Boy, how the mighty have fallen. Former hypergrowth streaming superstar FuboTV (NYSE:FUBO) has been on a rather incredible decline over the past year. In fact, FUBO stock is now down nearly 90% from its 52-week high.
Indeed, the hypergrowth rally we saw in the first quarter of last year has not materialized this year. In fact, we’re seeing impressive downside pressure with anything growth related. High-growth stocks in the streaming space, even more so.
However, FuboTV is turning things around today. This stock is up more than 5% on a relatively strong day in the markets. Tech stocks are rebounding hard, despite continued macro concerns, as investors focus in on strong earnings from tech juggernauts.
Let’s dive into what’s driving this rebound in FuboTV today.
Why Is FUBO Stock Soaring Today?
Well, it helps that many of FuboTV’s peers are on the move higher today. Overall, technology is seeing some strong upside pressure in early afternoon trading. Indeed, FuboTV appears to be one stock of many enjoying a strong backdrop for growth-related stocks.
However, FuboTV has also generated some headline attention due to the NFL draft, which kicks off today. The company happens to be one of the top streaming options for football fanatics to watch the action live. Accordingly, investors appear to like what this could mean for subscription growth, at least for this quarter.
While this is a short-term catalyst, it’s still a positive one for FUBO stock. I expect to see more eyeballs and engagement, which could drive retail investor interest. How long this interest will last, however, remains to be seen.
Personally, I’m still on the sidelines with this stock, as I’m not seeing the fundamental growth story other investors did last year. However, anything’s possible, and this is a company that looks to have some near-term momentum. That’s a great thing for traders, at least.
On the date of publication, Chris MacDonald 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.