Stocks to buy

For the best meme stocks to buy, it’s all about stocks that have become popular lately with retail traders, and at the same time have attributes that make them worthy of consideration based on fundamentals, not merely hope and hype.

Among the most popular stocks among Reddit’s r/WallStreetBets community, a few names fit both criteria. For the most part, these are what one would consider “growth at a reasonable price.”

Yes, these names are not necessarily “cheap” based on traditional valuation metrics such as price-to-earnings. Still, they represent good value. These names trade at earnings multiples that are arguably reasonable or even more-than-reasonable relative to forecast growth.

In addition, there are a few names that fit within the value stocks category. Hence, no matter your investing approach, there are solid opportunities to be found, such as with these three best meme stocks to buy.

Lyft (LYFT)

Source: OpturaDesign /

Lyft (NASDAQ:LYFT) may have made a big typo in its initial press release for its latest quarterly earnings, but make no mistake. There’s a good reason this rideshare stock didn’t give back all of its post-earnings gains when this error was corrected.

Sure, forecasted adjusted EBITDA margin of 50 basis points is not nearly as impressive as the initially reported 500 basis point figure. However, this still leaves Lyft on track to experience its first year of generating positive free cash flow.

Assuming further successful execution of its turnaround strategy, the company could deliver earnings per share in line with forecasts during 2024 and 2025 (59 cents and 83 cents, respectively).

Achieving consistent and rapidly-rising profitability points to further runway ahead for LYFT stock, even after the recent meme mania for shares. This makes it one of the best meme stocks to buy.

Occidental Petroleum (OXY)

Source: T. Schneider /

Occidental Petroleum (NYSE:OXY) remains very popular with the meme stock crowd. Perhaps, this is due to continued purchasing of the stock by Warren Buffett’s Berkshire Hathaway (NYSE:BRK.A,NYSE:BRK.B).

However, to some, it may seem like attaining Buffett’s “seal of approval” has resulted in shares becoming pricey.

OXY stock trades for 14.2 times forward earnings, while comparable names in the energy space trade at forward valuations in the high single-digits/low teens. Yet while Oxy may look richly-valued based on its forward P/E, as a Seeking Alpha commentator recently argued, shares are a steal at current prices.

Furthermore, the expected benefits from Occidental’s pending deal to acquire CrownRock, as well as other factors such as share repurchases, could all serve as catalysts to send shares higher. All of this may explain why Warren Buffett remains as bullish on this stock as the meme traders.

Super Micro Computer (SMCI)


If you’ve read my coverage of other AI hardware stocks, you may think I wouldn’t consider Super Micro Computer (NASDAQ:SMCI) one of the best meme stocks to buy.

Yet while I’ve been skeptical about the speculative frenzy surrounding another major name in this category, it may be sustainable here.

Why? SMCI stock has skyrocketed higher, as this company cashes in the generative artificial intelligence boom. While certainly not cheap at 40.7 times forward earnings, this valuation is reasonable, when compared to expected future growth.

Super Micro Computer has experienced rapid growth over the past two fiscal years. During the next fiscal year (ending June 2025), growth will stay at elevated levels. Consensus calls for revenue growth of 33%, and earnings growth of 30.7%.

This may be enough for SMCI to maintain its earnings multiple, with shares climbing higher in tandem with increased earnings.

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

Thomas Niel, contributor for, has been writing single-stock analysis for web-based publications since 2016.