Why FuboTV Shares Are Moving Following Netflix's Earnings Report

Several notable names in the streaming and entertainment sector, including FuboTV Inc FUBO, are trading lower in sympathy with Netflix Inc NFLX after the company reported first-quarter earnings results.

For the uninitiated- FuboTV is a sports-first, live TV streaming company, offering subscribers access to tens of thousands of live sporting events annually as well as news and entertainment content. FuboTV, among other names in the broader streaming sector, is being dragged down by Netflix's earnings results.

Netflix reported quarterly earnings of $3.53 per share which beat the analyst consensus estimate of $2.90. Netflix also reported quarterly sales of $7.87 billion which missed the analyst consensus estimate of $7.93 billion by 1%. Global streaming paid net additions were down 200 thousand. 

Netflix sees second-quarter revenue of $8.053 billion, below the analyst consensus estimate of $8.21 billion. Netflix also sees EPS of $3.00, below the analyst consensus estimate of EPS of $3.01. Netflix also guided for second-quarter global streaming paid memberships of 219.64 million, which represents a decrease of 2 million from the first quarter.

See Also: Netflix Shares Plunge After Q1 Earnings, First Subscriber Loss Since 2011

Netflix also saw several analyst rating revisions Wednesday morning: 

• JP Morgan analyst Doug Anmuth downgraded Netflix from Overweight to Neutral and announced a $300 price target.
• Atlantic Equities analyst Hamilton Faber downgraded Netflix from Overweight to Neutral and announced a $280 price target.
• Piper Sandler analyst Thomas Champion downgraded Netflix from Overweight to Neutral and lowered the price target from $562 to $293.
• Pivotal Research analyst Jeffrey Wlodarczak downgraded Netflix from Buy to Sell and lowered the price target from $550 to $235.
• Stifel analyst Scott Devitt downgraded Netflix from Buy to Hold and announced a $300 price target.
• UBS analyst John Hodulik downgraded Netflix from Buy to Neutral and announced a $355 price target.
• Barclays analyst Kannan Venkateshwar maintained Netflix with an Equal-Weight and lowered the price target from $380 to $275.
• B of A Securities analyst Nat Schindler downgraded Netflix from Buy to Underperform and lowered the price target from $605 to $300.
• Credit Suisse analyst Douglas Mitchelson maintained Netflix with a Neutral and lowered the price target from $450 to $350.
• Needham analyst Laura Martin upgraded Netflix from Underperform to Hold.
• BMO Capital analyst Daniel Salmon maintained Netflix with an Outperform and lowered the price target from $640 to $405.
• Oppenheimer analyst Jed Kelly downgraded Netflix from Outperform to Perform.

According to data from Benzinga Pro, FuboTV is trading lower by 4.11% to $5.36. FuboTV has a 52-week high of $35.10 and a 52-week low of $5.10.