Amidst Delta variant scares and the Federal Reserve’s taper talks, some would argue that the broader stock market is seeing volatility now. Accordingly, this could see investors looking at the best meme stocks in the stock market today. Sure, this group of stocks is prone to bouts of volatility. That’s because the source of their gains stems from social media hype. For more adventurous investors, this could be the next play as the reopening trade continues to slow. Now, a factor to consider is, do any of the major names in the meme trade hold long-term growth potential?
Arguably, there are some notable players in the meme trade now that are making moves. For instance, we could look at Tilray (NASDAQ: TLRY). Adding to its popularity as one of the top marijuana stocks, the company is aggressively positioning itself to benefit from U.S. federal legalization. This seems to be the case as Tilray acquired a $165.8 million stake in MedMen, an American cannabis retailer, yesterday. Furthermore, CEO Irwin Simon hinted that Tilray could fully acquire MedMen when weed is legal at the federal level.
At the same time, domestic merchandise retailer Bed Bath & Beyond (NASDAQ: BBBY) is partnering up with Safely. Through the collaboration, BBBY will be bringing Safely’s array of high-quality home care and cleaning products to its network of stores nationwide. Given the current pandemic conditions, this would be a highly relevant play by the company. Aside from all this, consumer staples like Beyond Meat (NASDAQ: BYND) are also involved in the Reddit stock trend now. Overall, there is no shortage of meme stocks for investors to choose from now. Could one of these three be worth jumping on?Best Meme Stocks To Buy [Or Sell] Ahead Of September 2021Paysafe Limited.
Paysafe is a leading specialized payments platform. In fact, the company enables businesses and consumers to connect and transact seamlessly through industry-leading capabilities in payment processing, digital wallet, and online cash solutions. It also has over 20 years of online payment experience with over 3,000 employees located in over 12 global locations. Furthermore, it connects businesses and consumers across 70 payment types in over 40 currencies around the world. PSFE stock currently trades at $8.29 as of 12:53 p.m. ET.
On Monday, the company reported very strong second-quarter financials. Jumping in, Paysafe reported that its total payment volume increased by 41% year-over-year to $32.3 billion. Notably, total revenue for the quarter was $384.3 million, increasing by 13% year-over-year. The company also posted a net income of $6.6 million compared to a net loss of $15.9 million a year earlier. Paysafe also says that it expanded digital commerce across attractive verticals. This includes digital goods, crypto, financial services, and travel.
The company also announced that it will be acquiring SafetyPay. SafetyPay is a leading payments platform that enables e-commerce transactions via an unrivaled choice of open banking and e-cash solutions, operating primarily in Latin America. It acquired SafetyPay for $441 million in an all-cash transaction. This is also the latest deal to strengthen the company’s strategic foothold in Latin America, building on its recently announced acquisition agreement with Peruvian payments platform, PagoEfectivo. For these reasons, will you consider adding PSFE stock to your watchlist right now?Source: TD Ameritrade TOS
The Wendy’s Company
The Wendy’s Company is a holding company for the major fast-food chain, Wendy’s. To begin, it is one of the world’s largest hamburger fast-food chains, with over 6,800 locations. The chain is known for its square hamburgers, sea salt fries, and the Frosty, a form of soft-serve ice cream mixed with starches. WEN stock currently trades at $23.80 as of 12:53 p.m. ET. The company reported solid second-quarter financials on August 11, 2021.
In detail, the company reported a total revenue of $493.3 million, up by 22.6% year-over-year. Net income for the quarter was $65.7 million, up by an impressive 163.9%. “We are thrilled to once again increase our 2021 financial outlook across all key financial metrics, driven by a transformative quarter that showcased our continued momentum and the overall strength of our business,” President and Chief Executive Officer Todd Penegor said. “Our robust growth continued in the second quarter, as sales significantly exceeded our expectations, leading to restaurant-level margins of more than 20 percent and record profits, fueling our restaurant economic model.”
Furthermore, it will be increasing its 2021 outlook. For instance, it will now expect global systemwide sales growth to be between 11% to 13%. The company also expects an adjusted EBITDA of $465 to $475 million and an adjusted earnings per share to range from $0.79 to $0.81. Wendy’s also increased its quarterly dividend to $0.12 per share, a 20% increase. All things considered, will you buy WEN stock?Source: TD Ameritrade TOS Tesla Inc.
Following that, we will be taking a look at Tesla. Now, this titan in the electric vehicle (EV) industry is a long-standing name in the current Reddit stock trade. For the most part, this would be thanks to CEO Elon Musk’s immense social media presence. Earlier this year, Musk lit a fire under obscure cryptocurrency Dogecoin via a series of tweets, leading to its current time in the spotlight. As it stands, TSLA stock currently trades at $677.27 as of 12:53 p.m. ET. Regardless, the company’s work in the EV market is no small feat.
In its latest quarter fiscal posted last month, Tesla saw green across the board. For starters, it reported a record quarterly revenue of $11.96 billion, marking a whopping 98% year-over-year surge. Moreover, Tesla also saw its net income and earnings per share for the quarter skyrocket by 998% and 920% respectively. On top of all that, the company ended the quarter with a cool $16.23 billion, an 88% year-over-year jump.
If that wasn’t enough, Tesla does not seem to be slowing down anytime soon on the operational front. Yesterday, the company revealed a new custom chip for training artificial intelligence (AI) networks in data centers. In line with its AI Day event, the newly announced D1 chip is part of Tesla’s Dojo supercomputer system. Simply put, all this would serve to further bolster the company’s industry-leading EVs with cutting-edge AI software. Given all of this, would you consider TSLA stock a top buy now?Source: TD Ameritrade TOS