FuboTV (FUBO 2.30%) stock had a fine Tuesday, rising to close the day more than 15% higher. Investors were cheered by a pair of insider stock buys that were disclosed after market hours the day before.
You don't get much more insider at FuboTV than CEO David Gandler and CFO John Janedis, both of whom loaded up on company stock on its recent weakness. Gandler helped himself to 46,000 shares, purchased at $2.98 apiece, while Janedis bought 7,000 at $2.94. According to Simply Wall Street, this lifts the combined holdings of the two men by a hefty 233%.
Both obtained the shares relatively cheaply -- what they paid wasn't far from the one-year low of $2.82. The once high-flying streaming video stock reached as high as $35.10 during that period.
The two executives' purchases come mere days after FuboTV published its latest set of quarterly results.
These showed some rather powerful growth numbers -- revenue more than doubled, while the total subscriber count came close to achieving that feat. Yet expectations were higher for the company; it narrowly missed meeting analyst expectations on both the top and bottom lines. Revenue guidance also came in under prognosticator forecasts.
We should never buy a stock simply because an important or influential person does. That said, FuboTV has been punished heavily by the market, and those growth numbers are impressive (even if other line items, such as the company's deepening net loss, are cause for concern). It might just be a good time to pile into the company, for those with a higher-than-average taste for risk.