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Why fuboTV Is Running 15% Higher This Week

By Rich Duprey - Jun 4, 2021 at 8:31AM

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The live-streaming sports platform has more than just the Reddit crowd to offer investors.

What happened

Shares of fuboTV (FUBO -15.59%) were running over 15% higher this week as the live-streaming sports platform enjoyed momentum from being both a so-called "meme stock" that's heavily shorted and having positive developments in its business.

So what

Reddit traders were rallying again around some of their favorite issues this week seeking a summer redux of the trading frenzy that captivated the markets back in January. 

Friends cheering a sports event in their living room.

Image source: Getty Images.

Meme stocks like fuboTV (which has 21% of its outstanding shares sold short), AMC Entertainment Holdings, GameStop, and Sundial Growers were all running higher this week, but fuboTV actually offered long-term investors something more than merely a rally point for taking on the monied interests.

Ahead of the holiday weekend last week, it announced its programming lineup for the upcoming Qatar World Cup qualifying matches for the South American Football Confederation, called CONMEBOL, and followed that up with an announcement earlier this week that it was upgrading its app dashboard with enhancements for user engagement, such as streaming live sports data during an event and quizzes for viewers to win prizes.

Now what

fuboTV investors have a lot to look forward to beyond chat room traders backing their stock. The live-streaming platform has exclusive streaming rights to 70 CONMEBOL matches and the dashboard upgrade is a prelude to its sports betting launch to come later this year. Those are the kinds of catalysts long-term investors in the live-streamer service stock should stay focused on.

Rich Duprey has no position in any of the stocks mentioned. The Motley Fool recommends fuboTV, Inc. The Motley Fool has a disclosure policy.

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Stocks Mentioned

fuboTV, Inc. Stock Quote
fuboTV, Inc.
$5.36 (-15.59%) $0.99
GameStop Corp. Stock Quote
GameStop Corp.
$40.52 (-3.96%) $-1.67
AMC Entertainment Holdings, Inc. Stock Quote
AMC Entertainment Holdings, Inc.
$21.36 (-13.91%) $-3.45
SNDL Inc. Stock Quote
$2.97 (-2.94%) $0.09

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