2 Canadian Meme Stocks That Could Outperform in October and Beyond

Here’s why BlackBerry (TSX:BB)(NYSE:BB) and Cineplex (TSX:CGX) are two top Canadian meme stocks retail investors are watching.

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This year has been a crazy one, to say the least. The rise of meme stocks has changed the investing game. Retail investors have found new power in numbers, and institutional investors now must manage their expectations of how much or how little the small guy can impact stock prices.

The rise of social media platforms to support retail investors has driven much of this rise. Various investing groups have caught on to specific attributes that may make certain stocks shoot higher in parabolic fashion over the near term. Most of these stocks have been based in the U.S.

However, there are two Canadian meme stocks that offer meme-stock-like upside. This upside comes with significant risk. However, for investors looking for such plays north of the border, here are two options to look at right now.

Top Canadian meme stocks: BlackBerry

In the past few years, BlackBerry (TSX:BB)(NYSE:BB) has emerged as a giant in the field of providing software solutions to the global automotive industry. Formerly a smartphone maker, BlackBerry has made the shift to become a pure-play software company.

The company’s expertise in cybersecurity and advanced QNX OS has resulted in this accomplishment. Its technology is utilized in roughly 200 million vehicles globally today. 

The organization is now accelerating its efforts in becoming a leader in the autonomous and EV technology sector. For speeding up its automotive technology efforts, BlackBerry has also entered partnerships with tech behemoths like Baidu and Amazon Web Services.

BlackBerry is still a company in turnaround mode. Accordingly, many investors are looking for substantial revenue growth before jumping in. That said, this is a high-risk, high-reward play that has moved in violent fashion this year. Investors looking for a repeat next year may want to look at this stock. After all, it’s one with solid growth fundamentals.

Cineplex 

Cineplex (TSX:CGX) is another company that may not have the cachet of its American cinema peers right now. However, Cineplex remains a solid pandemic reopening play, if not a meme stock, for investors to consider right now.

Similar to other economically sensitive stocks, Cineplex was absolutely walloped by the pandemic. With movie theatres having officially reopened for some time, expectations of revenue growth from this pandemic-induced trough have excited many investors.

Picking up a quality company on the cheap is what many investors are after. In this regard, Cineplex stock certainly looks enticing. Trading around $13.50 per share, this stock has fallen a long way from its highs of over $50 per share a few years ago.

Can Cineplex recover to those levels? Time will tell.

However, speculators have reason to like the upside Cineplex stock could have in a bull market for pandemic recovery plays.

Indeed, there’s no doubt Cineplex is s a company with a large hill to climb. That said, the upcoming movie slate for Cineplex looks to be strong. Accordingly, this is a short-term stock I’ve got my eye on right now.

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 Chris MacDonald has no position in any stocks mentioned. John Mackey, CEO of Whole Foods Market, an Amazon subsidiary, is a member of The Motley Fool’s board of directors. The Motley Fool owns shares of and recommends Amazon and Baidu. The Motley Fool recommends BlackBerry and CINEPLEX INC. and recommends the following options: long January 2022 $1,920 calls on Amazon and short January 2022 $1,940 calls on Amazon.

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