Jan 5, 2021 - Economy & Business

FuboTV stock plummets after surging throughout 2020

Data: FactSet; Chart: Axios Visuals
Data: FactSet; Chart: Axios Visuals

After getting the coveted Rabouin bump following an interview with CEO David Gandler on the "Voices of Wall Street" podcast, fuboTV's stock has tumbled, dropping from a high of $62.00 on Dec. 22 to $24.24 on Monday.

By the numbers: The 61% share price decline has happened over just seven trading sessions during which the stock fell by an average of 8.8% a day, including three drops of at least 15%.

  • Shares fell 13.4% on Monday, but remain 142% higher than where they were in January 2020.

What's happening: After a surge of 596% from the start of the year through Dec. 22, the end of a lockup period on Dec. 30 released about 88 million shares — more than triple the previous float — allowing a number of new investors to take profits on the stock's gains, Deadline reported.

  • Further, after largely positive reviews from Wall Street analysts, BMO recently downgraded the company to "market perform," saying the stock price had little room to increase after its spectacular gains.
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