13 Best Meme Stocks To Buy Right Now

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1. Palantir Technologies Inc. (NASDAQ:PLTR)

Number of Hedge Fund Holders: 64

Palantir Technologies Inc. (NASDAQ:PLTR) develops and deploys software platforms designed to support intelligence agencies in counterterrorism investigations and operations across the US, UK, and other countries. CNBC’s Jim Cramer has called Palantir the “ultimate meme stock,” highlighting its strong retail investor following, which has helped maintain its stock value even during market volatility. It ranks 1st on our list of the best meme stocks to invest in.

On March 7, Palantir Technologies Inc. (NASDAQ:PLTR) announced the delivery of its first two Tactical Intelligence Targeting Access Node systems to the United States Army. These advanced ground systems are designed to improve the flow of information between data-gathering sensors and weapons, helping enhance battlefield intelligence and operations.

Palantir Technologies Inc. (NASDAQ:PLTR) saw strong revenue growth in Q4, increasing 14% from the previous quarter and 36% year-over-year, with full-year revenue up 29%. The company’s success is largely driven by the AI boom, but rather than just focusing on AI models, Palantir has turned AI into real, high-value solutions for businesses. Its long-term investment in ontology enables organizations to integrate large language models (LLMs) seamlessly. In Q4, Palantir generated $517 million in adjusted free cash flow with a 63% margin, bringing its full-year total to $1.25 billion with a 44% margin.

According to Insider Monkey’s fourth quarter database, 64 hedge funds were bullish on Palantir Technologies Inc. (NASDAQ:PLTR), while 43 funds had invested in the stock during the last quarter. Jim Simons’ Renaissance Technologies was one of the biggest shareholders of the company, with 22.8 million shares valued at $1.72 billion.

Overall, Palantir Technologies Inc. (NASDAQ:PLTR) ranks first on our list of the best meme stocks to buy. While we acknowledge the potential of PLTR to grow, our conviction lies in the belief that certain AI stocks hold greater promise for delivering higher returns, and doing so within a shorter time frame. If you are looking for an AI stock that is more promising than PLTR but that trades at less than 5 times its earnings, check out our report about the cheapest AI stock.

READ NEXT: 20 Best AI Stocks To Buy Now and 30 Best Stocks to Buy Now According to Billionaires.

Disclosure: None. Insider Monkey focuses on uncovering the best investment ideas of hedge funds and insiders. Please subscribe to our free daily e-newsletter to get the latest investment ideas from hedge funds’ investor letters by entering your email address below.

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