Meme stocks are all the rage in the last few years. Reddit channels like WallStreetBets boosted share prices to all-time highs, only to sell them off when shares got out of control. It was a risky, volatile situation that left a lot of really great companies unsure of what to do.
It also left investors unsure of what to do. While these companies continued to do well, should you really consider meme stocks if they’re in this volatile situation?
Luckily, that situation has passed in the case of these three meme stocks. What’s more, each could offer substantial opportunities for investors willing to hold long-term.
Cameco
First up, I have to say Cameco (TSX:CCO) is probably the best choice for those seeking long-term income from meme stocks like this one. Cameco stock saw shares quickly climb to all-time highs when meme traders decided to narrow their focus on uranium companies.
Yet this company is in the best position for long-term growth among uranium stocks. That’s because it’s currently the world’s second largest producer of uranium. It’s also the largest publicly traded uranium miner. Therefore, if you’re looking for a great buy, this could be it.
Why? Because the world desperately needs uranium. The transition to renewable energy means there is going to be a major focus on nuclear power. Power that’s powered by uranium. What’s more, sanctions against Russia means there are countries that no longer have the cheap uranium provided by the country.
All-in-all, Cameco stock is one of the best options among meme stocks right now. Shares are up 17% year to date, but have plenty more room to grow. Especially in the next decade and beyond.
BlackBerry stock
Another top choice among meme stocks is BlackBerry (TSX:BB). Far from its smartphone roots, BlackBerry stock has grown into a huge provider of cybersecurity and software protection in electric vehicles. This electric vehicle boom is where you could certainly see a lot of growth in the future, but don’t forget about cybersecurity as well.
Public and private enterprises alike have tapped BlackBerry stock to protect their data. That’s huge, and is only going to become a larger opportunity in the future. The mix of both EV growth and cybersecurity growth therefore puts BlackBerry stock in a strong position for the future.
Today, however, shares of BlackBerry stock are a shadow of earlier days as meme stocks to watch. Shares are down 45% year to date, though it retains a strong balance sheet. It would take just 39.7% of its total equity to cover all its debts at this point. So this could still be a strong company to hold long-term.
Tilray stock
One of the companies that seems to be picking up the pace is Tilray (TSX:TLRY). The company recently announced the acquisition of Montauk Brewing Company, and plans to expand its beverage options even further. While it’s not exactly clear what this will entail, Tilray stock has been taking on these beverage opportunities a lot in recent years.
Tilray stock, however, is also one of the meme stocks we saw rise and fall during the cannabis craze. Because of this, many investors have all but ignored the company. However, I would definitely recommend at least a second look. Cannabis is here to stay, and the recent moves at the White House suggest there could be major growth in the near future.
With 19 states currently legalizing recreational use, a further five are up for that use as well during this month’s midterm elections. There could therefore be a surge in companies like Tilray stock with U.S. exposure.
So while Tilray stock is down 42% year to date, keep an eye on this one. It could certainly be a strong long-term hold with legalization well underway.
