Graham Capital Management L.P. has decreased its stake in FuboTV Inc. (NYSE:FUBO) by 27.3% during the fourth quarter, based on its recent filing with the Securities and Exchange Commission (SEC). The fund now holds 233,651 shares after selling 87,740 shares during this period, which is valued at approximately $294,000, representing about 0.07% ownership in the company.
Several other significant investors have modified their positions in FuboTV recently. The Manufacturers Life Insurance Company increased its stake by 2.5%, acquiring an additional 2,668 shares, bringing its total to 109,816 shares worth $138,000. Corebridge Financial Inc. raised its investment by 2.1%, owning 160,328 shares valued at $202,000 after purchasing 3,321 additional shares. Xponance Inc. noted a substantial increase of 19.1%, ending the quarter with 23,002 shares valued at $29,000 after buying 3,689 shares. Invesco Ltd. and Arizona State Retirement System also grew their respective positions by 1.8% and 10.7%, adding to the overall institutional ownership, which now stands at 39.31%.
In midday trading, FuboTV’s stock rose by $0.11, reaching $3.27, with a total of 11,701,973 shares traded, lower than its average volume. The stock has fluctuated between a 52-week low of $1.10 and a high of $6.45, with a market capitalization of $1.12 billion. Analysts have mixed sentiments about the stock, with recent reports adjusting price targets. Needham & Company LLC lowered its target to $3.00 while maintaining a “buy” rating, while Wedbush set a new target of $5.00, rating the stock as “outperform.” Overall, FuboTV maintains a consensus rating of “Moderate Buy” and a price target of $4.06, indicating some level of optimism regarding its potential.
FuboTV continues to engage audiences through its subscription offerings for sports, news, and entertainment via various streaming platforms. The company’s strong institutional backing suggests that despite its recent challenges, investors are still recognizing its potential in the growing streaming market.
This could be a turning point for FuboTV, as shifts in investor positions may lead to new strategic initiatives that could bolster its market performance. As the landscape of streaming services becomes increasingly competitive, FuboTV’s adaptability and investor confidence will be key in determining its future success.