Sometimes stocks that may have declined steeply over a considerable period of time may not always be avoided and in fact, some of those stocks may also present long-term opportunities. It seems that the Fubo TV (NYSE:FUBO) stock could be one such stock.
Trading Data
On Wednesday, FUBO stock moved up 6.70% to $3.19 with more than 7.69 million shares traded, compared to its average volume of 14.02 million shares. The stock moved within a range of $2.9300 – 3.2300 after opening trading at $2.95.
It has declined by as much as 75% in 2022 to date but there are certain factors that make could make it worthwhile for investors to consider adding the stock to their watch lists. The company is best known for operating an app that gives its viewers access to live streams of top-level sports like NBA, MLB, MLB, and much more.
In addition to that, the Chief Financial Officer John Janedis and Chief Executive Officer David Gandler have made massive insider purchases of Fubo shares. That is almost always an indication of how the management sees the future. On the other hand, not too long ago Fubo TV posted eye-catching growth numbers.
The company managed to boost its revenues by as much as 100% and on top of that, it almost doubled its subscribers as well. Lastly, the larger trend of cord-cutting and switching to streaming services is also a factor that may work in favor of the company.
Technical Data
FUBO stock is trading above the 20-Day and 50-Day Moving averages of $3.62 and $5.17 respectively. However, the stock is trading below the 200-Day moving average of $16.28.
