A concerted effort by retail investors caused short squeeze on the GameStop (NYSE:GME), leading its stock to skyrocket over 1,500% in just a few days, and this is how “meme investing” first gained public attention in January 2021. The soaring cryptocurrency market, which saw Bitcoin (BTC-USD) hit an all-time high of $69,000, provided a remarkable backdrop for this incredible event. The recent increase in stock price followed the previous trend, leaving many puzzled as to when the Gamestop stock will rise again. These are my forecasts.
Future meme stock rallies should reward companies that arouse investor enthusiasm and institutional suspicion without already bearing the meme stock moniker. These three stocks have the potential to rise at least as much as GameStop in the correct market environment.
Virgin Galactic (SPCE)
The perfect meme stock is Virgin Galactic (NYSE:SPCE). Retail investors are drawn to it since it is first space tourism company to actually go public through SPAC deal led by former Meta Platforms (NASDAQ:META) executive Chamath Palihapitiya. The notion of space tourism presents a fresh and exciting opportunity that is expected to attract investors seeking unexplored markets outside the purview of establishment investors.
Virgin Galactic’s first commercial space flight, which took place in June 2023, gave the stock a big boost. As income from space tourism begins to roll in, the company’s unique position in the market—with seats priced at $450,000—may inspire more investors.
Fisker (FSR)
The electric vehicle (EV) business Fisker (NYSE:FSR) has entered the meme stock space, attracting interest from a group of individual investors who are concerned about sustainability. Fisker, which has struggled with performance in the past, recently signed a deal with the institutional investor to boost cash flow for operating expenses, setting itself up for possible profits in 2024. Given that Fisker has a market valuation of less than $500 million, many investors find him to be a compelling target.
Although Fisker has turned into a meme stock, according to Tom Bruni of Stocktwits, the company has not yet met its financial projections. Nonetheless, the latest financial accord offers heightened adaptability for tactical transactions, potentially revitalizing investor enthusiasm.
Spirit Airlines (SAVE)
After a botched $3.8 billion attempt at purchase by JetBlue (NASDAQ:JBLU), which was halted by the US Department of Justice due to antitrust concerns, Spirit Airlines (NYSE:SAVE) has become the latest meme stock. Spirit lost over half of its market value due to the acquisition turmoil, but founder of Barstool Sports Dave Portnoy became a significant supporter.
Calling Spirit “the people’s airline,” Portnoy commended the company for eschewing the PR mishaps that have befallen other low-cost carriers. Spirit has a market valuation of less than $1 billion, thus it has significant potential for those investors searching for cheap opportunities. This recommendation caused Spirit’s stock value to double at its highest point.
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The Future of Meme Investing
Retail investors may feel more confident and have more liquidity to get back into meme stocks if there is a chance for a bitcoin bull market to rebound. The possibility of the three stocks—Virgin Galactic, Fisker, and Spirit Airlines—soaring is worth keeping an eye on, even though it’s unclear if the market conditions will completely mirror the 2021 highs.
