FuboTV Stock Pops on Paysafe Partnership Buzz

The security has been falling on the charts lately

Digital Content Manager
Sep 30, 2021 at 10:27 AM
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Sports streaming concern FuboTV Inc (NYSE:FUBO) is up 2.6% to trade at $23.49 at last check, after its subsidiary Fubo Gaming announced a partnership with online lender Paysafe (PSFE) that allows customers to access interactive wagering. Specifically, Fubo Sportsbook, which is expected to launch in the fourth quarter, will plug into Paysafe, Skrill USA's digital wallet, Paysafecard, and Paysafecash eCash solutions. Players will also be able to transfer their winnings to bank accounts in real time, through either ACH withdrawals or Skrill USA’s digital wallet.

On the charts, the company has been trading mostly sideways since June, after cooling down from a January rally to the $57 level. More recently, the shares have slipped below support at the 100-day moving average, which had contained multiple of the security's pullbacks, and are on track for their fourth-straight week of losses. Year-to-date, FUBO is down 16.2%.

The brokerage bunch is firmly bullish towards FuboTV stock. Of the eight analysts in coverage, seven sport a "buy" or better rating, while only one says "hold." Plus, the 12-month consensus target price of $43.86 is a whopping 86.7% premium to the equity's current levels. 

Short sellers have started to hit the exits, though there is plenty of pessimism left to be unwound. Short interest dropped 3.2% in the most recent reporting period, but the 22.90 million shares sold short still make up a significant 20.2% of the stock's available float.

 

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