AMC Networks (NASDAQ:AMCX) Stock Passes Above 200-Day Moving Average – Here’s What Happened

AMC Networks Inc. (NASDAQ:AMCX) crossed above its 200-day moving average during trading on Wednesday . The stock has a 200-day moving average of $8.35 and traded as high as $10.47. AMC Networks shares last traded at $9.44, with a volume of 1,027,947 shares trading hands.

Analyst Ratings Changes

Several brokerages have commented on AMCX. Weiss Ratings upgraded shares of AMC Networks from a “sell (d)” rating to a “sell (d+)” rating in a research note on Thursday, May 21st. Morgan Stanley set a $7.00 price objective on shares of AMC Networks in a research note on Thursday, April 30th. Finally, Wells Fargo & Company lifted their price objective on shares of AMC Networks from $8.00 to $10.00 and gave the company an “equal weight” rating in a research note on Thursday, February 12th. Two research analysts have rated the stock with a Hold rating and two have issued a Sell rating to the stock. According to MarketBeat, the company currently has a consensus rating of “Reduce” and an average price target of $8.50.

AMC Networks Stock Up 0.5%

The company has a quick ratio of 1.75, a current ratio of 1.75 and a debt-to-equity ratio of 1.75. The stock has a market cap of $430.51 million, a PE ratio of 16.33 and a beta of 1.35. The business has a 50 day moving average price of $8.40 and a 200 day moving average price of $8.38.

AMC Networks (NASDAQ:AMCX) last issued its earnings results on Friday, May 8th. The company reported $0.08 EPS for the quarter, missing analysts’ consensus estimates of $0.22 by ($0.14). AMC Networks had a return on equity of 8.70% and a net margin of 2.28%.The company had revenue of $542.13 million during the quarter, compared to analysts’ expectations of $540.67 million. During the same quarter in the previous year, the company earned $0.52 EPS. The firm’s quarterly revenue was down 2.4% compared to the same quarter last year. Equities research analysts expect that AMC Networks Inc. will post 1.82 EPS for the current fiscal year.

Insider Activity at AMC Networks

In other AMC Networks news, CAO Michael J. Sherin III sold 5,963 shares of the stock in a transaction that occurred on Tuesday, March 10th. The stock was sold at an average price of $7.96, for a total transaction of $47,465.48. Following the transaction, the chief accounting officer owned 10,648 shares in the company, valued at approximately $84,758.08. This represents a 35.90% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 15.62% of the stock is owned by insiders.

Hedge Funds Weigh In On AMC Networks

Hedge funds have recently bought and sold shares of the business. Raymond James Financial Inc. purchased a new position in AMC Networks during the second quarter worth approximately $25,000. Northwestern Mutual Wealth Management Co. boosted its position in AMC Networks by 133.3% during the second quarter. Northwestern Mutual Wealth Management Co. now owns 4,786 shares of the company’s stock worth $30,000 after purchasing an additional 2,735 shares in the last quarter. Advisory Services Network LLC purchased a new position in AMC Networks during the third quarter worth approximately $43,000. Kestra Advisory Services LLC purchased a new position in AMC Networks during the fourth quarter worth approximately $63,000. Finally, State of Wyoming purchased a new position in AMC Networks during the second quarter worth approximately $51,000. Hedge funds and other institutional investors own 78.51% of the company’s stock.

About AMC Networks

AMC Networks Inc (NASDAQ: AMCX) is a global entertainment company that specializes in the development, production and distribution of premium content for television and streaming platforms. Headquartered in New York City, the company operates a portfolio of pay television channels in the U.S. and abroad, and offers direct-to-consumer streaming services that feature both original programming and licensed fare. AMC Networks is best known for critically acclaimed series such as “Breaking Bad,” “Mad Men” and “The Walking Dead,” and it continues to invest in new scripted and unscripted content across a range of genres.

The company’s core television networks in the United States include AMC, IFC, Sundance TV and WE tv, while its joint venture with BBC Studios supports BBC America.