FOX (NASDAQ:FOXA) Shares Cross Below Two Hundred Day Moving Average – Here’s What Happened

Shares of Fox Corporation (NASDAQ:FOXA) passed below its 200-day moving average during trading on Friday . The stock has a 200-day moving average of $65.10 and traded as low as $63.73. FOX shares last traded at $63.98, with a volume of 1,557,563 shares.

Wall Street Analyst Weigh In

A number of research firms recently weighed in on FOXA. Evercore set a $73.00 target price on FOX in a report on Tuesday, May 12th. TD Cowen boosted their target price on FOX from $55.00 to $65.00 and gave the stock a “hold” rating in a report on Thursday, February 5th. Morgan Stanley boosted their target price on FOX from $74.00 to $77.00 and gave the stock an “equal weight” rating in a report on Thursday, February 5th. Barclays boosted their target price on FOX from $63.00 to $67.00 and gave the stock an “equal weight” rating in a report on Tuesday, May 12th. Finally, Citigroup boosted their target price on FOX from $77.00 to $78.00 and gave the stock a “buy” rating in a report on Thursday, February 5th. One analyst has rated the stock with a Strong Buy rating, seven have given a Buy rating, eight have issued a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat, the company currently has an average rating of “Hold” and an average target price of $74.86.

FOX Trading Down 0.4%

The company has a debt-to-equity ratio of 0.60, a quick ratio of 2.65 and a current ratio of 2.90. The business has a fifty day simple moving average of $61.81 and a 200 day simple moving average of $65.10. The stock has a market capitalization of $27.22 billion, a price-to-earnings ratio of 16.88, a price-to-earnings-growth ratio of 3.34 and a beta of 0.52.

FOX (NASDAQ:FOXA) last issued its quarterly earnings data on Monday, May 11th. The company reported $1.32 EPS for the quarter, beating analysts’ consensus estimates of $1.02 by $0.30. FOX had a return on equity of 18.90% and a net margin of 10.56%.The firm had revenue of $3.99 billion for the quarter, compared to analyst estimates of $3.78 billion. During the same period in the prior year, the firm posted $1.10 EPS. The company’s revenue for the quarter was down 8.6% on a year-over-year basis. As a group, research analysts expect that Fox Corporation will post 4.93 EPS for the current year.

Insiders Place Their Bets

In other news, CEO Lachlan K. Murdoch sold 637,752 shares of the stock in a transaction on Friday, March 13th. The stock was sold at an average price of $58.20, for a total transaction of $37,117,166.40. Following the sale, the chief executive officer directly owned 152 shares of the company’s stock, valued at approximately $8,846.40. This represents a 99.98% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, COO John Nallen sold 242,309 shares of the stock in a transaction on Wednesday, March 11th. The stock was sold at an average price of $57.74, for a total value of $13,990,921.66. Following the sale, the chief operating officer directly owned 357,653 shares in the company, valued at approximately $20,650,884.22. This trade represents a 40.39% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last ninety days, insiders sold 1,586,871 shares of company stock worth $91,893,926. Insiders own 19.68% of the company’s stock.

Institutional Trading of FOX

Several large investors have recently modified their holdings of FOXA. FWL Investment Management LLC acquired a new stake in shares of FOX during the 3rd quarter worth $26,000. Elyxium Wealth LLC acquired a new stake in shares of FOX during the 4th quarter worth $27,000. CYBER HORNET ETFs LLC acquired a new stake in shares of FOX during the 2nd quarter worth $35,000. Rosenberg Matthew Hamilton grew its holdings in shares of FOX by 58.5% during the 4th quarter. Rosenberg Matthew Hamilton now owns 696 shares of the company’s stock worth $51,000 after purchasing an additional 257 shares in the last quarter. Finally, Quantbot Technologies LP acquired a new stake in shares of FOX during the 3rd quarter worth $51,000. 52.52% of the stock is owned by institutional investors and hedge funds.

About FOX

Fox Corporation (NASDAQ: FOXA) is a U.S.-based media company focused on television broadcasting, cable news and sports programming, and digital distribution. The company was formed in 2019 as the successor to certain assets of 21st Century Fox after a transaction that transferred many film and television studio assets to The Walt Disney Company. Fox Corp’s operations center on the Fox Broadcasting network, a portfolio of local television stations, national news and business cable networks, and sports media properties.

Fox produces, acquires and distributes a range of live and recorded programming, including news, opinion and commentary, national and local sports telecasts, and general entertainment.