3 Meme Stocks That Could Double Your Money in Just 3 Months

Backed by robust revenue growth, the stocks of these emerging companies can move like altcoins

meme stocks - 3 Meme Stocks That Could Double Your Money in Just 3 Months

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Meme stocks can be likened to altcoins in terms of volatility and the ferocity of price action. Getting into the right meme stock can potentially imply multibagger returns in a matter of months.

Without doubt, there is a significant element of speculation when it comes to these stocks. I however prefer to consider exposure to meme stocks that have fundamental reasons for surging higher. Additionally, meme stocks with decent fundamentals and a high short interest are worth buying for stellar returns at the blink of an eye.

This column therefore focuses on meme stocks that are backed by companies with a growth story. These stocks are likely to surge by 100% in the next three months. While it’s a trading idea, I would not hesitate in holding these stocks for the next few quarters for outsized returns.

Let’s discuss the reasons that make these meme stocks worth buying.

Bitfarms (BITF)

Day trader buying selling crypto currency bitcoin concept. Stocks to buy as the crypto frenzy continues

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Bitcoin (BTC-USD) is back to the bullish mode after some correction from all-time highs. With the halving even due, it’s likely that the cryptocurrency will continue to make new highs. Bitfarms (NASDAQ:BITF), is an undervalued Bitcoin miner that seems poised for a big rally in the next few months.

From a fundamental perspective, there are two reasons to like Bitfarms. First, the Company has zero-debt and reported a liquidity buffer of $118 million as of December 2023. The recent at-the-market offering of $375 million further boosts the Company’s financial flexibility.

Further, Bitfarms has aggressive growth plans this year that will translate into stellar revenue and cash flow growth. As of February, the Company reported hash rate capacity of 6.5EH/s. Bitfarms is targeting to increase capacity to 21EH/s in the second half of 2024. This will also ensure that growth is robust in 2025 along with significant EBITDA margin expansion.

IAMGOLD (IAG)

A pile of shining gold bars. Gold stocks

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IAMGOLD (NYSE:IAG) stock has seen good momentum with a rally of 18.7% in the last one month. However, the stock remains undervalued at a forward price-earnings ratio of 23.7. It’s worth noting that gold is above $2,200 an ounce and higher realized price would imply healthy growth and robust free cash flows for the Company.

That’s not the only reason to be bullish on IAMGOLD. The Company has commenced production in Côté Gold asset in March. It’s among the largest gold mines in Canada and production is expected at 220,000 and 290,000 ounces for the year. The asset will therefore provide strong bump-up in growth and free cash flows. This is likely to translate into big upside for IAG stock.

It’s worth noting that the Company has strong financial flexibility with a liquidity buffer of $754.1 million as of Q4 2023. This provides flexibility for aggressive exploration activity in an attractive pipeline that includes Gosselin, Nelligan and Chibougamau district.

Tilray Brands (TLRY)

Marijuana leaves on various colors of green and yellow on top of a black background representing HITI stock.

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Tilray Brands (NASDAQ:TLRY) is another meme stock that’s likely to skyrocket relatively soon from undervalued levels. It’s worth noting that in the last five trading sessions, TLRY stock has surged by almost 20%. I expect the positive momentum to sustain backed by two factors.

First, it’s the election year and there will be renewed focus on cannabis legalization. Potential catalysts include federal level legalization or the rescheduling of marijuana as a Schedule III drug. The U.S. Food and Drug Administration has already recommended the Drug Enforcement Administration to move cannabis to Schedule III. In any of these outcomes 100% returns are likely at the blink of an eye.

Further, Tilray has been reporting good quarterly numbers. For Q2 2024, the Company reported record revenue of $194 million, which was higher by 34% on a year-on-year basis. International revenue growth was robust at 55% with the medicinal cannabis segment being the growth driver. Tilray has also guided for adjusted positive free cash flow for the current financial year. With all these catalysts, I expect a massive rally for the stock.

On the date of publication, Faisal Humayun 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 InvestorPlace.com Publishing Guidelines.

Faisal Humayun is a senior research analyst with 12 years of industry experience in the field of credit research, equity research and financial modeling. Faisal has authored over 1,500 stock specific articles with focus on the technology, energy and commodities sector.


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