Why fuboTV Stock Jumped 20% Today
Shares of fuboTV (NYSE: FUBO) soared 20% Tuesday morning before settling back to a gain of 14% as of 11:30 a.m. EST.
Shareholders have had a turbulent month as the stock soared from its October 2020 initial public offering (IPO) to a market capitalization of more than $4 billion in December. But some negative analyst reports then drove the stock down by more than 60% before today's bounce.
One short-seller report said fuboTV's attempt to move into sports betting with its purchase of online fantasy sports tool developer Balto Sports was "pure stock promotion." But today, fuboTV announced plans to acquire interactive gaming company Vigtory, and said it expects to launch a sportsbook by the end of 2021.
Source Fool.com
