FuboTV Inc. (FUBO) reported its fourth-quarter earnings after which FUBO stock price saw a huge decline of 14.97% to drop at $35.62 as of 10:42 AM EST. BGS stock is facing bearish sentiment mainly due to a huge loss in its fourth-quarter earnings and filing of the class action against it by Pomerantz Law Firm and Gross Law Firm. Let’s deep dive to understand more behind this bearish sentiment.
What’s Going on?
FUBO stock price is bearing a massive decline in the stock market as the television streaming platform has reported that its fourth-quarter loss per share reached $2.47 which surpassed the analyst estimate of $0.85 loss per share and is much higher than the $1.07 recorded during the same quarter of the prior year. Nonetheless, fuboTV reported $105.1 million in sales in the fourth quarter that surpassed the consensus estimates of $93.9 million. The advertising revenue jumped high to $13.1 million with a 157% increase over the year.
On the other hand, Pomerantz LLP announced the filing of the class action against fuboTV Inc. and its certain officers on the behalf of class which consistsof all person and entities other than Defendants that bought the common shares of Fubo stock between March 23, 2020, and January 4, 2021. Pomerantz LLP wishes to compensate the losses caused by Defendants’ violation of federal securities laws.Shareholders belonging to the class period are encouraged to ask the court to appoint them as Lead Plaintiff for the class until April 19, 2021.
We are not done yet here as Gross Law Firm has also announced that it has filed the class action against FUBO stock on the behalf of FUBO shareholders to compensate for the losses.
Oppenheimer analyst Jason Helfstein has increased the targeted FUBO stock price to $45 from 30$ and reiterated the Buy rating. Having a moderate-buy consensus rating based on 7 buys 1 hold and 1 sell, the street is optimistic on the FUBO Stock. Let’s see how the management of fuboTV stock responds to the filings announced by the Law Firms in the future.