2 Stocks That Have More Than Doubled in the Past Year and Still Have Room to Run

Key Points

• FuboTV's business is already improving even before it merges with a larger streaming platform.

• SoFi's financial results look incredibly strong, and it still has attractive growth opportunities.

• 10 stocks we like better than fuboTV ›

Although they have faced some issues, FuboTV (NYSE: FUBO) and SoFi Technologies (NASDAQ: SOFI) have rebounded significantly. Both companies have seen their shares more than double over the trailing-12-month period. At this point, many investors might wonder if it's too late to invest in these stocks. The answer, in my view, is a resounding no. Even with their excellent recent runs, there is still plenty of upside for FuboTV and SoFi Technologies. Here is more on these potential long-term market beaters.

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1. FuboTV

FuboTV, a sports-focused streaming service, recently saw its shares surge after announcing preliminary second-quarter results. The company expects revenue of over $365 million, well above the midpoint of its guidance of $345 million. FuboTV is also projecting that its paid subscribers for the period will come in ahead of the midpoint of its prior guidance. That's all well and good, but FuboTV's stock is up by more than 100% this year for another reason. The company is merging with Disney's Hulu+ Live TV.

This move will address several problems for FuboTV. First, it will help diversify its offerings. The world of sports is somewhat seasonal, and fans sometimes pay for subscriptions accordingly. Second, Disney has now given up on Venu, a competitor to FuboTV in the sports streaming niche it was considering launching with two other media giants. This kind of competition would have been challenging for FuboTV to overcome, considering its subscriber growth rates were dropping and the company remained unprofitable.

Third, FuboTV now has the backing of Disney, a media juggernaut with a successful streaming platform. Disney will become FuboTV's majority owner once the deal closes. No doubt, the House of Mouse will utilize its expertise and industry knowledge to guide FuboTV and help it achieve success. There is still ample room for growth in streaming as cable continues to decline.

And although the new FuboTV will still encounter competition, it is now on much more secure footing than it was a year ago, not least because of a $145 million term loan from Disney and a $220 million payment from the former backers of the Venu venture. The fact that FuboTV's core business, excluding Hulu, is performing even better than expected -- as the company's preliminary results showed -- makes the stock even more attractive. There should be plenty of upside for investors who hold on to this stock for a while.

2. SoFi Technologies

SoFi does its business entirely online. It does not have a single retail location. Although legacy banks have adapted to this model, it has been SoFi's strategy from the beginning, and the company has gained popularity for this reason, especially among younger generations. This model also enables SoFi to reduce overhead costs. And although it faced significant volatility some years ago, the company has been on fire over the trailing-12-month period: Shares are up by more than 200%.

It's not hard to understand why when we look at SoFi's financial results. In the second quarter, SoFi's total net revenue was up 43% year over year to $854.9 million, while its net income came in at $97.2 million, a whopping 459% higher than the year-ago period. Importantly, SoFi's ecosystem continues to grow. The company ended the quarter with 11.7 million members and 17.1 million products, representing a 34% year-over-year increase in both metrics.

Note what this means: SoFi has an average of 1.5 products per member despite having a pretty long list of offerings. This grants the company significant growth potential even within its current ecosystem by cross-selling existing products to its members. Sure, it is already doing that. SoFi pointed out that during the second quarter, 35% of new products were opened by existing members. Still, there is considerable room to grow, thanks to the company's expanding user base. Furthermore, SoFi has consistently expanded its product platform and should continue to do so. That's another way it can improve its financial results.

Lastly, SoFi will benefit in the long run as banking activity continues to shift to online channels. The stock may experience volatility if the economy enters a recession. That would affect demand for some of the company's products. That said, downturns don't last forever, and thanks to its significantly improved business recently -- including turning a profit -- SoFi looks better equipped than ever to handle economic challenges. Even if there is one on the way, the company could overcome it and continue growing long after. That's why the stock remains attractive today even after its recent run.

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Prosper Junior Bakiny has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Walt Disney and fuboTV. The Motley Fool has a disclosure policy.