3 Top Reddit Stocks That Aren’t AMC (NYSE:AMC)

AMC Entertainment Holdings (NYSE:AMC) stock has been getting a lot of attention, but BlackBerry (TSX:BB)(NYSE:BB) is worth looking at, too.

| More on:
Two colleagues working on new global financial strategy plan using tablet and laptop.

Image source: Getty Images

AMC Entertainment Holdings (NYSE:AMC) stock has been getting a lot of attention lately. By far the most talked-about meme stock of 2021, it has risen dramatically in a short period of time. As of this writing (after market close on June 15), it has risen 3,000% for the year.

That’s a pretty astonishing gain for a stock that looked like it was down for the count just a year ago. The COVID-19 pandemic had a devastating effect on movie theatres — the industry that AMC operates in. With lockdown orders sweeping North America, AMC had to close almost all of its locations. Its stock tanked. And for a while, it looked like it would stay down. Until the Pfizer vaccine was announced in November of 2020, there was no telling when the pandemic would end. It was only when the vaccine announcement was made that stocks like AMC began rising.

And rise AMC did! In a year that saw many meme stocks rally, AMC rose the most, easily beating notable multi-baggers like GameStop (NYSE:GME). AMC’s rally has been so extreme, in fact, that many investors have forgotten that the other “meme stocks” even exist. That’s a shame, because many of them are very interesting in their own right. In this article, I’ll explore three meme stocks that AREN’T AMC — starting with a Canadian stock many will be familiar with.

BlackBerry

BlackBerry (TSX:BB)(NYSE:BB) is Canada’s meme stock — a tech company whose stock rose dramatically in January and February. BB didn’t see as dramatic an appreciation as AMC or even GameStop, but it was a pretty big deal earlier in the year. At one point, it was up 300% for the year, but it has given up most of its gains since then.

BlackBerry’s most recent fiscal year was pretty disappointing. In it, revenue and earnings both declined — in fact, earnings were negative. Perhaps the earnings miss was part of why BB wasn’t as successful as other meme stocks this year. Nevertheless, with a vast and growing car software business with some huge corporate clients under its belt, BB is very much a company worth watching.

GameStop 

GameStop is the stock that kicked off the meme stock phenomenon back in January. It all started when a Redditor named RoaringKitty noticed that the stock was overvalued and excessively shorted. He discussed his opinions online, and the rest is history.

GameStop definitely has some things going for it. Its main business — physical game sales at retail stores — is undeniably in decline. But the company is also branching out to e-commerce, which helped contribute to its 25% year-over-year sales growth in its most recent quarter.

Nokia 

Last but not least, we have Nokia (NYSE:NOK). Nokia is a wireless technology company that used to be the world’s largest cell phone maker. It’s not anymore — the iPhone thing kind of killed its business — but it still has a presence in the industry. Today, Nokia builds a variety of smartphones, Smart TVs and streaming devices.

In many ways, Nokia is similar to BlackBerry — a formerly dominant smartphone company that got crushed when the big U.S. tech players entered the industry. Today, though, it’s very different. Whereas BlackBerry has pivoted away from hardware and toward software, Nokia remains firmly in the electronics industry. In general, Nokia has a reputation as a “has been” company, but that didn’t stop its stock from rising 65% in the first meme stock rally of January 2021.

This article represents the opinion of the writer, who may disagree with the “official” recommendation position of a Motley Fool premium service or advisor. We’re Motley! Questioning an investing thesis — even one of our own — helps us all think critically about investing and make decisions that help us become smarter, happier, and richer, so we sometimes publish articles that may not be in line with recommendations, rankings or other content.

Fool contributor Andrew Button has no position in any of the stocks mentioned. The Motley Fool recommends BlackBerry.

More on Tech Stocks

work from home
Tech Stocks

Could Lightspeed Stock Be a Big Winner in 2023?

Investors can capitalize on Lightspeed’s low valuation and benefit from the recovery in its price.

Read more »

IMAGE OF A NOTEBOOK WITH TFSA WRITTEN ON IT
Tech Stocks

TFSA Passive Income: How I’m Investing to Make $2,000/Year From Dividends

I am increasing my dividend income by investing in dividend stocks like the Toronto-Dominion Bank.

Read more »

Electric car being charged
Tech Stocks

Is Now The Time to Buy EV Stocks?

EV stocks may be down now, but don't count them out. They'll soon be back up again, so now may…

Read more »

Happy shoppers look at a cellphone.
Tech Stocks

Better Buy: Amazon vs. Apple Stock

While both Amazon and Apple have bright long-term prospects, Apple stock looks like the best tech company to invest in…

Read more »

A stock price graph showing declines
Tech Stocks

Has Blackberry Stock Finally Stopped the Slide?

Blackberry has not yet delivered the kind of financial results that we know it can, but this is about to…

Read more »

Car, EV, electric vehicle
Tech Stocks

Chinese Stocks are Soaring: This TSX Stock Could Gain

Magna International stock could benefit from China's economic re-opening.

Read more »

Money growing in soil , Business success concept.
Tech Stocks

1 Oversold Growth Stock to Buy for Major Returns in 2023

This growth stock could be the best Canadian stock to buy now for 2023, with shares possibly doubling back to…

Read more »

Hands holding trophy cup on sky background
Tech Stocks

Could BlackBerry Stock Be a Big Winner in 2023?

BlackBerry (TSX:BB) stock more than halved last year amid the tech stock selloff. Could 2023 be a winning year for…

Read more »