Considering how markets have been moving so far this year, you might feel that meme stocks are a thing of the past. Once the markets take a bullish turn, though, expect the retail trading frenzy to feature again.

It’s been a forgettable year for equity markets, with the S&P 500 off to its worst start in years. Naturally, the notorious social media-driven meme stock movement has been largely quiet this year.

Plenty of so-called meme stocks have attracted plenty of attention online and offer a healthy upside ahead.

With the markets in the doldrums, many of these meme stocks are trading at historical lows. Hence, here are seven meme stocks that you should probably take seriously.

Snap (SNAP)

Social media giant Snap (NYSE:SNAP) has had a torrid time on the stock market this year. The headwinds in the advertising space have significantly weighed down its results of late.

Its engagement metrics remain robust, though, as evidenced by its second-quarter results. Additionally, its latest Snapchat+ service has attracted a million paying subscribers in less than six weeks of its release. Hence, the stock is investable at its current beaten-down valuation but needs to post better profitability metrics as we advance.

Snapchat has been a hyper-growth business that’s generated over 60% revenue growth on average over the past five years.

With the proliferation of similar mobile apps, including its biggest competitor in TikTok, such numbers may be virtually impossible to achieve for SNAP. Nonetheless, its daily active users continue to grow by double-digit margins, and the long-term potential of Snapchat+ makes it an attractive bet at current prices.

AMC (AMC)

AMC (NYSE:AMC) was one of the two original meme stocks that went parabolic last year.

AMC stock rallied throughout the year in spurts, but it’s taken a hammering so far this year. Risky investments have fallen out of favor with investors, and AMC, with its massive debt load, certainly fits the bill.

Recent quarterly performances have shown that there’s still a massive growth runway in the movie theater business despite the popularity of streaming.

In the past five quarters, AMC’s revenues have grown by an average of 801%. Naturally, these stellar results were led by blockbuster releases that performed significantly better than analyst expectations.

Looking ahead, the content slate for the tail-end of the year is led by some of the most iconic franchises, which bodes well for AMC and its peers. It comes with a lot of risk, but AMC has plenty of upside potential and is investable at current prices.

Rivian Automotive (RIVN)

Rivian Automotive (NASDAQ:RIVN) was one of the hottest EV stocks last year when it went public at a whopping $78 per share price in November.

A week later, it traded at $172.01 before pulling back considerably. Fast-forward to this year, and the stock has shed almost 70% year-to-date. However, it’s still on track to deliver 25,000 vehicles this year, and with impressive growth in pre-orders, it could be an excellent long-term bet.

Rivian recently reported its second-quarter results, which showed a substantial increase in operating losses. However, it reaffirmed its full-year delivery guidance and delivered a remarkable 4,401 vehicles during the quarter.

The company also has ample cash equivalents totaling $15.4 billion, and its belt-tightening measures will help ramp up production.

Its flagship R1 truck’s pre-orders continue to grow rapidly, in addition to its 100,000 EV order from Amazon (NASDAQ:AMZN). Therefore, despite the hefty risk, it’s in a strong position to move forward with its objectives at an accelerated pace.

Clover Health (CLOV)

Shares of Medicare Advantage insurer Clover Health (NASDAQ:CLOV) have taken a massive haircut since it fell out of favor with retail investors.

The company has been criticized for overestimating and essentially misleading its investors about the competencies of its patient management system, called Clover Assistant.

Still, its subscriber base is growing at a healthy pace, and with secular tailwinds in play, you should probably side with the bulls.

Clover recently posted its second-quarter results, where revenues grew at a tremendous 105.3% on a year-over-year basis to $846.7 million. Its insurance membership is expected to fall in the 84,000 to 85,000 range this year, representing 26% to 27% growth from last year.

CLOV is looking to boost its profitability metrics by absorbing new members on the platform and slowing down expansion. Such a move is imperative to control its profitability metrics, such as its Medical Care Ratio (MCR).

It’s already delivering on those promises. CLOV’s earnings per share ratio improved to a negative 22 cents in the second quarter from a negative 78 cents posted in the same quarter last year.

Geo Group (GEO)

Shares of Geo Group (NYSE:GEO) spiked after legendary investor Michael Burry sold off his entire holding apart from GEO stock.

Burry has been a maverick in the investing world, and his nod of approval for GEO stock is of major significance. A lot has to do with his pessimism toward the short-term future of the economy. Geo operates a recession-proof business which should effectively tackle the macro-economic pressures.

Geo generates revenues by leasing facilities to the government. Most of its revenues come from leasing its prison and detention spaces, which have proven to be recession-proof over the years.

GEO remains an excellent bet at this point as it continues to generate consistent revenues. Additionally, it trades at just 0.44 times forward sales, more than 60% lower than the sector median.

Carvana (CVNA)

Carvana (NYSE:CVNA) has been affected by the drop in discretionary spending. In each quarter last year, its sales grew by triple-digit margins, but since then, growth rates have cooled off considerably.

Management is looking to control operating expenses to move towards profitability. Carvana plans to achieve significant positive EBITDA by 2023. Its gross profit per unit in its second quarter improved sequentially from $2,833 to $3,368.

The company plans to build on that progress and expects its total GPU to top estimates in the upcoming quarters.

CVNA acquired the online used car auction website ADESA, which will put close to 78% of the U.S. population within a 100-mile radius of a Carvana inspection and reconditioning center.

Carvana’s long-term bull case is interesting and could pay many dividends to patient investors.

TravelCenters of America (TA)

TravelCenters of America (NASDAQ:TA) impressed one and all with its sizzling second quarter results. Its top-line grew by a remarkable 68% on a year-over-year basis while its EPS was up a remarkable 113% from the prior-year period.

These smashing results kickstarted a post-earnings rally, where TA stock jumped a healthy 19%.

TA franchises travel centers and truck service facilities in the U.S. Its competitive advantage over its peers is that its facilities have massive truck spaces catering to over 200 trucks.

The higher volume allows the company to offer a variety of amenities and alternate energy options to its customers. Additionally, it’s been investing heavily in improving IT systems to drive performance and efficiency. Consequently, it’s now the eighth straight quarter of improved adjusted EBITDA for the business.

On the date of publication, Muslim Farooque did not have (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.