On the back of a strong first-quarter earnings report, Sportradar (NASDAQ: SRAD) surged on Wednesday. Prior to that, shares of the sports betting data provider did a lot of nothing for an extended period of time. One professional money manager believes the stock’s best days are ahead.

In an extensive Wednesday post on X (formerly Twitter), Radnor Capital — the pseudonym for a fund manager that wants to remain anonymous — said current sentiment on Sportradar stock could be similar to what was seen with DraftKings (NASDAQ: DKNG) a couple of years ago. That being a sound business model  attached to shares that don’t reflect fundamental strength.

My best guess (again, I’ve been wrong) is that sentiment around this stock mimics what Draft Kings was a couple years ago – people thought Draft Kings was a decent business but would never be a good stock because they would never get leverage on their massive customer acquisition costs. Draft Kings is up ~4x since that narrative was popular,” noted Radnor.

Radnor also owns shares of DraftKings. In terms of share price performance, it’s been a rough go for Sportradar since its September 2021 initial public offering (IPO). The stock’s final print for that month was $21.83. It closed at $10.60 yesterday.