FuboTV (NYSE:FUBO) Shares Gap Down After Insider Selling

FuboTV Inc. (NYSE:FUBO)’s share price gapped down before the market opened on Wednesday following insider selling activity. The stock had previously closed at $5.46, but opened at $4.63. FuboTV shares last traded at $4.71, with a volume of 33,341,018 shares trading hands.

Specifically, CEO David Gandler sold 1,425,888 shares of the company’s stock in a transaction dated Monday, January 6th. The shares were sold at an average price of $5.01, for a total transaction of $7,143,698.88. Following the completion of the sale, the chief executive officer now directly owns 346,817 shares in the company, valued at $1,737,553.17. This represents a 80.44 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website.

Wall Street Analysts Forecast Growth

Separately, Roth Mkm reissued a “neutral” rating and set a $4.75 price objective (up previously from $2.00) on shares of FuboTV in a research report on Tuesday. Four analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. Based on data from MarketBeat, the company has a consensus rating of “Hold” and an average target price of $3.43.

FuboTV Price Performance

The company has a quick ratio of 0.54, a current ratio of 0.54 and a debt-to-equity ratio of 1.50. The stock’s 50-day moving average price is $1.79 and its 200 day moving average price is $1.61. The firm has a market cap of $1.71 billion, a price-to-earnings ratio of -7.63 and a beta of 1.78.

Institutional Trading of FuboTV

A number of hedge funds have recently modified their holdings of FUBO. Marshall Wace LLP boosted its stake in FuboTV by 114.1% in the 2nd quarter. Marshall Wace LLP now owns 8,373,543 shares of the company’s stock valued at $10,383,000 after buying an additional 4,461,707 shares in the last quarter. Geode Capital Management LLC lifted its holdings in shares of FuboTV by 6.4% during the third quarter. Geode Capital Management LLC now owns 7,102,040 shares of the company’s stock valued at $10,087,000 after acquiring an additional 425,906 shares during the period. State Street Corp boosted its stake in shares of FuboTV by 1.9% in the 3rd quarter. State Street Corp now owns 6,934,875 shares of the company’s stock valued at $9,848,000 after purchasing an additional 132,167 shares in the last quarter. Millennium Management LLC grew its holdings in shares of FuboTV by 132.6% in the 2nd quarter. Millennium Management LLC now owns 4,810,529 shares of the company’s stock worth $5,965,000 after purchasing an additional 2,742,780 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. increased its position in shares of FuboTV by 8.4% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 2,588,921 shares of the company’s stock worth $3,676,000 after purchasing an additional 200,154 shares in the last quarter. Institutional investors own 39.31% of the company’s stock.

About FuboTV

fuboTV, Inc engages in providing subscription to sports, news, and entertainment content. It offers its services through streaming devices and on television, mobile phones, tablets, and computers. The company was founded by David Gandler, Alberto Horihuela Suarez, and Sung Ho Choi on February 20, 2009 and is headquartered in New York, NY.