Shares of fuboTV (NYSE:FUBO) 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.
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.
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.
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.
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