Meme stocks are defined as companies that have received a large amount of attention on social media and have become popular among retail investors. Some meme stocks carry little to no potential, and they disappear from the public interest just as soon as they came into popularity. Others like the ones I mention below have real potential for long-term investors due to the fact that they all have seen solid sales growth and a strong outlook overall. They are some of the top meme stocks to buy.
All the companies I refer to are holdings in Roundhill Meme Stock ETF (NYSEARCA:MEME), which was created in 2021 and has $3 million in assets under management. This ETF is the first and only ETF that is comprised entirely of meme companies.
Meme Stocks to Buy: Super Micro Computer (SMCI)
Super Micro Computer (NASDAQ:SMCI) focuses heavily on providing technological infrastructure that involves innovation, improvement and construction of a wide range of software and hardware technology for 5G, AI, and cloud services. The company’s products revolve around server infrastructure and optimization. Their product list includes rack-mount servers, blade servers, motherboards, chassis, cloud storage and IoT solutions.
The company has seen astronomic growth over the last year on the back of solid revenue growth and the booming business of AI innovation. Their share price has grown by more than 240% in this last year. On August 8, their most recent earnings report was released, covering the fourth quarter and full fiscal year of 2023. They reported net income increased by 37% on top of total revenue growth of 34% compared to the fourth quarter results of 2022. Their business outlook stated expected net sales to be in the range of $1.9 billion to $2.2 billion for the quarter ending September 30, 2023. If you are looking for meme stocks to buy, take a look at this one.
Airbnb (ABNB)
Airbnb (NASDAQ:ABNB), located in San Fransisco, California, provides a platform that gives hosts the ability to supply customers with a temporary place to stay primarily during traveling. It is seen as an alternative to hotels. Customers have a wide range of options for places to stay including cabins, beachfront properties, mansions, historical homes and castles. It also allows hosts to create a revenue stream by providing their properties to guests for a nightly rate.
The company has seen an increase in its share price of 48% year-to-date. On August 3, they released their earnings results for the second quarter, with total revenue decreasing by 15% and net income falling by 42% compared to the second quarter of 2023.
Demand and booking for the company remain strong due to the continued growth within the travel sector.
Palantir Technologies (PLTR)
Palantir Technologies (NYSE:PLTR), headquartered in Denver, Colorado, they provide a software platform for particular use among intelligence communities. They offer an AI-powered defense platform that gives the defense industry access to cutting-edge machine learning capabilities. Their Foundry platform allows for integrated data analysis. It also operates Palantir Gotham, which will enable users to recognize ingrained data patterns for real-world use—and Palantir Apollo, which is software that has a wide range of services in distinct environments.
Over the past year, the company’s share price has grown by 73%. On August 8, Palantir Technologies reported earnings for the second quarter, which stated a revenue increase of 13% compared to the year before. On top of a net income of $28 million within the same time period. They reported a net loss of $179 million for the second quarter of 2022. Customer count for U.S. commercial operators has grown by 35% year-over-year to a total of 161 clients for Palantir Technologies.
In recent news, the company announced a partnership with J.D. Power, a leading provider of consumer analytics, back in July. To help improve the automotive industry. With more in-depth data analysis tools such as repair data for car dealers and EV battery health analytics. With so many meme stocks to buy, Palantir Technologies is any easy choice.
As of this writing, Noah Bolton did not hold (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.
