FuboTV (NYSE:FUBO) Shares Rise 6.2% After Analyst Upgrade

FuboTV Inc. (NYSE:FUBO) experienced a 6.2% increase in its share price during trading on Tuesday, following an upgrade from Needham & Company LLC, which raised its price target for the stock from $2.00 to $3.50. Needham has also given the stock a buy rating. FuboTV shares reached a high of $2.98 and ended the day at $3.02. During this trading session, approximately 15,380,051 shares changed hands, which is a significant decrease of 73% compared to the average daily volume of 57,433,832 shares. The stock had closed at $2.84 the previous day.

Analyst Opinions on FuboTV

Additional commentary from other research analysts indicates a growing interest in FuboTV. Roth MKM reaffirmed a "neutral" rating while raising its price target to $4.75, up from $2.00, in a report released on January 7th. Huber Research has also upgraded FuboTV to a "strong-buy" rating in a report from January 31st. Furthermore, Wedbush maintained an "outperform" rating with a price target of $6.40 for the stock. Overall, there are four analysts with a hold rating, three who have issued a buy rating, and one who rates the stock as a strong buy. According to MarketBeat.com, FuboTV has a consensus rating of "Moderate Buy" with a target price average of $4.01.

Insider Trading Activity

In related news, FuboTV's CFO, John Janedis, sold 25,823 shares on February 21st at an average price of $4.16, totaling approximately $107,423.68. This sale was disclosed in a regulatory filing. Similarly, COO Alberto Horihuela sold 5,868 shares on January 10th, at an average price of $5.98, which amounted to around $35,090.64. Post-sale, he retains 1,446,730 shares, valued at approximately $8,651,445.40, reflecting a 0.40% reduction in his holdings. In the previous quarter, insiders sold 1,861,426 shares valued at $9,721,411, with company insiders currently holding 7.00% of the stock.

Institutional Investments in FuboTV

Recent adjustments by institutional investors and hedge funds indicate a positive outlook for FuboTV. The Manufacturers Life Insurance Company increased its stake by 2.5% in the fourth quarter, now holding 109,816 shares worth $138,000 after acquiring additional shares. Corebridge Financial Inc. also raised its holdings by 2.1%, owning 160,328 shares valued at $202,000 after purchasing more shares. Xponance Inc. expanded its position by 19.1%, now owning 23,002 shares worth $29,000. Invesco Ltd. increased its stake by 1.8%, with 487,104 shares valued at $614,000. Arizona State Retirement System also increased its holdings by 10.7%, amounting to 95,578 shares worth $120,000. Overall, institutional and hedge fund investors control 39.31% of FuboTV’s stock.

FuboTV Company Overview

The current market capitalization of FuboTV stands at $1.01 billion, with a negative price-to-earnings ratio of -4.51 and a beta of 1.99. The company’s debt-to-equity ratio is 1.50, and it has a current ratio of 0.54 as well as a quick ratio of 0.54. FuboTV maintains a 50-day simple moving average of $3.56 and a 200-day simple moving average of $2.29. Founded in 2009 by David Gandler, Alberto Horihuela, and Sung Ho Choi, FuboTV provides subscriptions to sports, news, and entertainment content over various streaming platforms, including TVs, mobile devices, tablets, and computers.

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