As we enter another week filled with corporate earnings results, investors may be turning towards meme stocks. Why? Well, simply put, the stock market today continues to see bouts of volatility across the board. On one hand, companies continue to gain momentum on the financial front, as seen by their solid second-quarter earnings. On the other hand, investors appear to be wary regarding the reopening trade as coronavirus fears return. Because of the current market conditions, some investors might consider jumping on meme stocks whose gains are mostly fueled by social media hype.
Now, despite only starting this year, the meme stock trend continues to gain momentum. With said momentum, numerous companies have and continue to become meme stocks. For instance, we could look at the likes of AMC Entertainment (NYSE: AMC) and Ocugen (NASDAQ: OCGN). In the case of AMC, the company’s shares are up by over 1,700% year-to-date even after a recent sell-off. Elsewhere, OCGN stock continues to gain this year as the company looks to get its coronavirus vaccine approved in the U.S. Overall, the meme stock market is alive and kicking even after half a year. Should you be keen to invest in these less conventional stocks, here are four of the top meme stocks to watch in the stock market now.
Top Meme Stocks To Buy [Or Sell] Today
- Palantir Technologies Inc. (NYSE: PLTR)
- Virgin Galactic Company (NYSE: SPCE)
- GameStop Corporation (NYSE: GME)
- Clover Health Investments Corporation (NASDAQ: CLOV)
Palantir Technologies Inc.
First on this list of meme stocks is Palantir. The company focuses on its enterprise data platform that is very versatile. From building safer vehicles to creating new drugs and combating terrorism, it has helped customers across many sectors to better utilize their data. The company has been actively expanding its business with new partnerships and customers in recent months. Notably, it was 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. PLTR stock currently trades at $22.04 as of 10:57 a.m. ET.
On Monday, the company announced that the U.S. Department of Health and Human Services has renewed its commitment to working with Palantir to support the COVID-19 vaccine distribution for another year. In detail, the company was commissioned in mid-2020 by the government to build Tiberius, a software platform it uses to track vaccine production, distribution, and administration across the country. For this renewed contract, Palantir will continue to support Tiberius, which gives local, state, and federal health officials a comprehensive platform to track vaccine distribution and administration. With this, it is clear that Palantir’s software can be applied across many industries. For this reason, will you consider adding PLTR stock to your watchlist right now?
Virgin Galactic Company
Another company gaining traction among the meme stock community now would be Virgin Galactic Holdings Inc. In short, the California-based company primarily focuses on spaceflight. Particularly, the company is looking to make commercial spaceflights a reality. While conventional travel industries seem to be losing steam, retail investors appear to be keen on long-term space travel players. This would be where SPCE stock comes into play. After gaining by 25% year-to-date, the company’s shares are now trading at $30.38 a stock as of 11:09 a.m. ET.
For the most part, the company’s shares really came into focus after Virgin Galactic completed its first fully crewed spaceflight. Less than a month later and the company is already planning its next trip with former CEO George Whitesides. According to CNBC, the company is looking to launch its next space flight later this summer. While commercial space travel may still be a way off, I could potentially see meme stock investors watching SPCE stock closely. After all, there would be hype around the possible next frontier of travel. Could this make SPCE stock a top meme stock for you to know now?
GameStop is a meme stock that has garnered a lot of attention since the start of 2021. In essence, the company is a consumer electronics retailer that is also one of the largest video game retailers in the world. The company also has a very impressive e-commerce platform and thousands of stores across the world. GME stock currently trades at $181.53 as of 11:09 a.m. ET and is up by over 900% year-to-date.
Last month, the company announced its first-quarter financials. Firstly, net sales for the quarter grew by 25% year-over-year to $1.3 billion. Impressively, this was also considering the fact that it reduced its global store base by nearly 12% due to strategic de-densification efforts and continued closures across Europe due to the pandemic. The company also sold 5 million shares of common stock and generated aggregate gross proceeds of over $1 billion. The funds will be used for investing in growth initiatives and maintaining a strong balance sheet. Given the excitement surrounding the company, will you consider watching GME stock today?
Clover Health Investments Corporation
Clover Health is a health care company that operates as a next-generation Medicare Advantage insurer. It does this exceedingly well by leveraging on its flagship software platform, the Clover Assistant. By empowering physicians with data-driven insights at the point of care, Clover strives to improve clinical decision-making and outcomes. CLOV stock currently trades at $8.27 apiece as of 11:09 a.m. ET.
On July 16, 2021, the company announced that it was enhancing its current over-the-counter (OTC) benefit to include groceries. The new benefit will be available to eligible members in 101 countries across the U.S.
“About 80% of Clover members have an underlying health condition, which means basic food access is vital to maintaining their physical and mental health. The inspiration for a grocery stipend stems from the countless empty fridges our nurses encounter when checking on our members in their homes. This benefit isn’t just about improving nutrition––we’re addressing food insecurity in its truest form; where people often have to make a hard choice between buying food, filling their prescriptions, or paying their utility bills,” said Vivek Garipalli, Clover’s Chief Executive Officer. All things considered, will you be watching CLOV stock this week?