Why Needham Sees a Floor in fuboTV (FUBO) After Massive Lockup Expiration

Needham & Company analyst Laura Martin reiterated a Buy rating and $60.00 price target on fuboTV (NASDAQ: FUBO) after shares came under pressure after the lock up window ended on December 30th opening 88mm shares available to be sold. This is more than 4x the 20mm share in float, and 11x the 8mm shares/day avg trading volume,

The analyst offered the following insights, stating " About 160mm FUBO shares ($5.6B of value) have traded in the past 3 trading days, so this week should be FUBO's lowest share price, because the supply imbalance will subside and fundamental drivers will reassert priority, we believe. Our 2 key learnings from the chaos: 1) FUBO's price and volume chart (below) shows that there is meaningful investor support (ie, demand) at $25/share, $30/share and $40/share; and 2) We never expect FUBO to be forced to absorb 6x shares traded again, which implies that this is a floor".

For an analyst ratings summary and ratings history on fuboTV click here. For more ratings news on fuboTV click here.

Shares of fuboTV closed at $12.20 yesterday.

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