FUBO is up 177% year-over-year
Streaming company FuboTV Inc. (NYSE:FUBO) burst onto the scene during the pandemic, with its sports-driven platform appealing to fans who just want to watch their teams, no strings attached. Does that niche mean its an intriguing pick for investors and options traders?
Yesterday, FuboTV and AT&T Inc. (NYSE:T) subsidiary SportsNet Rocky Mountain, announced a carriage agreement ahead of the 2021-2022 NBA and NHL seasons. This gives FuboTV regional access to AT&T's sports network in the Rocky Mountain area, With the company nabbing partnerships and regional deals left and right, this could be a sign of things to come for the streaming stock in the future.
FUBO is facing off with its year-to-date breakeven level, an area the stock has consolidated below for most of the last three months. Year-over-year though, the shares are up 177%, and a short squeeze could help fuel a breakout. Short interest fell in the most recent reporting period, yet the 22.90 million shares sold short accounts for a healthy 20% of FUBO's total available float.
From a fundamental point of view, FuboTV stock has very little to offer at the moment other than revenue growth. FUBO is still operating in its very early stages, producing just $4.2 million in revenues for a year as recent as fiscal 2019. Nonetheless, FuboTV boosted its revenues up to $217.7 million in fiscal 2020. In addition, FUBO's trailing 12-month revenues are up 91% since fiscal 2020, taking the company sales to $416.8 million in the past year.
FUBO also has a decent balance sheet with $406.7 million in cash and $320.6 million in total debt. However, the sports streaming company’s net losses continue to outpace revenues, making FuboTV stock primarily a speculative play at its current $3.66 billion market cap.