FuboTV (NYSE:FUBO) Stock Price Up 6.6% - Here's What Happened

FuboTV Inc. (NYSE:FUBO - Get Free Report) was up 6.6% during mid-day trading on Tuesday . The stock traded as high as $3.41 and last traded at $3.48. Approximately 1,721,379 shares changed hands during trading, a decline of 91% from the average daily volume of 20,012,777 shares. The stock had previously closed at $3.26.

Wall Street Analysts Forecast Growth

Several research analysts recently issued reports on FUBO shares. Huber Research raised shares of FuboTV to a "strong-buy" rating in a report on Friday, January 31st. Needham & Company LLC cut their price target on shares of FuboTV from $3.35 to $3.00 and set a "buy" rating for the company in a report on Monday, May 5th. UBS Group set a $3.50 price target on shares of FuboTV in a report on Monday, March 3rd. Finally, Wedbush cut their price target on shares of FuboTV from $6.40 to $5.00 and set an "outperform" rating for the company in a report on Monday, May 5th. Three analysts have rated the stock with a hold rating, two have issued a buy rating and one has given a strong buy rating to the company's stock. According to data from MarketBeat.com, the company has an average rating of "Moderate Buy" and an average price target of $4.06.

FuboTV Price Performance

The company has a debt-to-equity ratio of 1.50, a current ratio of 0.54 and a quick ratio of 0.54. The company's 50 day moving average is $2.97 and its 200 day moving average is $2.88. The stock has a market cap of $1.31 billion, a price-to-earnings ratio of -5.74 and a beta of 2.19.

Institutional Trading of FuboTV

Several hedge funds and other institutional investors have recently made changes to their positions in the stock. The Manufacturers Life Insurance Company lifted its stake in shares of FuboTV by 2.5% in the fourth quarter. The Manufacturers Life Insurance Company now owns 109,816 shares of the company's stock valued at $138,000 after purchasing an additional 2,668 shares during the period. Corebridge Financial Inc. grew its position in shares of FuboTV by 2.1% in the fourth quarter. Corebridge Financial Inc. now owns 160,328 shares of the company's stock valued at $202,000 after purchasing an additional 3,321 shares during the last quarter. Xponance Inc. grew its position in shares of FuboTV by 19.1% in the fourth quarter. Xponance Inc. now owns 23,002 shares of the company's stock valued at $29,000 after purchasing an additional 3,689 shares during the last quarter. Principal Financial Group Inc. grew its position in shares of FuboTV by 23.3% in the first quarter. Principal Financial Group Inc. now owns 22,468 shares of the company's stock valued at $66,000 after purchasing an additional 4,239 shares during the last quarter. Finally, MetLife Investment Management LLC grew its position in shares of FuboTV by 3.0% in the first quarter. MetLife Investment Management LLC now owns 207,550 shares of the company's stock valued at $606,000 after purchasing an additional 6,038 shares during the last quarter. Institutional investors and hedge funds 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.