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As meme stocks continue to dominate Wall Street, the allure of potential windfalls has captivated many investors. The surge in these stocks, largely triggered by coordinated actions on platforms like Reddit’s r/WallStreetBets forum, may seem irrational but is indicative of a larger trend.
Behind the scenes, a David-versus-Goliath narrative is emerging, pitting individual investors against hedge funds in their quest for market dominance. While motives vary, from idealistic goals to attempts at short squeezes, the potential for exponential growth remains a driving force for these meme stocks.
Three such stocks are currently in the spotlight for March, showing promising signs of upward momentum.
Revolutionizing the Plate: Beyond Meat (BYND)
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Beyond Meat (NASDAQ:BYND), a pioneer in the vegan food industry, gained meme stock status post its 2019 IPO, attracting a fervent following from retail investors. Despite recent challenges, including workforce reductions aimed at cost savings, the company’s resilience remains a point of interest.
In Q4’23, Beyond Meat reported a net loss of $338.1 million, showing improvement from the previous year despite significant non-cash charges. While the road ahead may be bumpy, with adjusted EBITDA at a loss of $269.2 million, the stock’s recent 33.18% surge attests to investor optimism.
Innovation Amidst Nostalgia: BlackBerry (BB)
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BlackBerry (NYSE:BB) may have transitioned from smartphones to cybersecurity, but its legacy brand and potential turnaround story have kept investors hooked. Recent financial highlights, including total revenue of $151 million in the last quarter of FY2023, show promising signs for BB’s future.
While EPS estimates for the next year remain negative, analysts are bullish on BlackBerry’s valuation, with a 44.23% potential increase projected over the next twelve months.
Powering the Future: Advanced Micro Devices (AMD)
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Advanced Micro Devices (NASDAQ: AMD) has gained widespread attention for its cutting-edge microchips, with retail traders fueling its meteoric rise as a top meme stock challenger to Intel.
Despite traditional analyses questioning its valuation, AMD continues to impress, with Q4 2023 earnings meeting expectations at $0.77 per share and revenue slightly exceeding estimates at $6.17 billion. Projections for FY 2024 are optimistic, with EPS estimates ranging from $0.41 to $1.31 across quarters and an annual average estimate of $3.05 EPS.
With a growing focus on data center revenue, driven by AI advancements, AMD’s upward trajectory appears poised for continued success, making it an attractive prospect for risk-tolerant investors.
On the date of publication, Matthew Farley did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
Matthew began his financial market coverage during the 2017 crypto boom and has since contributed to various fintech startups and publications, sharing insights on Australian and U.S. equities.
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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
