Bireme Capital Holds a Short Position in fuboTV (FUBO)

Investment management company Bireme Capital recently released its second quarter 2022 investor letter. A copy of the same can be downloaded here. The fund outperformed during the quarter and returned -1.4% net of fees compared to 16.1% for the S&P 500 Index. The outperformance was primarily due to gains made on the fund’s short positions, which contributed 16.9% to the portfolio. You can check the top 5 holdings of the fund to know its best picks in 2022.

Bireme Capital discussed stocks like fuboTV Inc. (NYSE:FUBO) in the second quarter investor letter. Headquartered in New York, New York, fuboTV Inc. (NYSE:FUBO) is a live streaming platform provider. On August 22, 2022, fuboTV Inc. (NYSE:FUBO) stock closed at $4.0800 per share. One-month return of fuboTV Inc. (NYSE:FUBO) rose to 72.15% and its shares lost 85.28% of their value over the last 52 weeks. FuboTV Inc. (NYSE:FUBO) has a market capitalization of $756.008 million.

Here is what Bireme Capital specifically said about fuboTV Inc. (NYSE:FUBO):

“In contrast, we don’t foresee fuboTV Inc. (NYSE:FUBO) finding a profitable business model. The company, which operates a streaming TV service, still has negative gross margins and in 2021 generated over $300m in operating losses. This company may end up in bankruptcy, given that it already carries around $400m of debt and looks set to burn over $300m of cash this year. The stock has fallen from $26 when we last mentioned it to $2.60 today. We remain short.”

fuboTV Inc. (NYSE:FUBO) is not on the list of 30 Most Popular Stocks Among Hedge Funds. As per our database, fuboTV Inc. (NYSE:FUBO) was held by 9 hedge fund portfolios at the end of the first quarter, which was 16 in the previous quarter.

We discussed fuboTV Inc. (NYSE:FUBO) in another article and shared Greenlight Capital’s views on the company. You can check out our hedge fund investor letters Q2 2022 page for more investor letters from hedge funds and other prominent investors.

Disclosure: None. This article is originally published at Insider Monkey.