7 Meme Stocks to Buy on the Dip: August 2024

Core Viewpoint - The article suggests that while "meme mania" may not return soon, there are opportunities to buy certain stocks that have experienced meme-like rallies but are not traditional meme stocks, focusing on company-specific catalysts for potential rebounds [1]. Group 1: Investment Opportunities - Stocks that have strong rebound potential are highlighted, particularly those with company-specific catalysts rather than relying on a new "meme wave" [1]. - Pre-revenue meme stocks could see significant price increases with announcements of major commercialization progress [1]. - Established stocks with meme-like qualities may benefit from better-than-expected fiscal results and guidance [1]. Group 2: Specific Stock Analysis - Archer Aviation (ACHR): An early-stage company in the electric vertical take-off and landing sector, has made significant progress towards commercialization despite not generating material revenue yet. The stock has pulled back sharply, but hitting small milestones could drive significant price increases [3]. - Celsius Holdings (CELH): A beverage company that has seen revenue grow from $75.1 million in 2019 to nearly $1.5 billion recently. After a price drop from nearly $100 to below $40 per share, it is now considered reasonably priced with potential for continued growth due to overseas expansion [5][6]. - Nvidia (NVDA): While primarily a "Mag 7" stock, its popularity among retail traders makes it noteworthy. Concerns about a slowdown in the AI boom have led to a pullback, but upcoming fiscal results could change sentiment significantly [7][8]. - Paramount Global (PARA): Although not a traditional meme stock, it could gain popularity if it successfully transitions to a streaming-focused business model. A pending merger with Skydance may be crucial for this transformation [9][10]. - Super Micro Computer (SMCI): This stock surged during the AI boom but has since dropped significantly. It now trades at 16.6 times earnings, and expectations have been lowered, which may allow for positive surprises in future results [11][12]. - SoFi Technologies (SOFI): This fintech company has struggled recently but is now scaled to profitability. Analysts forecast a fourfold increase in earnings next year, suggesting potential for significant upside [14][15]. - SoundHound AI (SOUN): Recent acquisition news has led to a more favorable outlook for this AI audio company. The acquisition of Amelia for $80 million is expected to be accretive to earnings, with analysts raising their price target from $5 to $7 per share [16][17].