The latest newly public growth stock to skyrocket has been fuboTV (NYSE: FUBO). After its October IPO, fuboTV raised $183 million at $10 per share.
Investors became enamored with this virtual multichannel programming distributor (MVPD) after the company posted strong earnings growth on its first earnings release in November, in which it also raised guidance for the fourth quarter. The company also mentioned plans to eventually get into online sports betting. It acquired fantasy sports software company Balto Sports in early December.
Fubo’s stock absolutely skyrocketed as analysts continued to raise their target prices, with Needham’s Laura Martin raising her target to a street-high $60 on Dec. 22. However, the very next day, LightShed’s Rich Greenfield defied the crowd, saying fubo “may be the most compelling short we have ever identified in our career as analysts” and giving the stock an $8 target.