fuboTV (NYSE: FUBO) shares are down over 4% Tuesday, adding to its last three months' losses.
The decline follows on from the announcement by the digital entertainment firm that it has launched its first e-commerce store, Fubo Shop, to sell exclusive branded merchandise from fuboTV and its forthcoming Fubo Sportsbook.
“Since our public offering on the New York Stock Exchange one year ago, consumers and retail investors have inundated us with requests for more personal ways to connect with our brand,” said David Gandler, co-founder and CEO of fuboTV.
“We’re grateful for their ongoing support, and hope they enjoy the variety of new clothing and accessories options to help them show their fubo pride,” he added.
Fubo has announced several updates in the past couple of weeks, including a multi-year sports betting partnership with the New York Jets, a distribution agreement with ROOT SPORTS, and the selection of Magnite as its preferred sell-side platform.
fuboTV shares are currently trading at $24.56. Its stock price is down 9.91% in 2021.
In August, following FUBO's Q2 earnings release, Evercore ISI analyst Shweta Khajuria raised the firm's price target to $40 from $30 for fuboTV, keeping an outperform rating .
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