FUBO has seen 202,000 calls exchanged so far today
Options bulls are targeting FuboTV Inc (NYSE:FUBO) as the stock soars for a second day. This rally started last week after a judge temporarily blocked the launch of Venu Sports, a streaming venture between Walt Disney (DIS), Fox Corp (FOXA), and Warner Bros (WBD). FuboTV won a preliminary injunction against the group, arguing that it would have monopolized live broadcast sports content.
Extending Friday’s 21.4% surge, FUBO was up 17% at $1.79 at last glance. FuboTV shares have been firmly in penny stock territory since 2022, and are not too far off their June 21, 52-week low of $1.10. Since the start of 2024, the equity shed 44%, despite its recent rally.
So far in the options pits, FUBO has seen 202,000 calls cross the tape — 16 times the call volume typically seen at this point — in comparison to just 39,000 puts. The weekly 8/23 2-strike call is the most popular, followed by the 3-strike call in the same series, with new positions being opened at both.
An unwinding of short interest could be helping the shares along, as it represents 15.4% of FUBO’s available float. It would take shorts nearly six days to cover their bets, at the stock’s average pace of trading.