FuboTV Inc. (FUBO) saw its stock price rise by 3.49% to close at $1.78 on December 5th, up from the previous close of $1.72. The stock opened at $1.72 and reached an intraday high of $1.83 before settling slightly lower. The trading volume was notably high at 14,412,644 shares, which is 144.92% of the average volume, indicating increased investor interest.
The upward movement in FUBO's stock price is primarily driven by a significant increase in short interest, which has risen by 3.72% to 36.19 million shares, representing 11.14% of the float. This heightened short interest suggests a growing bearish sentiment, but it also sets the stage for a potential short squeeze, where short sellers are forced to buy back shares, driving the price higher. Additionally, FuboTV's stock is benefiting from a stable average brokerage recommendation of 2.63, with two out of eight firms rating it as a Strong Buy. The average price target for FuboTV is $2.40, indicating a potential upside of 39.53% from the last closing price, which may be contributing to the positive sentiment.
The combination of increased short interest and positive analyst outlook has fueled today's price increase.