From Nasdaq: 2024-05-13 11:59:00

Meme Mania: COVID-19 fueled the perfect storm for a “Meme” stock craze in 2020. With stimulus checks and increased liquidity, Americans flooded the market. Wallstreetbets and Roaring Kitty orchestrated a short squeeze on GameStop, leading to a 1600% surge in GME shares in January 2021.

Roaring Kitty, the GameStop guru, made a meme-worthy comeback, causing GME shares to jump over 100%. Lessons learned from the meme craze include the importance of patience, caution during market turbulence, and expectation of high volatility in meme stocks.

Looking beyond GME, meme stock enthusiasts might consider Novavax, Reddit, and Tesla for more stable options. Novavax saw a surge after partnering with Sanofi. Reddit is benefiting from the AI revolution, and Tesla is a classic meme stock with potential catalysts and a reasonable valuation.

With meme stocks making a comeback, investors may want to focus on fundamentals and catalysts. Zacks is offering a free report on 5 stocks to consider before Election Day, including companies in the medical, rental, energy, aerospace, and defense sectors.



Read more at Nasdaq: Meme Mania is Back: Buy these 3 Stocks