fuboTV (NYSE:FUBO) Stock Price Down 4.8% - Here's Why

fuboTV Inc. (NYSE:FUBO - Get Free Report)'s share price fell 4.8% on Wednesday . The stock traded as low as $3.41 and last traded at $3.44. 7,851,065 shares traded hands during trading, a decline of 62% from the average session volume of 20,610,537 shares. The stock had previously closed at $3.61.

Analysts Set New Price Targets

Several research firms have weighed in on FUBO. Wedbush raised fuboTV to a "strong-buy" rating in a research report on Tuesday, July 1st. Needham & Company LLC cut their price objective on fuboTV from $3.35 to $3.00 and set a "buy" rating on the stock in a research report on Monday, May 5th. Three analysts have rated the stock with a hold rating, one has issued a buy rating and two have given a strong buy rating to the company. According to data from MarketBeat, fuboTV currently has an average rating of "Moderate Buy" and a consensus price target of $4.06.

fuboTV Stock Down 0.4%

The company's fifty day moving average price is $3.29 and its 200-day moving average price is $3.29. The stock has a market capitalization of $1.19 billion, a PE ratio of 17.38 and a beta of 2.22. The company has a quick ratio of 0.70, a current ratio of 0.70 and a debt-to-equity ratio of 0.48.

Hedge Funds Weigh In On fuboTV

Hedge funds have recently added to or reduced their stakes in the company. Xponance Inc. raised its holdings in fuboTV by 19.1% in the 4th quarter. Xponance Inc. now owns 23,002 shares of the company's stock worth $29,000 after acquiring an additional 3,689 shares during the last quarter. Focus Partners Wealth purchased a new position in fuboTV in the 1st quarter worth approximately $30,000. Wealthcare Advisory Partners LLC purchased a new position in fuboTV in the 1st quarter worth approximately $34,000. Raymond James Financial Inc. purchased a new position in fuboTV in the 4th quarter worth approximately $35,000. Finally, Balyasny Asset Management L.P. purchased a new position in fuboTV in the 4th quarter worth approximately $36,000. 39.31% of the stock is currently owned by hedge funds and other institutional investors.

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.