Editors note: A previous version of this article incorrectly stated that Jordan Fiksenbaum was a majority owner of Pulse Evolution Corporation.
What happened
Shares of sports-streaming platform fuboTV (FUBO -3.50%) plunged on Wednesday, but it wasn't alone -- many other stocks fell, too. While the company had a couple of new filings, these likely weren't substantial enough to account for the stock's outsized decline.
Therefore, chalk this one up to general market volatility. FuboTV stock finished 11% lower for the session.
So what
According to a filing with the Securities and Exchange Commission (SEC) yesterday, fuboTV president Jordan Fiksenbaum has resigned to focus on Pulse Evolution Corporation. However, fuboTV is a majority owner of Pulse Evolution, so Fiksenbaum isn't cutting all ties with the company. Therefore, from this news, it wouldn't appear that there's any problem brewing with fuboTV management.
Image source: Getty Images.
In a filing with the SEC today, fuboTV director Henry Ahn acquired 1,460 shares of fuboTV stock. While that seems bullish, keep in mind that Ahn didn't directly purchase shares. They were acquired via an in-kind distribution from a limited partnership. But these are the first shares that Ahn directly owns.
Now that you've seen the news, I think you'll agree: These don't seem to explain fuboTV stock's plunge. That's why I think it's fair to say that it dropped along with many other high-growth stocks.
Now what
Stock market volatility is like this sometimes -- stocks like fuboTV that are volatile anyway tend to sell off harder than the market average. For long-term investors, however, days like today can be opportunities.
Assuming nothing has fundamentally changed with the business, you can now acquire shares of fuboTV and others for a cheaper price. That said, don't buy just because it's down -- make sure that you understand the risks and rewards with fuboTV stock before you buy.
