FuboTV stock plummets after surging throughout 2020
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.