Check Out These 4 Top Entertainment Stocks This Week
With the broader stock market starting off the week on a high, entertainment stocks could be in focus this week. Ideally, as investors look towards core economic figures ahead, the growth of the reopening trade would come into question. Should these metrics indicate signs of recovery for the economy, top entertainment stocks are likely to see some gains. For the most part, this would serve to benefit travel stocks who are well-positioned to make the most of post-pandemic in-person entertainment trends. Sure, some of the more prominent airline stocks today have mostly taken a breather over the past month. This would be the case as investors rotated out of reopening stocks towards growth stocks. However, given the current weakness among leading names such as American Airlines (NASDAQ: AAL) and Southwest Airlines (NYSE: LUV), some could see a buying opportunity now.
On the flip side, should the numbers show a further deceleration on the economic front, other entertainment stocks could gain as well. Primarily, more stay-at-home type players in the industry that help consumers unwind would range from cannabis stocks to even gaming stocks. This would include companies such as Trulieve Cannabis (OTCMKTS: TCNNF) and Unity (NYSE: U).
In fact, even Ark Invest CEO Cathie Wood appears bullish on digital entertainment now. Evidently, Wood recently purchased over 870,000 shares of DraftKings (NASDAQ: DKNG) at roughly $42.2 million, scooping up the shares at discount. All things considered, some would argue that it is a wise time to look towards the top entertainment stock now. If you share the same sentiment, here are four worth knowing in the stock market today.
Entertainment Stocks To Watch This Week
- Roblox Corporation (NYSE: RBLX)
- Norwegian Cruise Line Holdings Ltd. (NYSE: NCLH)
- Penn National Gaming Inc. (NASDAQ: PENN)
- Tilray Inc. (NASDAQ: TLRY)
Roblox Corporation
Roblox is a video game developer that is based in San Mateo, California. The company’s platform allows tens of millions of people around the world to have fun with their friends in immersive digital experiences. It is ranked as one of the top online entertainment platforms for audiences under 18 and its popularity is driven by its community of users and developers. RBLX stock currently trades at $92.79 as of 12:09 p.m. ET and is up by over 6% during Monday morning’s trading session.
On June 15, 2021, the company reported its May 2021 key metrics. Firstly, daily active users (DAU) were 43 million, up by 28% year-over-year. Secondly, engagement hours were a whopping 3.2 billion, up by 9% year-over-year. Revenue for the month was estimated to be between $149 million to $151 million, up by 123% to 126% year-over-year. Last week, the company also announced the launch of an exclusive Stranger Things experience on Roblox. “Stranger Things is one of Netflix’s most iconic shows, and now it has a persistent space in the Roblox Metaverse where fans can experience and interact with the franchise in exciting new ways,” said Christina Wootton, Vice President of Brand Partnerships at Roblox. Given the popularity surrounding its Metaverse, will you consider buying RBLX stock?
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Norwegian Cruise Line Holdings Ltd.
Norwegian Cruise (NCLH) is a leading global cruise company that operates the Norwegian Cruise Line and Oceania Cruises. It is one of the largest cruise companies in the world and has a combined fleet of 28 ships that offers over 450 destinations worldwide. The company, despite the pandemic, plans to introduce 9 additional ships through 2027. NCLH stock currently trades at $29.36 as of 12:09 p.m. ET and is up by over 70% in the past year.
Earlier in the month, the company announced additional voyages as part of its U.S. voyage resumption plan. Norwegian Cruise Line plans to set sail at the beginning of summer 2021 with voyages from New York, Los Angeles and Miami. Voyages expected to operate in the U.S. are contingent on obtaining a Conditional Sailing Certificate from the U.S. Centers for Disease Control and Prevention (CDC). All initial voyages will operate with fully vaccinated guests and crew in addition to the Company’s robust, multi-layered SailSAFE health and safety program. With that in mind, is NCLH stock a top entertainment stock worth buying?
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Penn National Gaming Inc.
Penn is an entertainment company that focuses on casinos and racetracks. The company is one of the biggest comebacks in the stock market. Despite being devastated by the pandemic last year, the company made a successful entry into the online sportsbook market. Also, it now operates 41 gaming and racing properties in 19 states and video gaming terminal operations with a focus on slot machine entertainment. In essence, it is now an omnichannel provider of retail and online gaming, live racing, and sports betting. PENN stock currently trades at $75.09 as of 12:10 p.m. ET. and is up by over 140% in the last year.
The company received final regulatory approval to acquire the operations of Hollywood Casino Perryville in late May. Penn entered into a definitive agreement with Gaming and Leisure Properties (NASDAQ: GLPI) in December 2020 to acquire the property for $31.1 million in cash. The company also reported stellar first-quarter financials in May. In it, the company posted revenue of $1.27 billion. This strong revenue was driven by contributions from its online Barstool Sportsbook and its iCasino platforms. All things considered, will you buy PENN stock?
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Tilray Inc.
Following that, we have the leading name in the consumer-focused cannabis industry today, Tilray Inc. Now, for those looking to invest in more passive forms of entertainment, TLRY stock would be a viable play now. Furthermore, the company boasts a world-class portfolio consisting of cannabis-based packaged goods. The likes of which it manufactures and markets in the U.S., Canada, Europe, Australia, and Latin America. Moreover, the company is also in the business of making alcoholic beverages via its subsidiary, the Sweetwater Brewing Company. Given the focus of Tilray’s offerings towards the home entertainment market, TLRY stock could be worth watching now. As it stands, the company’s shares are currently trading at $18.91 as of 12:10 p.m. ET.
In early June, the company announced the launch of Symbios, a new brand of medical cannabis. Symbios will complement Tilray’s already impressive brand of medical cannabis in Canada. It will provide a broader spectrum of formats and unique cannabinoid ratios at a better price point while offering medical patients a full comprehensive assortment of products. The launch of this new product is in line with the company’s business and global growth strategy. As it continues to build momentum across its medical brands, its patients will have a broader range of unique product formats to meet their needs and preferences. With this exciting piece of news, will you consider TLRY stock a buy?
