Best meme stocks to buy in 2024
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This guide explains what makes a meme stock, where you can find them, and why they rose to prominence. Then get the lowdown on which ones are the best.
What are the top meme stocks to buy?
Copy link to sectionHere are our picks for the best meme shares this year. You can find their latest stock price by following the links in the table, or scroll down for more information on each company.
| # | Stock symbol | Company name | Trade now |
|---|---|---|---|
| 1 | GME | GameStop Corp. | Trade GME 77% of retail CFD accounts lose money. |
| 2 | AMC | AMC Entertainment Holdings Inc. | Trade AMC 77% of retail CFD accounts lose money. |
| 3 | BB | BlackBerry Ltd. | Trade BB 77% of retail CFD accounts lose money. |
| 4 | CLOV | Clover Health Investments Corp. | |
| 5 | SPCE | Virgin Galactic | Trade SPCE 77% of retail CFD accounts lose money. |
1. GameStop Corp. (NYSE: GME)
Copy link to sectionGameStop is an American retail store that specialises in gaming and electronics. The original meme stock, GameStop is the largest video game retailer in the world.
It leapt into the public consciousness at the start of 2021 as a swathe of retail investors performed a short squeeze on institutional hedge funds. That sent its share price up over 800% in a few days. Initially inspired by a leadership change, GameStop’s momentum took on a life of its own to turn it into a $200 a share company.
There are some reasons to believe this momentum can continue. It raised billions of dollars by selling more shares that it plans to use to fund a move to identify new growth opportunities, particularly in ecommerce. It also has a huge base of enthusiastic customers, which is more than enough to earn top spot on this list.
77% of retail CFD accounts lose money.
2. AMC Entertainment (NYSE: AMC)
Copy link to sectionAMC is an American cinema chain that owns movie theatres across the world. Most of its business is centred in the US, where it runs over 600 cinemas, and it owns the likes of Odeon and UCI chains as well.
Like GameStop, AMC had been struggling along for a while before it hit the big time at the start of 2021. Unlike its counterpart, it has really leaned into its status as a meme stock, even handing out free popcorn to its shareholders as a thank you. After jumping 400% in January, its share price found a second wind as lockdown restrictions eased in May.
That reopening is the main reason to believe in AMC’s long term prospects. Cinemas were hit especially hard by the pandemic and AMC had been trending down for a while. Now, with a strong balance sheet thanks to a series of new share offerings in 2021, it’s in a great spot to take advantage and return to prosperity in the future.
77% of retail CFD accounts lose money.
3. BlackBerry Ltd. (NYSE: BB)
Copy link to sectionBlackBerry is a cybersecurity firm that’s best known for being one of the dominant players of the early smartphone market. In recent years, BlackBerry has transitioned away from mobile phones and towards software and artificial intelligence as its core business areas.
Although in a smaller way than the companies above it in this list, BlackBerry was also caught up in the war on short sellers in early 2021. BB’s price jumped over 200% in the early part of the year, and saw another spike around Easter.
Its potential to live up to investors’ hopes relies on how well it can corner new areas of the market, such as in providing the software for the automotive industry. The early signs are good and its sound financial position means it’s in a good spot to take advantage of new growth opportunities in the years to come.
77% of retail CFD accounts lose money.
4. Clover Health Investments (NASDAQ: CLOV)
Copy link to sectionClover Health is a medical insurance company based in the US. Its unique feature the use of artificial learning to recommend better treatments to keep people healthier. It went public in 2021 through a SPAC merger sponsored by the venture capitalist, Chamath Palihapitiya.
SPACs have been extremely popular over the past couple of years, and its price immediately jumped more than 50% as soon as the merger went through. Since then, though, it’s been more rocky. The stock has attracted the attention of short sellers, in part thanks to a potential investigation against it by the US Department of Justice (DoJ).
That short interest in turn attracted more Reddit investors to the stock, which doubled in value in a few days in mid-2021. The AI behind the company is potentially ground-breaking and it’s dreaming big, with the goal of increasing ten times in value over the next decade. You just need to keep your eye on the DoJ moves against it.
5. Virgin Galactic (NYSE: SPCE)
Copy link to sectionVirgin Galactic is a space flight company that was founded by the British entrepreneur Richard Branson in 2004. Its goal is to operate commercial space flights, and it has been planning to send passengers into orbit for well over a decade.
The company’s share price is very sensitive to any news that comes out about the progress of its technology and test flights. It has been fluttering around as a popular online stock for some time, and big rises and falls are not uncommon. Twice in 2021 alone the stock more than doubled.
The biggest news of all, though, was the Federal Aviation Authority’s (FAA’s) decision to approve its request to fly commercial passengers into space. That decision in June 2021, on the back of a successful test flight in May, means we could be on the verge of the stock going truly stratospheric.
77% of retail CFD accounts lose money.
Where to buy the best meme shares
Copy link to sectionIf you want to dive in and get your own shares right away, then these brokers are the place to start. They’re all excellent platforms for beginners and you can use our reviews to get the lowdown on the features they offer.
77% of retail CFD accounts lose money.
Buy or sell stock CFDs with Plus500. 82% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money.
What is a meme stock?
Copy link to section‘Meme stocks’ are essentially shares that go viral online. It’s a catch-all term for stocks whose popularity and price is driven by casual investors on the internet. They are usually stocks that were picked out by posters on Reddit or Twitter who are famously brash and tend to use memes as part of their ‘analysis’. Most famously, to predict that the price is going ‘to the moon’.
Are meme shares a good investment?
Copy link to sectionIn moderation they certainly can be. These stocks are some of the most volatile on the market, and often based on hype rather than any hard financial results. However, the meme stocks our experts picked out all have a genuine reason to be bullish about them at their core.
As long as you go in with your eyes open and understand that the value of your investment might fall significantly, they can be a good addition to your portfolio. The safest way to use them is as part of a balanced group of stocks, with less risky, more defensive stocks acting as a makeweight for the volatile nature of these companies.
The other important thing to note about them is that they can move fast. All of the stocks on this list have seen huge daily swings, far beyond what companies usually experience. You need to be plugged in to the latest news to make sure you don’t miss anything important.
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