Wyoming Cuts fuboTV Stake by 39.3% as Institutional Investors Adjust Holdings

The State of Wyoming reduced its stake in fuboTV Inc. by 39.3%, offloading 91,476 shares and retaining 141,555 shares valued at approximately $413,000. Concurrently, various institutional investors adjusted their fuboTV holdings. Notably, HSBC Holdings significantly increased its stake by 228.7%, reaching a total of 142,231 shares valued at $176,000.

Analyst activities have shown diverse perspectives on fuboTV's stock performance. Needham & Company increased their price target to $4.25, while Wedbush set a target of $6.00. Meanwhile, Wall Street Zen lowered their rating to a "hold." fuboTV’s market performance has seen fluctuations, with share prices reaching as low as $1.21 and as high as $6.45 over the past year. Current metrics report a P/E ratio of 13.60 with a beta of 2.36, indicating a level of volatility relative to the market.

Several insiders have been active in trading the company's stock. Director Daniel V. Leff sold 66,061 shares, reducing his direct ownership to 390,427 shares. Chairman Edgar Bronfman Jr. significantly decreased his stake by selling 59,694 shares, representing a major reduction in personal ownership.

Institutional investment remains a notable aspect of fuboTV with 39.31% of the stock being held by such investors. Vanguard Group Inc. notably expanded its stake by 13.2%, thus owning 21,144,463 shares worth approximately $61.7 million.

New investments also emerged, with Jump Financial LLC acquiring a substantial new position in the company, amounting to 1,284,784 shares valued at approximately $3,752,000. Meanwhile, Second Line Capital LLC decreased its holdings by 25.0%, now owning 402,327 shares.

Analysts predict fuboTV’s outlook remains mixed, with some reports suggesting optimism due to increased price objectives, reflecting a belief in potential future growth. Despite this, overall forecasts underscore a cautious approach amid dynamic market conditions.