In this article, we discuss the 5 meme stocks that more than doubled in 2021. If you want to read our detailed analysis of these stocks, go directly to the 10 Meme Stocks that More than Doubled in 2021.
5. Lucid Group, Inc. (NASDAQ:LCID)
Number of Hedge Fund Holders: 18
Year-To-Date Gain: 416%
Lucid Group, Inc. (NASDAQ: LCID) is a technology and automotive firm. Even though analysts have recommended other automakers to investors for the EV wave, the Reddit crowd seems to think that Lucid is the better option in this regard.
Citi analyst Itay Michaeli has a Buy rating on Lucid Group, Inc. (NASDAQ:LCID) stock with a price target of $57. In an investor note, the analyst said that the EV tech credentials of the firm were generating strong brand momentum.
At the end of the third quarter of 2021, 18 hedge funds in the database of Insider Monkey held stakes worth $432 million in Lucid Group, Inc. (NASDAQ:LCID).
4. Meta Materials Inc. (NASDAQ:MMAT)
Number of Hedge Fund Holders: 4
Year-To-Date Gain: 229%
Meta Materials Inc. (NASDAQ:MMAT) markets smart materials and photonics. The stock has rallied amid interest from Redditors who are riding the “Meta” rally. Social media giant Facebook recently changed its name to Meta, boosting the share price of Meta Materials as a meme play.
Meta Materials Inc. (NASDAQ:MMAT) recently posted earnings for the third quarter, reporting earnings per share of -C$0.04. The revenue over the period was C$572,612, up more than 189% year-on-year.
At the end of the third quarter of 2021, 4 hedge funds in the database of Insider Monkey held stakes worth $8.8 million in Meta Materials Inc. (NASDAQ:MMAT), down from 5 in the preceding quarter worth $8.6 million.
3. Asana, Inc. (NYSE:ASAN)
Number of Hedge Fund Holders: 33
Year-To-Date Gain: 258%
Asana, Inc. (NYSE:ASAN) owns and runs a work management platform. The firm beat market estimates on earnings per share and revenue for the second fiscal quarter by $0.03 and $7 million respectively.
Jefferies analyst Brent Thill recently downgraded Asana, Inc. (NYSE:ASAN) stock to Hold from Buy but raised the price target to $135 from $115, citing valuation as one of the primary reasons behind the downgrade.
At the end of the third quarter of 2021, 33 hedge funds in the database of Insider Monkey held stakes worth $1 billion in Asana, Inc. (NYSE:ASAN), down from 22 the preceding quarter worth $592 million.
2. Big 5 Sporting Goods Corporation (NASDAQ:BGFV)
Number of Hedge Fund Holders: 17
Year-To-Date Gain: 153%
Big 5 Sporting Goods Corporation (NASDAQ:BGFV) is a sporting goods retailer. The short interest on the stock is very high at around 32% but the share price has soared amid interest from retail investors on Reddit.
Lake Street analyst Mark Smith has a Buy rating on Big 5 Sporting Goods Corporation (NASDAQ:BGFV) stock with a price target of $31. The analyst believes that the demand environment for the firm remains robust heading into the year-end.
At the end of the third quarter of 2021, 17 hedge funds in the database of Insider Monkey held stakes worth $42 million in Big 5 Sporting Goods Corporation (NASDAQ:BGFV), down from 19 in the preceding quarter worth $43 million.
1. Revolve Group, Inc. (NYSE:RVLV)
Number of Hedge Fund Holders: 25
Year-To-Date Gain: 154%
Revolve Group, Inc. (NYSE:RVLV) is an online fashion retailer based in California. The company recently beat market estimates on earnings per share and revenue for the third quarter by $0.07 and $29 million respectively.
Guggenheim analyst Seth Sigman recently assumed coverage of Revolve Group, Inc. (NYSE: RVLV) stock with a Buy rating and a price target of $100, noting that the firm offered a compelling growth story over the next few months.
At the end of the third quarter of 2021, 25 hedge funds in the database of Insider Monkey held stakes worth $229 million in Revolve Group, Inc. (NYSE: RVLV), up from 22 in the preceding quarter worth $211 million.
In its Q1 2021 investor letter, Polen Capital, an asset management firm, highlighted a few stocks and Revolve Group, Inc. (NYSE:RVLV) was one of them. Here is what the fund said:
“Revolve is a leading, next-generation online retailer of apparel, accessories, and beauty for fashion-forward people. During the pandemic, Revolve pivoted its offerings and strategy to adapt to the new normal. The company expanded into adjacent categories like beauty, activewear, and intimates, enabling it to serve its customers’ more immediate needs, increase wallet share, and touch more aspects of their lives. This strategy shift was a success. The company delivered record profitability and free cash flow during Q4 2020.
The leadership team intends to use this strong position to prioritize several key strategic investments as the world recovers from COVID-19, including strengthening their Owned Brands portfolio, expanding marketing, and accelerating brand building around the globe. The company reported a record high Net Promoter Score (NPS) for 2020. In geographies where COVID-19 is considered generally under control, the company has seen a return of customer demand for their traditional product categories as well.”
You can also take a peek at Why These 10 Stocks Fell on Monday and 10 Penny Stocks With Long-Term Growth Catalysts.
