FuboTV Inc. (FUBO) is experiencing a decline today, primarily due to insider selling and ongoing concerns about its recent merger with Disney's Hulu + Live TV. On January 6th, FuboTV's CEO David Gandler sold 1.4 million shares, which has raised eyebrows among investors. Although the sale was part of a pre-planned trading strategy, it has nonetheless contributed to negative sentiment around the stock. Additionally, the merger with Disney, which grants Disney a 70% stake in the combined entity, continues to be a point of contention. Investors are wary of the implications for FuboTV's autonomy and future growth prospects.
On Reddit, discussions reflect a mix of optimism and skepticism. Some users express confidence in Fubo's potential, with one stating, "This feels like another GME except much better fundamentals." However, others are more cautious, noting the volatility and the presence of "very heavy bag holders" who might sell as soon as the price rises. The sentiment is further complicated by the belief that Disney's involvement could either bolster Fubo's market position or lead to its eventual absorption into Disney's broader streaming strategy.
FuboTV's stock is currently trading at $5.03, down 7.88% from the previous close of $5.46. Despite being just 30 minutes into the trading day, the stock has already seen an extraordinary volume of 174,314,036 shares traded, representing 562.64% of the average daily volume of 30,981,193 shares, indicating intense trading activity this morning.