Stock Alert: FuboTV Hits New High

(RTTNews) - Shares of sports-first live TV streaming platform, fuboTV Inc. (FUBO) are up more than 6% Wednesday morning, touching a new high of $32.72, despite no stock-related news.

U.S. stocks are trading higher on Wednesday morning, helped by optimism about coronavirus vaccines and a new fiscal stimulus bill.

On December 1, the company had announced its acquisition of Balto Sports, a Y Combinator company that develops tools for users to organize and play fantasy sports games.

fuboTV revealed its plan to leverage its own proprietary technology along with Balto's contest automation software to launch a free to play gaming offering.

According to Zion Market Research, the online sports wagering market is expected to reach $155 billion by 2024.

FUBO, currently trading at $3061, is up more than 15% from the closing price as on December 1.