower of world affairs, technology, an avid reader, and loves to play table tennis in… read more.
on Jun 21, 2021
  • Justin Zhen picks Tilray & Purple Innovation as the next two meme stocks to buy in July.
  • The number of times Tilray is being mentioned on Wall Street Bets is up about 400%
  • Purple Innovation is now in the list of top 20 stocks being discussed on Wall Street Bets.

The rise of the meme stocks in recent months has traders excited about investing their money and having it doubled, tripled, or even quadrupled in a matter of days. Many ships, however, including GameStop and AMC Entertainment, have already sailed. So, if you’re looking for the next big thing, Justin Zhen, co-founder and president of Thinknum Alternative Data wants to help.  

On CNBC’s “Power Lunch” segment last Friday, Zhen picked the next two meme stocks to buy in July. But before that, it’s important that you know the safest online stockbrokers to buy meme stocks quickly.

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The next two meme stocks to buy in July

The Wall Street Bets community has increased “substantially” in size and scope since the start of 2021 although there is “nothing different” in terms of how the group of investors interact with each other and invest in meme stocks, Zhen said.

Zhen offered two meme stocks that are catching his attention and might represent overlooked meme stocks you can buy now.

1. Tilray Inc (NASDAQ: TLRY)

According to Justin, the number of times Tilray is being mentioned on Wall Street Bets is up about 400%. Weed stocks have benefited in the past from interest among the meme stock community but Tilray stands among its peers after increasing its product offerings by 20% over the past six months.

He added:

When you’re trying to win a new market, having a great brand and having a lot of products that users love is very good.

Compared to its year-to-date high of $64 per share, Tilray is currently about 75% down.

2. Purple Innovation Inc (NASDAQ: PRPL)

Purple Innovation has secured a spot in the list of top 20 stocks that are being discussed on Wall Street Bets. According to the meme stock pro:

“If you look at the alternative data, Purple has been in heavy expansion mode since early March when it missed earnings estimates. Job listings are up over 66%, which is a powerful way to see if a company is ramping up production. Such a massive increase suggests that PRPL is in heavy expansion mode.”

Purple is currently about 35% down compared to its year-to-date high of $40 per share in February.

3. Bonus pick: GameStop

Despite suggesting two meme stocks to buy now, Zhen said the original meme stock GameStop Corp. (NYSE: GME) still benefits “from a lot of chatter” and “great due dilligence” among the meme community.

Don’t forget GameStop even though there are a lot of other names that have been popping up, he said.

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