Amid the pandemic, meme stocks gained immense popularity among retail investors. These stocks surged when individual investors on social media platforms, such as Reddit, simply mentioned them. However, conventional investors and analysts caution that most of these viral stocks are highly volatile. However, there are also a few hot meme stocks to buy now, including these three.
AMC Entertainment (AMC)
One of the top meme stocks to buy now is AMC Entertainment (NYSE:AMC), which still continues to capture the attention of many. Granted, the stock saw a nasty decline earlier this year thanks in part to a 1-for-10 reverse stock split. However, shares are attempting to recover.
For one, the company’s CEO, Adam Aron, mentioned in a recent earnings call that ticket sales for the first quarter of 2023, up until February 28th, had risen by 44% compared to the same period in the previous year. Aron also suggested that the domestic box office revenue for the current year would be substantially higher than the previous year. Avatar: The Way of Water, among the best earners of the period, raked in almost $280 million in worldwide receipts, as reported by Box Office Mojo.
The explosive rise in electric car sales worldwide, Tesla’s solid reputation, and the legislative and regulatory initiatives taken by the U.S., E.U., and China to promote EVs are just a few of the top catalysts for Tesla (NASDAQ:TSLA).
Even better, Tesla’s operating income in 2022 doubled to $13.7 billion, far outpacing rivals like Lucid and Rivian, which operate at a loss. Being profitable enables Tesla to maintain lower prices for longer and expand its market share while relying less on external financing and avoiding debt management issues. This is especially important in the current climate of rising interest rates.
Economists believe that since Tesla’s stock price has climbed by 58% this year, the window of chance for shareholders to buy the shares at an appealing cost might have shut. However, a long-term investment strategy is crucial for sustained stock market returns. When going forward for a decade, Tesla may still be an excellent investment to take into account notwithstanding the greater price.
Palantir Technologies (PLTR)
Palantir Technologies (NYSE:PLTR) is quickly expanding. In fact, we can see that in its annualized growth percentage of 19.60% (against the industry’s average of 10.96%) and an overall profits per share increase rate of 62.05% (versus the industry average of 13.50%). Its FY2022 update also showed strong growth across all segments, including a 32% YoY growth in US business to $1.2 billion and a 67% YoY growth in US commercial revenue.
In FY2023, Palantir Technologies is anticipated to maintain its increasing trajectory, with sales forecast to be in the $2,180 billion to $2,230 billion level and modified profit from business operations forecast to be within the $481 million to $531 million area. The company’s growth metrics, history of success, and dedication to innovation and product investment put it in a strong position for long-term financial success and value growth. As a result, Palantir is a top growth stock that is undervalued and should be closely monitored.
On the date of publication, Chris MacDonald did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.