7 Best Meme Stocks to Buy for 2023

  • Memes are a newer method of creating demand in the stock market that warrant attention.
  • Marriott International (MAR): Resilient travel demand favors the hotel chain. 
  • Snowflake (SNOW): Snowflake is arguably oversold in the wake of earnings disappointment. 
  • LiveRamp Holdings (RAMP): LiveRamp is growing and introducing new services with powerful partners.
  • Beachbody (BODY): BODY stock may stabilize after falling for a prolonged period. 
  • Rush Street Interactive (RSI): A burgeoning betting market has created upside for RSI stock.
  • Colgate-Palmolive (CL): Recent product recalls result in a buying opportunity in CL stock.
  • LendingTree (TREE): The tight economy is creating opportunities for the lending business. 
meme stocks - 7 Best Meme Stocks to Buy for 2023

Source: Michael Vi / Shutterstock.com

Finding the best meme stocks requires more effort than it used to.

Meme stocks can be volatile, and that has given retail investors a sense of power that they may have lacked before.

In many cases, wht people think are the best meme stocks are actually bets on stocks have high short interest. They dream of creating a “short squeeze” when demand for the stock suddenly surges.

However, that isn’t always the case and the best meme stocks derive their upside from fundamental catalysts.

MAR Marriott International  $168.90
SNOW Snowflake  $138.02
RAMP LiveRamp Holdings  $22.15
BODY Beachbody  $0.85
RSI Rush Street Interactive  $3.51
CL Colgate-Palmolive  $71.34
TREE LendingTree  $30.81

Marriott International (MAR)

Marriott logo in Milan, Italy. MAR stock.
Source: DELBO ANDREA / Shutterstock

As travel demand ebbs and flows, Marriott International (NASDAQ:MAR) stock follows suit. 

That has made Marriott highly interesting to Wall Street and retail investors looking for the best meme stocks to buy as the economic picture remains opaque. Any signs suggesting that travel demand will remain strong should benefit MAR stock, potentially pushing it higher.

Fortunately, such signs currently exist as Q4 revenue increased by 33%. Normalizing business travel, paired with a reopened China, has the company confident enough to issue upbeat guidance for the rest of 2023. 

Business travel demand is approximately at 90% of pre-pandemic levels for the U.S. and Canadian markets. The company continues to see room for positivity even as demand remains strong even as prices have increased. Now may be a good time to invest in one of the more prominent names in the cyclical lodging sector on strong demand. 

Snowflake (SNOW)

Snowflake symbol and logo at the company corporate headquarters in Silicon Valley. SNOW stock.
Source: Sundry Photography / Shutterstock

Snowflake (NASDAQ:SNOW) is a cloud-based data stock that leverages the platforms of cloud leaders Amazon (NASDAQ:AMZN) and Microsoft (NASDAQ:MSFT). I’d argue that the primary reason to consider this among the best meme stocks is the company’s disappointing performance of late. 

Essentially, investors have to ask themselves what narrative they believe is more interesting regarding Snowflake: Ongoing exceptional growth or the specter of softening growth based on overarching fears. 

Those latter fears are a product of slowing growth across those aforementioned leading cloud platforms. That led Snowflake to provide recent weaker-than-expected forward guidance for the year. 

Yet Snowflake continues to grow at a rapid pace. It isn’t moderating like the leading cloud platforms. Revenue in the January quarter increased by 53%, outpacing Wall Street’s expectations.

For the full year, product revenues grew by 70%, reaching $1.94 billion. It continues to provide better-than-expected results that are being hampered by the lackluster performance of sector leaders. 

LiveRamp Holdings (RAMP)

illustration the LiveRamp Holdings logo seen displayed on a smartphone
Source: rafapress / Shutterstock.com

LiveRamp Holdings (NYSE:RAMP) is another meme stock worth understanding because of its price upside. It is a software company that specializes in data connectivity and management. Marketers, advertisers, and publishers use the company’s services to create more personalized marketing campaigns. Its shares have roughly 45% upside based on target prices, making it noteworthy. 

LiveRamp just released a new data collaboration platform that could help strengthen its business. The service allows partners to cross-collaborate within a channel and to share marketing data that otherwise would be locked within a single partner’s database. 

Early adopters include DISH Network (NASDAQ:DISH), Snap (NYSE:SNAP), Pinterest (NYSE:PINS), and Albertsons (NYSE:ACI) among others. 

In early February, LiveRamp released earnings showing 13% top-line growth for the most recent quarter. Subscription revenue increased by 14%, reaching $126 million.

Beachbody (BODY)  

The Beachbody (BODY) app is displayed on an iPhone screen.
Source: Tada Images / Shutterstock.com

Beachbody (NYSE:BODY) is a stock in a company that offers workout programs, meal plans, and supplements.

The company delivers its programs through an on-demand streaming service and cover a range of workouts based on ability. Customers can become coaches and sell the company’s products as well.

Beachbody is probably the riskiest stock on the list, with a share price below $1. And it has been one of the more notable special purpose acquisition company (SPAC) busts of the pandemic era.  

Yet there remains reason to take a flier on BODY stock: The company will release earnings on March 14 and any positive news will probably result in outsized gains in share price.

Company revenues have continued to decline on a quarter-to-quarter basis, but EPS numbers have shown a steady increase. Beachbody management also reiterated previous Q4 guidance in early January. If that holds true, that suggests that share prices could rise on the idea of new stability from the company.

Rush Street Interactive (RSI)

A mobile gamer cheering on her smartphone with neon background. MGAM stock
Source: Shutterstock

Like Beachbody, Rush Street Interactive (NYSE:RSI) is both a meme and SPAC stock. The company operates an online sports betting and gaming platform.

It boasts partnerships with several major sports leagues, including the NFL and NBA. As the legality of gambling continues to grow so should investment opportunities in its stock. 

Rush Street Interactive dates back to 2012 when gaming industry veterans teamed up to create the company. It went public via a SPAC and has since seen share prices seesaw.

That action has created periods in which prices have doubled but then halved on multiple occasions. It currently trades for $3.85 and maintains a unanimous buy rating with an $8.40 average target price. 

One of the strongest arguments in favor of RSI stock, aside from the increasing legality of sports betting state-by-state, is its revenue growth. In the most recent quarter, revenues grew by 27%. That’s higher than its 21% revenue growth over the past year and suggests the sports betting opportunity is only strengthening.

Colgate-Palmolive (CL)

Colgate toothpaste and mouthwash in a cup with a toothbrush
Source: monticello / Shutterstock.com

Colgate-Palmolive (NYSE:CL) stock boasts a consistent dividend and a defensive positioning that remains interesting.

Colgate Palmolive is arguably a strong stock to purchase currently because of its defensive nature. The stock market remains bullish this year with the S&P 500 up 4.1% year-to-date. But many economists remain skeptical that the market can avoid a hard landing that would send all shares tumbling. 

That scenario favors defensive equities like CL stock. Colgate-Palmolive recently recalled 5 million bottles of its Fabulouso brand cleaner over bacteria contamination concerns. But that hasn’t hurt shares which have hardly wavered since. Now is a reasonable entry point as there’s approximately $8 of upside in CL shares and a strong dividend as well.

LendingTree (TREE)

Lending Tree (TREE) website under magnifying glass
Source: II.studio / Shutterstock.com

LendingTree (NASDAQ:TREE) is an online marketplace that connects consumers with lenders and financial service providers. The company also offers tools and resources to help users improve their credit and manage their finances.

As LendingTree recently noted, Americans currently hold $986 billion in credit card debt. That number is based on Q4 ‘22 measurements and has almost certainly grown. That figure represents a $130 billion increase since Q4 ‘21.

Rising interest rates mean that Americans’ collective credit card debt will soon eclipse $1 billion. That will affect rising interest income for LendingTree as consumer troubles compound. Investing in TREE stock is one way to combat the overall negative effects of America’s credit card crisis. 

On the date of publication, Alex Sirois 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.

Alex Sirois is a freelance contributor to InvestorPlace whose personal stock investing style is focused on long-term, buy-and-hold, wealth-building stock picks.Having worked in several industries from e-commerce to translation to education and utilizing his MBA from George Washington University, he brings a diverse set of skills through which he filters his writing.

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