AAL

Call Traders Target Rallying FuboTV Stock

FUBO is rallying after a judge temporarily blocked a new sports streaming venture

Deputy Editor
Aug 19, 2024 at 2:48 PM
facebook X logo linkedin


Options bulls are targeting FuboTV Inc (NYSE:FUBO) as the stock soars for a second day. This rally started last week after a judge temporarily blocked the launch of Venu Sports, a streaming venture between Walt Disney (DIS), Fox Corp (FOXA), and Warner Bros (WBD). FuboTV won a preliminary injunction against the group, arguing that it would have monopolized live broadcast sports content. 

Extending Friday's 21.4% surge, FUBO was up 17% at $1.79 at last glance. FuboTV shares have been firmly in penny stock territory since 2022, and are not too far off their June 21, 52-week low of $1.10. Since the start of 2024, the equity shed 44%, despite its recent rally. 

So far in the options pits, FUBO has seen 202,000 calls cross the tape -- 16 times the call volume typically seen at this point -- in comparison to just 39,000 puts. The weekly 8/23 2-strike call is the most popular, followed by the 3-strike call in the same series, with new positions being opened at both. 

An unwinding of short interest could be helping the shares along, as it represents 15.4% of FUBO's available float. It would take shorts nearly six days to cover their bets, at the stock's average pace of trading. 

 

 

Same-Day Trading Power: +227% YTD and Counting  — Get in for $10!

We're celebrating 44 years of helping traders win, and you can now tap into one of our most explosive services — Dynamite Day Trading Signals — for just $10.

This service was built for one thing: capturing intraday gains with precision. 

Access two highly-vetted options trades each week -  Complete with defined entries, exits, and a clear plan for same-day profits.

👉 Click Here to Learn More and Position Yourself to Take Action When the Next Alert Hits.