FuboTV Inc Shares rose Tuesday after streaming video platform sports first announced preliminary fourth-quarter sales that surpassed its previous guidance and helped end a steep multi-day selloff

The company forecast total fourth-quarter revenue of between $ 94 million and $ 98 million, compared with an earlier outlook of $ 80 million to $ 85 million, according to Bloomberg, analysts expect fourth quarter revenue of $ 871 Million FuboTV also released a paid subscriber forecast that was higher than the previous forecast

The company said it could not comment further as it is in a quiet period prior to releasing its full results

The stock rose as much as 21%, which is more than 250% of the daily average for the past three months. Tuesday’s jump was the latest example of increased volatility for Fubo it’s seen a seven-day decline of more than 60% that even followed a five-day rally of more than 130%, including Tuesday, 12 of the last 13 trading days have seen double-digit percentage movement in Fubo shares

The weakness in Fubo shares was due to analyst sentiment, and it also reflected the pressures resulting from the recent expiration of a stock freeze on the company’s insiders. According to Laura Martin, an analyst at Needham, the “huge imbalance was between supply and demand “in connection with the bridging with the decline has been resolved

“We never expect FUBO to be forced to re-absorb 6x re-traded stocks, implying that this is a floor,” she wrote in a note released prior to the preliminary earnings release. She added, that this week “should be FUBO’s lowest share price as the supply imbalance will subside and fundamentals will back priority”

Fubo Stock

World News – CA – FuboTV ends stock route after preliminary earnings surpass consensus

Source: https://www.bloomberg.com/news/articles/2021-01-05/fubotv-ends-stock-rout-after-preliminary-revenue-tops-consensus