In this article, we discuss 13 Best Meme Stocks To Buy Right Now.
What are Meme Stocks?
Meme stocks are largely driven by social media hype. These stocks gain popularity through memes, modified images, videos, and text shared online, often with positive sentiment by individual investors. Joey Loss, founder of Flow Financial in Jacksonville, Florida, commented in June 2024:
“Meme stocks appeal to our fear of missing out (FOMO) and our desire to get rich quickly. For many investors, it may also appeal to our desire to belong to the tribe–as forums across the internet and social media will create the perception that everyone is participating.”
Meme stocks emerged as a trend in late 2020 and early 2021 when online communities started promoting certain companies’ shares and generating buzz to attract buyers. The rise of commission-free trading platforms and online investing groups during the COVID-19 pandemic played a major role, as many people were at home with extra funds from government aid. Low interest rates may have also encouraged new investors. Meme stock investing was particularly appealing to younger investors who preferred it over traditional investment strategies.
Meme Stock Performance
In 2024, meme stocks remained popular across industries, propelled into fame by social media and the appeal of quick profits. Platforms like Reddit’s WallStreetBets played a notable role in fueling speculation, as investors sought higher returns than traditional assets. Despite skepticism from major financial institutions, the excitement around these stocks persisted. Political figures have also influenced market trends. For example, a media company associated with President Trump saw its stock rise to $70 in early 2024 before dropping to $13 by September, all because of the election frenzy. While the stock later rebounded to $36, the company continued to face challenges, reporting a $19.2 million loss in the third quarter of 2024.
Similarly, a well-known video game retailer that gained attention due to social media-driven hype remained a target for short sellers, even years after its dramatic short squeeze in early 2021. Over the last few years, this company has been a focus for investors betting against its stock. Initially, many short sellers expected the business to face bankruptcy, but as its valuation soared during the meme stock frenzy, they argued its market price no longer reflected its actual financial standing. Before its most significant short squeeze in January 2021, short interest exceeded 140%, meaning more shares were being shorted than were available in the market. While short interest dropped after that period, it remained high, as institutional investors became more cautious about taking large positions against the company. Keeping that in mind, let’s take a look at some of the best meme stocks to buy right now.
Photo by Tech Daily on Unsplash
Our Methodology
For this article, we compiled a list of meme stocks based on the consensus of reputable websites, along with insights from Reddit to assess retail investor interest. Using Insider Monkey’s Q4 2024 hedge fund database, we examined the hedge fund sentiment for each stock and selected 13 most popular ones. The stocks are ranked in ascending order based on the number of hedge fund holders as of Q4 2024.
Why are we interested in the stocks that hedge funds pile into? The reason is simple: our research has shown that we can outperform the market by imitating the top stock picks of the best hedge funds. Our quarterly newsletter’s strategy selects 14 small-cap and large-cap stocks every quarter and has returned 373.4% since May 2014, beating its benchmark by 218 percentage points (see more details here).
13. AMC Entertainment Holdings, Inc. (NYSE:AMC)
Number of Hedge Fund Holders: 20
AMC Entertainment Holdings, Inc. (NYSE:AMC) operates movie theaters across the United States and Europe, where it owns, manages, or holds stakes in different locations. It became one of the most well-known meme stocks during the 2021 market surge. On January 16, AMC announced that starting from 2025, AMC Stubs Insider members can qualify for the new AMC Stubs Premiere GO! status by watching at least eight movies or earning 5,000 AMC Stubs points within a calendar year. This upgrade offers extra perks, including double points on every dollar spent and waived online ticket fees for purchases of four or more tickets.
AMC Entertainment Holdings, Inc. (NYSE:AMC)’s revenue grew 18% year-over-year in the fourth quarter of 2024, with adjusted EBITDA reaching $164.8 million. This was more than three times what it made in the same period last year. This growth was driven by the success of films like Gladiator 2, Wicked, Moana 2, and Mufasa: The Lion King, among others. The company also generated over $200 million in operating cash flow and $114 million in free cash flow, marking its strongest quarterly cash flow since the pandemic. AMC is among the best meme stocks to invest in.
According to Insider Monkey’s fourth quarter database, 20 hedge funds were bullish on AMC Entertainment Holdings, Inc. (NYSE:AMC), compared to 16 funds in the prior quarter. Jim Simons’ Renaissance Technologies was the largest stakeholder of the company, with a position worth nearly $20 million.
12. SoundHound AI, Inc. (NASDAQ:SOUN)
Number of Hedge Fund Holders: 21
SoundHound AI, Inc. (NASDAQ:SOUN) creates independent voice AI technology, helping businesses in the automotive, TV, IoT, and customer service sectors create seamless conversational experiences for their customers. Jim Cramer, CNBC’s Mad Money host, referred to SoundHound AI as a “meme stock,” stating that such stocks can be unpredictable, making it difficult to determine how high they might rise. The company ranks 12th on our list of the best meme stocks.
On February 25, SoundHound AI, Inc. (NASDAQ:SOUN) introduced an improved version of its voice AI platform for restaurants, making its Dynamic Drive-Thru solution faster and more accurate. The update also expands AI-powered ordering beyond the drive-thru, allowing customers to place orders through phone calls, text messages, QR codes, and in-car voice systems.
In the fourth quarter of 2024, SoundHound AI, Inc. (NASDAQ:SOUN) made $35 million in revenue, marking a year-over-year increase of over 100%. By developing an enterprise-grade platform used by major global organizations, SoundHound positioned itself to benefit from the expanding voice AI market. The company’s balance sheet remained strong, ending the year with a subscription and bookings backlog of around $1.2 billion, which is an increase of over 75% year-over-year. This figure represents ongoing customer activity and the value of existing contracts.
As per Insider Monkey’s fourth quarter database, 21 hedge funds were bullish on SoundHound AI, Inc. (NASDAQ:SOUN), up from 11 funds in the previous quarter.
11. Enovix Corporation (NASDAQ:ENVX)
Number of Hedge Fund Holders: 21
Enovix Corporation (NASDAQ:ENVX) focuses on designing, developing, and producing lithium-ion batteries for different industries, including wearables, IoT devices, laptops, & smartphones, medical technology, industrial equipment, and electric vehicles. Enovix’s popularity on Reddit places it among the best meme stocks on our list. On February 6, JP Morgan’s Bill Peterson reiterated an Overweight rating on Enovix with a $15 target. According to the analyst, Q4 results are expected to meet forecasts, with potential stock gains from EX-2M progress, Fab-2 optimization, and product qualification.
Enovix Corporation (NASDAQ:ENVX) reported fourth quarter revenue of $9.6 million. For the full year 2024, revenue rose to $23.1 million, an increase from $7.6 million in 2023. The company shipped early engineering samples to a leading smartphone manufacturer, with successful safety test results keeping them on track for commercial smartphone launches in 2025. Additionally, ENVX delivered their first battery packs featuring custom cells from Malaysia, assembled at their Korea facility. By the end of the fourth quarter, the company had approximately $273 million in cash and cash equivalents. Capital expenditure for the quarter was $16.4 million, while operating cash outflow stood at $16 million.
According to Insider Monkey’s fourth quarter database, 21 hedge funds were bullish on Enovix Corporation (NASDAQ:ENVX), compared to 14 funds in the preceding quarter. Electron Capital Partners held the largest position in the company, with 5.66 million shares worth $61.5 million.
10. BlackBerry Limited (NYSE:BB)
Number of Hedge Fund Holders: 23
Ranking 10th on our list of the best meme stocks, BlackBerry Limited (NYSE:BB) provides advanced security software and services for businesses and governments worldwide. After selling its phone licensing rights in 2023, BlackBerry shifted its focus entirely to software and cybersecurity. Now, its core business revolves around secure communications and the Internet of Things (IoT). On January 10, RBC Capital Markets revised its outlook on BlackBerry, raising the stock’s price target from $3.25 to $4 while maintaining a Sector Perform rating. The decision came after a meeting with BlackBerry’s management at the Consumer Electronics Show.
In the third quarter of fiscal year 2025, BlackBerry Limited (NYSE:BB) reported $162 million in revenue, outperforming its previously projected range. This growth was driven by wins in the government sector and major deals in financial services, including renewals and expansions with top global banks like Germany’s KfW. The company also achieved positive operating and free cash flow of $3 million one quarter ahead of schedule, marking a $34 million improvement in operating cash flow compared to the same period last year.
According to Insider Monkey’s fourth quarter database, 23 hedge funds were bullish on BlackBerry Limited (NYSE:BB), an increase from 15 funds in the previous quarter. Prem Watsa’s Fairfax Financial Holdings was the biggest shareholder of the company, with over 46.7 million shares worth $176.6 million.
9. GameStop Corp. (NYSE:GME)
Number of Hedge Fund Holders: 24
GameStop Corp. (NYSE:GME) is a retailer that sells video games and entertainment products both in stores and online across the US, Australia, Canada, and Europe. The company offers new and pre-owned gaming consoles, video games, in-game currency, and digital downloads. GameStop is often categorized as one of the best meme stocks. On March 3, the company and Zip Co., a digital financial services company focused on flexible payment solutions, announced a partnership making Zip the primary provider of pay-in-installments services for GameStop customers both online and in stores across the United States.
In the third quarter of 2024, GameStop Corp. (NYSE:GME) reported a net income of $17.4 million, a big turnaround from the $3.1 million net loss in the same quarter last year. By the end of Q3, the company held $4.616 billion in cash, cash equivalents, and marketable securities. Additionally, GameStop completed its previously announced at-the-market equity offering, selling 20 million shares and generating approximately $400 million in gross proceeds.
According to Insider Monkey’s fourth quarter database, 24 hedge funds were bullish on GameStop Corp. (NYSE:GME), up from 16 funds in the preceding quarter. Ken Griffin’s Citadel Investment Group was among the largest stakeholders of the company, with 3.66 million shares valued at $114.6 million.
8. Intuitive Machines, Inc. (NASDAQ:LUNR)
Number of Hedge Fund Holders: 26
Intuitive Machines, Inc. (NASDAQ:LUNR) develops and manages space technologies in the United States, focusing on systems that support lunar exploration and long-term human presence on the moon. The company gained attention from retail and institutional investors aiming to capitalize on short-term price swings, earning its reputation as a meme stock. On March 6, the company’s robotic lander, Athena, successfully reached the moon’s surface, though its exact orientation remains uncertain. The company confirmed the landing and maintained communication with the lander during a live broadcast of the event, which was co-hosted by NASA and Intuitive Machines.
In Q3 2024, Intuitive Machines, Inc. (NASDAQ:LUNR) generated $58.5 million in revenue, more than four times what it earned in the same quarter last year. By the end of Q3, its cash balance stood at $89.6 million and the backlog reached a record $316.2 million, driven largely by lunar surface delivery missions and the first task order under the Near Space Network Services contract. Throughout the third quarter, LUNR remained focused on its three core service areas – delivery, data transmission, and infrastructure services.
According to Insider Monkey’s fourth quarter database, 26 hedge funds were bullish on Intuitive Machines, Inc. (NASDAQ:LUNR), in contrast to the prior quarter when 17 funds had invested in the stock.
7. Genius Sports Limited (NYSE:GENI)
Number of Hedge Fund Holders: 32
Genius Sports Limited (NYSE:GENI) develops and sells technology-driven products and services for the sports, sports betting, and sports media industries. While it is not a traditional meme stock, Genius Sports has gained attention among retail investors on Reddit’s WallStreetBets due to the growth potential in sports betting and the opportunities within this market. On March 6, Needham increased its price target for GENI from $12 to $13 while maintaining a Buy rating on the stock. The adjustment reflects the company’s stronger-than-expected fiscal year 2025 guidance, which forecasts 20% revenue growth and relatively stable incremental margins.
Genius Sports Limited (NYSE:GENI), one of the best meme stocks, saw a 38% year-over-year revenue increase in Q4, reaching $176 million. For the full year, revenue rose 24% to $511 million, aligning with its raised guidance. This growth was driven by strategic, commercial, and financial initiatives aimed at strengthening the business for long-term success. The company also improved its cash flow, generating $82 million in operating cash for 2024, more than five times the amount from the previous year. By year-end, its net cash balance grew by $9 million, reaching $135 million.
According to Insider Monkey’s fourth quarter database, 32 hedge funds were bullish on Genius Sports Limited (NYSE:GENI), in contrast to the previous quarter when 27 funds had invested in the stock. Travis Cocke’s Voss Capital held the biggest position in the company, with 7.92 million shares valued at $68.5 million.
6. Archer Aviation Inc. (NYSE:ACHR)
Number of Hedge Fund Holders: 34
Archer Aviation Inc. (NYSE:ACHR) focuses on designing, developing, and operating electric vertical takeoff and landing aircraft for urban transportation. The company has gained attention on Reddit’s WallStreetBets, becoming a notable meme stock. On March 3, Cantor Fitzgerald maintained its positive outlook on the stock, keeping an Overweight rating and a $13 price target. The stock has climbed 95% over the past year, and Andres Sheppard, an analyst at Cantor Fitzgerald, remains optimistic about its long-term potential.
In Q4 2024, the company reported non-GAAP operating expenses of $98.3 million. For the full year 2024, expenses amounted to $380.6 million, up 22% from the previous year, mainly due to investments in workforce growth, materials, and one-time engineering costs to support aircraft development, testing, and manufacturing expansion. Cash used for operations and investments in 2024 totalled $450.6 million. Archer Aviation Inc. (NYSE:ACHR) also increased its year-end cash balance by $369.9 million compared to 2023, after securing $820.4 million through financing activities.
As per Insider Monkey’s fourth quarter database, 34 hedge funds were bullish on Archer Aviation Inc. (NYSE:ACHR), an increase from 24 funds in the last quarter. Cathie Wood’s ARK Investment Management was the largest position holder in the firm, with 29.9 million shares valued at $291.6 million.
5. Rocket Lab USA, Inc. (NASDAQ:RKLB)
Number of Hedge Fund Holders: 37
Rocket Lab USA, Inc. (NASDAQ:RKLB) is a space technology company that offers launch services, spacecraft design, manufacturing, and on-orbit management solutions across the US, Canada, Japan, and other global markets. The company has experienced significant growth in recent years, which has put it in the spotlight for retail investors. With strong financial performance, a promising industry outlook, and a solid business model, Rocket Lab has placed itself among the best meme stocks to buy.
On February 27, Rocket Lab USA, Inc. (NASDAQ:RKLB) announced one of its largest Electron launch agreements yet, securing a second multi-launch deal with Japan-based Earth imaging company Institute for Q-shu Pioneers of Space. This new contract builds on a previous multi-launch agreement signed in 2024. In total, the two deals include six missions set for 2025 and two more in 2026.
Rocket Lab USA, Inc. (NASDAQ:RKLB) reported its highest annual revenue in 2024, reaching $436 million, an increase of over 78% from the previous year driven by its end-to-end space services strategy. The company saw more than 26% growth from Q3 to Q4, while Q4 revenue rose 121% year-over-year. In terms of cash flow, Rocket Lab’s non-GAAP free cash flow for Q4 was a negative $23.9 million, an improvement from the negative $41.9 million in Q3. By the end of Q4 2024, the company’s total cash, cash equivalents, restricted cash, and marketable securities stood at $484 million.
According to Insider Monkey’s fourth quarter database, 37 hedge funds were bullish on Rocket Lab USA, Inc. (NASDAQ:RKLB), a significant increase from 16 funds in the previous quarter.
4. Rivian Automotive, Inc. (NASDAQ:RIVN)
Number of Hedge Fund Holders: 40
Rivian Automotive, Inc. (NASDAQ:RIVN) creates and produces electric vehicles and accessories. Its lineup includes the R1T pickup truck and the R1S SUV. The company frequently trends among retail investors, placing it among the best meme stocks. On March 6, Rivian introduced its upcoming mid-size SUV, the R2, which will start at approximately $45,000 – about half the price of its current models. CFO Claire McDonough emphasized that launching the R2 is a priority as the firm pushes toward global expansion.
In the fourth quarter of 2024, Rivian Automotive, Inc. (NASDAQ:RIVN) lowered its production costs by $31,000 per vehicle while increasing its automotive revenue per unit excluding regulatory credits to $86,000. This was due to higher average selling prices following the introduction of the Tri-Motor model. The company also generated nearly $300 million from regulatory credit sales during the fourth quarter. Cash equivalents and short-term investments rose to $7.7 billion, up from $6.7 billion in the previous quarter. Meanwhile, inventory levels at the end of the year were $372 million lower than at the close of 2023, mainly due to a reduction in raw materials and finished goods.
According to Insider Monkey’s fourth quarter database, 40 hedge funds were bullish on Rivian Automotive, Inc. (NASDAQ:RIVN), compared to 31 funds in the last quarter. Gil Simon’s SoMa Equity Partners is one of the leading shareholders of the company, with a position worth $112.87 million.
3. SoFi Technologies, Inc. (NASDAQ:SOFI)
Number of Hedge Fund Holders: 43
SoFi Technologies, Inc. (NASDAQ:SOFI) offers financial services across multiple regions, operating through its Lending, Technology Platform, and Financial Services segments. In 2021, it was one of the most talked-about stocks on Reddit. On January 28, Needham analysts raised the price target for SOFI stock from $13 to $20 while maintaining a Buy rating. The revision came after SoFi delivered a stronger-than-expected fiscal year-end performance. It ranks 3rd on our list of the best meme stocks.
SoFi Technologies, Inc. (NASDAQ:SOFI) saw record revenue growth last year, driven by an increase in both members and products. Adjusted net revenue reached $2.6 billion for 2024, reflecting a 26% year-over-year increase. The Financial Services and Technology Platform segments brought in a combined $1.2 billion, growing 54% from the previous year. Meanwhile, the Lending segment’s adjusted net revenue rose 11% to nearly $1.5 billion, fueled by record loan originations exceeding $23 billion, a 33% climb from the prior year. In the fourth quarter, total assets grew by $1.9 billion, including about $910 million from loan growth, $830 million from other assets, and $80 million from cash, cash equivalents, and investment securities.
According to Insider Monkey’s fourth quarter database, 43 hedge funds were bullish on SoFi Technologies, Inc. (NASDAQ:SOFI), compared to 31 funds in the prior quarter. D E Shaw was the leading position holder in the firm, with 31.3 million shares worth $482.3 million.
2. MicroStrategy Incorporated (NASDAQ:MSTR)
Number of Hedge Fund Holders: 44
MicroStrategy Incorporated (NASDAQ:MSTR) offers AI-powered enterprise analytics software and services across the US, the Middle East, Europe, Africa, and other global markets. Investors have drawn comparisons between MicroStrategy and other meme stocks due to its heavy investment in Bitcoin last year, even as the cryptocurrency continued to reach new highs. On February 7, Keefe, Bruyette & Woods initiated coverage of the stock, assigning it an Outperform rating and a price target of $560.
In 2024, MicroStrategy Incorporated (NASDAQ:MSTR) generated about $464 million in total revenue, a 7% decline from the previous year, mainly due to its shift from on-premise software to cloud-based services. However, subscription services saw strong growth, with Q4 revenue rising 48% year-over-year and full-year revenue reaching $106.7 million, a 32% increase. This growth was driven by a 57% increase in subscription billings in Q4, reaching approximately $65 million. To strengthen its financial position, MSTR raised $584 million through perpetual preferred stock and issued $21.7 billion in Class A shares. Since August 2020, it has allocated $836 million from software operations to Bitcoin purchases. These financial strategies have helped MicroStrategy raise $31 billion in capital. It is one of the best meme stocks to buy.
According to Insider Monkey’s fourth quarter database, 44 hedge funds were bullish on MicroStrategy Incorporated (NASDAQ:MSTR), increasing significantly from 25 funds in the last quarter.
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.
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