If You Can Only Buy One Meme Stock in April, It Better Be One of These 3 Names 

Stocks to buy

For risk-tolerant investors, now might be a good time to consider these meme stocks to buy. The broader indices, such as the S&P 500 and Nasdaq Composite, have seen a steady rise in recent months. The upward trend in the major indices can be a compelling reason for investors to explore potential opportunities in the meme stock space.

The rise in the broader market indices suggests that investor sentiment is improving, which could positively impact meme stock performance. Meme stocks, often associated with high volatility and speculative trading, tend to be more sensitive to changes in investor sentiment and market momentum.

The appetite for risk is back and in full swing again, and I don’t expect it to subside anytime soon. So, to take advantage of this, here are three meme stocks to buy in April that are best positioned to capitalize on it.

Coinbase Global (COIN)

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Coinbase Global (NASDAQ:COIN) stands out in the finance sector, especially with the increasing interest in cryptocurrencies such as Bitcoin (BTC-USD). With COIN being heavily tethered to the health of the Bitcoin ecosystem, it follows that it, too, could go on an enormous rally, evidenced by its 295% climb over the last year.

Furthermore, the company anticipates favorable macroeconomic conditions for risk assets, supported by a continuation of disinflation trends. That is part of a broader phase transition for the asset class, moving away from the “crypto winter” of previous years.

COIN’s performance in 2023 was notable, with shares rising by approximately 40% since the beginning of the year, significantly outperforming the S&P 500’s gain of 10%. The growth was bolstered by the company’s Q1 earnings and revenues, which exceeded estimates.

I expect the best is yet to come for COIN, making it one of those meme stocks to buy, but it will be a choppy road ahead.

Uber Technologies (UBER)

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Uber Technologies (NYSE:UBER) has seen its share of ups and downs but remains a key player in the gig economy.

In 2023, UBER experienced significant growth across its platforms, including a 24% year-over-year (YoY) increase in trips, reaching 2.6 billion. UBER also expanded its membership program, Uber One, to 25 countries and launched its advertising efforts across several new markets, achieving a 75% YoY increase in active advertising merchants. 

For 2024, UBER has set ambitious targets. The company forecasts $5 billion in adjusted earnings and projects gross bookings to reach between $165 billion and $175 billion. It aims to be cash flow positive by the end of the year and anticipates its advertising business to generate $1 billion in gross bookings.

These factors and more make UBER one of those meme stocks to buy, as UBER’s financial performance in the fourth quarter of 2023 outstripped expectations, with adjusted EBITDA jumping 93% to $1,283 million.

Advanced Micro Devices (AMD)

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Advanced Micro Devices (NASDAQ:AMD) has garnered attention for its innovations in the semiconductor industry.

For 2023, AMD reported a diverse performance across its segments. Data Center revenue saw a substantial increase, primarily driven by sales of AMD Instinct GPUs and 4th Gen AMD EPYC CPUs, marking a YoY growth of 38% in the fourth quarter.

Looking ahead to the first quarter of 2024, AMD expects revenues of around $5.4 billion, with Data Center GPU revenues forecasted to grow significantly, reaching beyond $3.5 billion for the year. The company also anticipates a gross margin of approximately 52%.

What I like the most about AMD, though, is its valuation is far cheaper than its competitors in the semiconductor industry, trading at just 12 times sales. It could be an undervalued bargain if one wants to scoop up shares of a strong semiconductor company.

On the date of publication, Matthew Farley did not hold (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.

Matthew started writing coverage of the financial markets during the crypto boom of 2017 and was also a team member of several fintech startups. He then started writing about Australian and U.S. equities for various publications. His work has appeared in MarketBeat, FXStreet, Cryptoslate, Seeking Alpha, and the New Scientist magazine, among others.

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