S&P 500   5,123.41
DOW   37,983.24
QQQ   438.27
5 Trends You Need to Know This Quarter
MarketBeat Week in Review – 4/8 - 4/12
Diplomat tapped as Latvia's new foreign minister as incumbent quits following flights scandal
It's almost April 15. Here's how to reduce stress and get your taxes done
Nearing 50 Supreme Court arguments in, lawyer Lisa Blatt keeps winning
The craze for Masters gnomes is growing. Little golf-centric statue is now a coveted collector item
How O.J. Simpson burned the Ford Bronco into America's collective memory
S&P 500   5,123.41
DOW   37,983.24
QQQ   438.27
5 Trends You Need to Know This Quarter
MarketBeat Week in Review – 4/8 - 4/12
Diplomat tapped as Latvia's new foreign minister as incumbent quits following flights scandal
It's almost April 15. Here's how to reduce stress and get your taxes done
Nearing 50 Supreme Court arguments in, lawyer Lisa Blatt keeps winning
The craze for Masters gnomes is growing. Little golf-centric statue is now a coveted collector item
How O.J. Simpson burned the Ford Bronco into America's collective memory
S&P 500   5,123.41
DOW   37,983.24
QQQ   438.27
5 Trends You Need to Know This Quarter
MarketBeat Week in Review – 4/8 - 4/12
Diplomat tapped as Latvia's new foreign minister as incumbent quits following flights scandal
It's almost April 15. Here's how to reduce stress and get your taxes done
Nearing 50 Supreme Court arguments in, lawyer Lisa Blatt keeps winning
The craze for Masters gnomes is growing. Little golf-centric statue is now a coveted collector item
How O.J. Simpson burned the Ford Bronco into America's collective memory
S&P 500   5,123.41
DOW   37,983.24
QQQ   438.27
5 Trends You Need to Know This Quarter
MarketBeat Week in Review – 4/8 - 4/12
Diplomat tapped as Latvia's new foreign minister as incumbent quits following flights scandal
It's almost April 15. Here's how to reduce stress and get your taxes done
Nearing 50 Supreme Court arguments in, lawyer Lisa Blatt keeps winning
The craze for Masters gnomes is growing. Little golf-centric statue is now a coveted collector item
How O.J. Simpson burned the Ford Bronco into America's collective memory

3 Outperforming Stocks Partying Like It's 2020

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3 Outperforming Stocks Partying Like Its 2020

Key Points

  • In 2023, the new year has ushered in a new mindset reminiscent of 2020.
  • DraftKings is already up 50% year-to-date.
  • Until there are signs that the heavy institutional hitters are back in the DraftKings game, it’s probably best to sit on the sidelines. 
  • Since Plug Power provided its annual business update on January 25th, five analysts have reiterated their buy ratings on the stock.
  • Investors willing to wait out Farfetch stock could be in for some stylish gains.
  • 5 stocks we like better than DraftKings

It’s never too late for a curtain call.

Some stocks partied like rock stars coming off the March 2020 market bottom. As doomsday pandemic fears faded, it was the most risky (and often least profitable) companies that took center stage. Meme stocks and SPACs stole the show with some outrageous gains.

Then came a sobering reality check. 

The post-Covid economy quickly developed into one of rampant inflation and rising interest rates. This sent the high-flying superstars backstage as the market shifted its focus back to valuation and profitability. By the end of last year, many of these stocks sunk back below early pandemic lows.

In 2023, the new year has ushered in a new mindset reminiscent of 2020. Signs of cooling inflation and hopes for moderating rate hikes have investors bidding up the biggest losers of the previous two years. Growth potential, regardless of fundamental quality, is back in style.

The short-term gains booked in long-forgotten names like Tesla, Block and even Zoom Technologies are drawing comparisons to their huge advances of 2020. How long this encore performance lasts is unknown, especially with economists predicting a recession. 

Is this the beginning of an epic second act for 2020’s biggest winners? Or will they again get booed off stage?

Is it Game On for DraftKings Stock?

DraftKings Inc. NASDAQ: DKNG is already up 50% year-to-date. Not bad for a company yet to report fourth-quarter earnings or provide a 2023 outlook. The sports betting operator does have positive regulatory momentum on its side. It launched an online sportsbook in Maryland around Thanksgiving and one in Ohio on New Year’s Day. The DraftKings Sportsbook is now live in 21 U.S. states and legislation is pending in several other states. 

However, state approvals for online sports betting could slow from last year and weigh on revenue growth. And with MGM, Wynn and rival FanDuel entering the sportsbook arena, DraftKings finds itself in a fierce battle for market share. Some on Wall Street see the company booking its first profitable quarter by year-end, but this is far from a sure bet.


The lack of volume behind the rally makes it hard to get excited about DraftKings. The 223 million shares traded in January 2023 was roughly half the average of the prior 12 months — and well below the monthly volume during the 2020 heyday. Until there are signs that the heavy institutional hitters are back in the DraftKings game, it’s probably best to sit on the sidelines. 

Does Plug Power Stock Have Good Upside? 

No domestic large-cap stock performed better than Plug Power Inc. NASDAQ: PLUG in 2020. The maker of the hydrogen fuel cell (HFC) solutions for e-mobility surged 973% that year, outracing even Tesla. So far this year, it is up nearly 30% and trying to regain the $20 level for the first time since October 2022. 

Last week, the stock broke through 250-day resistance in decent volume but has pulled back (albeit in lower volume). Another bullish development on the daily chart is the appearance of a flag pattern on January 31st. This told traders that Plug Power’s share price might be recharging from a brief halt to resume the sharp rally from the December 2022 bottom.

If the stock can make another convincing push past long-term resistance, it could clear the way for a run back to $30. 

Recent action from Wall Street research firms agrees with the charts. Since Plug Power provided its annual business update on January 25th, five analysts have reiterated their buy ratings on the stock. The group favors the company’s long-term growth prospects in electric vehicles and stationary power and material handling.

Has Farfetch Stock Bottomed?

Online clothes and accessories retailer Farfetch Ltd. NYSE: FTCH is advancing nicely off its record low and finding support at the 50-day moving average line. The volume associated with the move suggests the recovery could have legs. Last month, 315 million shares were traded, the most the stock has ever seen in an up month (including during its 517% surge of 2020). 

A bullish ‘head & shoulders’ pattern has emerged on Farfetch’s daily chart this year. The classic formation points to the start of a new uptrend after accumulation on the downtrend fizzled out at the end of 2022. 

Farfetch has yet to reach profitability from a fundamental standpoint but is trending in the right direction. The Street’s revenue estimates for the first three quarters of 2023 imply accelerating growth culminating with record revenue in the third quarter.

Profits aren’t expected to arrive until at least 2024 as the retailer works towards reaching a critical mass of luxury fashion shoppers. Investors willing to wait this out could be in for some stylish gains.

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Should you invest $1,000 in DraftKings right now?

Before you consider DraftKings, you'll want to hear this.

MarketBeat keeps track of Wall Street's top-rated and best performing research analysts and the stocks they recommend to their clients on a daily basis. MarketBeat has identified the five stocks that top analysts are quietly whispering to their clients to buy now before the broader market catches on... and DraftKings wasn't on the list.

While DraftKings currently has a "Moderate Buy" rating among analysts, top-rated analysts believe these five stocks are better buys.

View The Five Stocks Here

10 Best Cheap Stocks to Buy Now Cover

MarketBeat just released its list of 10 cheap stocks that have been overlooked by the market and may be seriously undervalued. Click the link below to see which companies made the list.

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Companies Mentioned in This Article

CompanyMarketRank™Current PricePrice ChangeDividend YieldP/E RatioConsensus RatingConsensus Price Target
DraftKings (DKNG)
2.155 of 5 stars
$44.22-2.7%N/A-25.27Moderate Buy$46.46
Plug Power (PLUG)
3.8149 of 5 stars
$2.89-2.4%N/A-1.26Hold$6.05
Farfetch (FTCH)
0 of 5 stars
$0.00-100.0%N/A-0.16Hold$5.57
Tesla (TSLA)
4.6462 of 5 stars
$171.05-2.0%N/A39.69Reduce$198.81
Block (SQ)
2.7209 of 5 stars
$76.99-3.8%N/A470.94Moderate Buy$84.41
Zoom Video Communications (ZM)
4.6573 of 5 stars
$61.63-1.4%N/A30.21Hold$77.56
MGM Resorts International (MGM)
4.635 of 5 stars
$42.48-5.0%N/A13.40Moderate Buy$55.34
Wynn Resorts (WYNN)
3.5919 of 5 stars
$101.18-3.5%0.99%16.92Moderate Buy$121.36
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