3 Reddit Stocks Set to Soar From 52-Week Lows
Source: Ink Drop / Shutterstock
As we come closer to the end of the year, investors are hoping for a respite from the bear market. With the economy struggling with the highest inflation numbers seen in decades and rising interest rates, 2022 has been a terrible year. Included among the most damaged have been Reddit stocks. The good news is experts predict that the bear market will end in Dec. or somewhere in the first quarter. Whether this comes to pass or not, we will see. However, one thing is for sure. The bear market won’t last forever, which is why I’m looking at damaged Reddit stocks today.
fuboTV (NYSE:FUBO) is a popular streaming service that is known for offering live access to all the biggest sporting events. As more people turn away from traditional cable TV in favor of cutting-edge streaming services, such as fuboTV, it has quickly become one of the hottest Reddit stocks.
Like many high-growth companies, fuboTV is losing money, as it continues expanding and scaling its operations. This makes sense. The streaming company must invest heavily in new technology and marketing to capture an increasing share of the highly competitive streaming video market. Not only are fuboTV’s offerings more comprehensive than those of its competitors. But it also has a unique focus on sports programming that sets it apart from other streaming services. However, as fuboTV continues to grow and gain market share, we can expect profitability to increase alongside its revenue growth.
fuboTV expects to see increased revenues in 2022 and beyond, with sales exceeding $1 billion. Profitability is not far when you consider this kind of explosive growth.With fuboTV on track for continued success in the years to come, investors would do well to keep this promising streaming service on their radar. When discussing Reddit stocks, you cannot ignore this one.
SoFi Technologies (SOFI)
SoFi Technologies (NASDAQ:SOFI) is an online personal finance company that offers a variety of financial products for its customers. Whether you need to refinance your student or auto loans, arrange a mortgage, apply for a personal loan, or take advantage of SoFi’s credit card and investing options, SoFi has something to offer everyone.
SoFi was founded in 2011 to provide affordable student loan debt relief to thousands of young people across the country. Driven by a desire to give back and make a difference, SoFi quickly emerged as one of the leading fintech companies in the industry.
Although starting with student loan refinancing, SoFi is not a one-trick pony. It offers a variety of other financial products and services – including mortgages, personal loans, and wealth management. Having a comprehensive fintech ecosystem helped maintain momentum despite the pause on federal student loan payments. In the fiscal year of 2021, SoFi reported net revenue of over $1 billion, an increase of 63% year-over-year that places it among one of the fastest-growing fintech companies.
Netflix (NASDAQ:NFLX) has long been the dominant player in the streaming video space. However, over the past few years, Netflix has seen increasing competition from new services like Disney (NYSE:DIS) and Amazon’s (NASDAQ:AMZN) Prime Video.
In early 2022, Netflix reported two consecutive quarters of negative subscriber growth, spooking investors and leading to a sharp decline in Netflix shares. But in a stunning reversal, Netflix turned things around in Q3. The streamer added 2.4 million net subscribers to its user base and exceeded analyst expectations. Netflix also announced some big changes to its business model, including introducing an ad-supported subscription tier and stricter enforcement of password sharing. These changes could significantly impact Netflix’s subscriber base. From here, it remains to be seen just how successful Netflix will be in implementing them. However, one thing is clear. Netflix is not content to rest on its laurels. It is always looking for new ways to stay ahead of the curve and appeal to consumers. It places the company among the best Reddit stocks around.
On the publication date, Faizan 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.