5 Rebounding Meme Stocks to Buy in August

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In this article, we discuss the 5 rebounding meme stocks to buy in August. If you want to read about some more rebounding meme stocks to buy in August, go directly to “A Sudden Resurrection”: 10 Rebounding Meme Stocks to Buy in August.

5. SmileDirectClub, Inc. (NASDAQ:SDC)

Number of Hedge Fund Holders: 18  

Percentage Increase in Share Price Over Past Month as of August 10: 17% 

SmileDirectClub, Inc. (NASDAQ:SDC) operates as an oral care firm. The company posted earnings for the second quarter of 2022 on August 8, reporting losses per share of $0.17, missing market estimates by $0.02. The revenue over the period was $126 million, down more than 26% compared to the revenue over the same period last year and missing market estimates by $15.8 million. The firm said it expected full year revenue of up to $500 million versus estimates of more than $600 million. 

On June 17, Stifel analyst Jonathan Block maintained a Hold rating on SmileDirectClub, Inc. (NASDAQ:SDC) stock and lowered the price target to $1 from $2, noting that adjustments had been made to the overall outlook on the firm following reviews of first quarter 10-Q filings. 

At the end of the first quarter of 2022, 18 hedge funds in the database of Insider Monkey held stakes worth $27 million in SmileDirectClub, Inc. (NASDAQ:SDC), compared to 16 in the preceding quarter worth $9 million.

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