- NYSE:FUBO trims 1.86% on Wednesday as markets remain flat.
- FUBO announces that it is acquiring Vigtory to further its sportsbook aspirations.
- Massive price target boost by a respected Wall Street analyst.
NYSE:FUBO fell on Wednesday as short-term investors took profits achieved in Tuesday's surge, when shares gained over 30% after news acquiring Vigtory broke about. FUBO dropped by 1.86% to close the trading session at $35.80 as the stock climbed back above its 50-day moving average after several short reports erased much of the early gains. The New York-based firm quickly rose in popularity among investors since its debut on Wall Street back in October but has fallen back down to Earth before Tuesday’s big announcement.
FUBO’s acquisition of Vigtory reiterates its plans to provide a fully viewable sportsbook network by the end of 2021. The company is planning to capitalize on the recent legalization of online sports betting in multiple states around the country, with more states on the way in the near future. This deal follows on the heels of last month’s purchase of Balto Sports, a sports betting technology company that should help provide FUBO with the infrastructure for its eventual sportsbook channel.
FUBO stock forecast
Wall Street seems to agree with the optimism around FUBO’s acquisitions as Roth Capital maintained a buy rating for the stock and upgraded the price target to $55 which represents a 53% upside from Wednesday’s closing price levels. Roth Capital reiterates that FUBO is gathering all of the right parts to be an industry leader in the future and that it is positioning itself to be a first mover in the sportsbook streaming sector if they are able to put it all together by the end of 2021.
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