Breaking News
Investing Pro 0
Ad-Free Version. Upgrade your Investing.com experience. Save up to 40% More details

Top 2 New Potential Meme Stocks

Stock MarketsSep 19, 2021 12:45
Saved. See Saved Items.
This article has already been saved in your Saved Items
 
Top 2 New Potential Meme Stocks

Meme stocks have become a powerful force on the stock market. At the time of writing, Reddit’s WallStreetBets forum has 10.8 million members (or “apes” as they like to call themselves). Some of these members have made multiple millions over the past year. So the collective action of this crowd can’t be denied.

This is why retail investors should keep an eye on emerging meme stocks that are starting to gain traction on the forum. Here are the top picks for potential new meme stocks in the months ahead.

Uranium meme stock If you thought industrial yellow sludge was too boring for the Reddit crowd, think again. The commodity’s price is up 20% in just the past few weeks, while some uranium stocks are up 20x over the past year!

That’s because someone is trying to squeeze the supply of uranium. Sprott Physical Uranium Trust was launched this year specifically to accumulate as much of the yellow stuff as possible. This should reduce supply on the open market, which was already constrained, at a time when energy demand is sky-high.

The company has a track record of success with uranium. Back in 2003-2007, they pushed the price of uranium all the way up to US$140. This month, the Sprott ETF is up 56%. Some believe the rally is just getting started, which is why Reddit meme stock hunters are getting involved.

Short squeeze My friend and colleague Andrew Button believes that Canada’s cannabis sector is still a prime candidate for a short squeeze. Especially Canopy Growth (TSX:WEED)(NYSE:CGC), the largest cannabis stock on the Canadian stock market.

Institutional investors are still bearish on Canadian weed stocks. But Canopy Growth has enough dry powder to take advantage of growing legalization across the U.S. This could be the catalyst that sends the stock surging back to its previous high, which is still 72% away.

Indeed, the stock is up 12% over the past month, so things could be turning around. Keep an eye on this opportunity.

Gaming meme stock Online sports betting and gaming have been a theme on Reddit for a while now. In fact, even Reddit’s favourite Cathie Wood is now getting involved. She added several U.S.-based gaming stocks to her exchange-traded funds recently.

Canada’s best gaming stock, Score Media and Gaming, has been acquired so that’s no longer a play. But investors could bet on emerging stocks like Enthusiast Gaming (TSX:EGLX)(NASDAQ:EGLX). The Toronto-based media company specializes in online and video game journalism. This sector should see steady growth as e-sports and streaming become ever-more popular.

From late 2020 to mid-2021, Enthusiast stock was up a whopping 655%. Since then, the stock has declined but is still on Reddit’s radar. A rebound to its previous high could double the company’s valuation.

The post Top 2 New Potential Meme Stocks appeared first on The Motley Fool Canada.

Fool contributor Vishesh Raisinghani owns shares of Sprott Physical Uranium Trust. The Motley Fool has no position in any of the stocks mentioned.

This Article Was First Published on The Motley Fool

Top 2 New Potential Meme Stocks
 

Related Articles

Is CP Rail Stock a Buy After Strong Earnings?
Is CP Rail Stock a Buy After Strong Earnings? By The Motley Fool - Oct 27, 2021

One of the companies many investors have on their radar of late, CP Rail (TSX:CP)(NYSE:CP) is an intriguing company to watch. Indeed, CP Rail stock has been on a nice upward...

The 3 Best Energy Stocks to Buy as Gas Prices Soar
The 3 Best Energy Stocks to Buy as Gas Prices Soar By The Motley Fool - Oct 27, 2021

Gasoline prices reached $1.45 a litre in the first week of October according to data from retail analytics firm Kalibrate. This is the highest gas prices have reached since 2014....

Add a Comment

Comment Guidelines

We encourage you to use comments to engage with users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind: 

  • Enrich the conversation
  • Stay focused and on track. Only post material that’s relevant to the topic being discussed.
  • Be respectful. Even negative opinions can be framed positively and diplomatically.
  •  Use standard writing style. Include punctuation and upper and lower cases.
  • NOTE: Spam and/or promotional messages and links within a comment will be removed
  • Avoid profanity, slander or personal attacks directed at an author or another user.
  • Don’t Monopolize the Conversation. We appreciate passion and conviction, but we also believe strongly in giving everyone a chance to air their thoughts. Therefore, in addition to civil interaction, we expect commenters to offer their opinions succinctly and thoughtfully, but not so repeatedly that others are annoyed or offended. If we receive complaints about individuals who take over a thread or forum, we reserve the right to ban them from the site, without recourse.
  • Only English comments will be allowed.

Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at Investing.com’s discretion.

Write your thoughts here
 
Are you sure you want to delete this chart?
 
Post
Post also to:
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Thanks for your comment. Please note that all comments are pending until approved by our moderators. It may therefore take some time before it appears on our website.
 
Are you sure you want to delete this chart?
 
Post
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Add Chart to Comment
Confirm Block

Are you sure you want to block %USER_NAME%?

By doing so, you and %USER_NAME% will not be able to see any of each other's Investing.com's posts.

%USER_NAME% was successfully added to your Block List

Since you’ve just unblocked this person, you must wait 48 hours before renewing the block.

Report this comment

I feel that this comment is:

Comment flagged

Thank You!

Your report has been sent to our moderators for review
Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.
Continue with Google
or
Sign up with Email