FOX Sees Unusually Large Options Volume (NASDAQ:FOXA)

Fox Corporation (NASDAQ:FOXA) saw unusually large options trading on Monday. Stock investors purchased 4,028 put options on the company. This represents an increase of approximately 456% compared to the average volume of 725 put options.

Analysts Set New Price Targets

A number of analysts have recently commented on the stock. Evercore ISI boosted their target price on shares of FOX from $55.00 to $66.00 and gave the stock an “in-line” rating in a research note on Friday, October 31st. Morgan Stanley lifted their price objective on FOX from $70.00 to $74.00 and gave the stock an “equal weight” rating in a report on Thursday, December 18th. Barclays increased their target price on FOX from $58.00 to $64.00 and gave the company an “equal weight” rating in a report on Friday, October 31st. The Goldman Sachs Group raised their target price on FOX from $79.00 to $87.00 and gave the company a “buy” rating in a research report on Friday. Finally, Wells Fargo & Company boosted their price target on FOX from $70.00 to $80.00 and gave the stock an “overweight” rating in a research report on Friday, October 31st. One research analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating and eight have given a Hold rating to the company’s stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $73.63.

FOX Trading Up 0.1%

Shares of FOX stock opened at $73.71 on Wednesday. The company has a debt-to-equity ratio of 0.54, a current ratio of 3.24 and a quick ratio of 3.03. The stock’s 50 day simple moving average is $65.53 and its 200-day simple moving average is $60.42. The stock has a market cap of $32.72 billion, a P/E ratio of 16.56, a P/E/G ratio of 1.65 and a beta of 0.51. FOX has a 1-year low of $46.42 and a 1-year high of $74.63.

FOX (NASDAQ:FOXA) last announced its quarterly earnings data on Thursday, October 30th. The company reported $1.51 EPS for the quarter, topping analysts’ consensus estimates of $1.10 by $0.41. The firm had revenue of $3.74 billion for the quarter, compared to the consensus estimate of $3.57 billion. FOX had a return on equity of 18.61% and a net margin of 12.35%.The firm’s revenue was up 4.9% compared to the same quarter last year. During the same quarter last year, the business posted $1.45 earnings per share. Analysts predict that FOX will post 4.38 EPS for the current fiscal year.

Insiders Place Their Bets

In related news, insider Adam G. Ciongoli sold 29,897 shares of FOX stock in a transaction on Tuesday, December 9th. The shares were sold at an average price of $69.55, for a total value of $2,079,336.35. Following the sale, the insider owned 35,978 shares of the company’s stock, valued at approximately $2,502,269.90. This trade represents a 45.38% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Chairman Keith Rupert Murdoch sold 100,000 shares of the company’s stock in a transaction on Friday, November 21st. The stock was sold at an average price of $59.26, for a total transaction of $5,926,000.00. Following the transaction, the chairman owned 1,100,862 shares of the company’s stock, valued at $65,237,082.12. This represents a 8.33% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 454,817 shares of company stock valued at $29,490,590 in the last three months. 19.68% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On FOX

Institutional investors have recently bought and sold shares of the company. FWL Investment Management LLC acquired a new position in FOX in the 3rd quarter valued at about $26,000. CYBER HORNET ETFs LLC purchased a new stake in shares of FOX during the 2nd quarter valued at approximately $35,000. Quantbot Technologies LP acquired a new position in FOX in the third quarter valued at approximately $51,000. Geneos Wealth Management Inc. grew its position in FOX by 205.6% in the first quarter. Geneos Wealth Management Inc. now owns 923 shares of the company’s stock worth $52,000 after acquiring an additional 621 shares during the period. Finally, Root Financial Partners LLC acquired a new stake in FOX during the third quarter worth $60,000. 52.52% of the stock is owned by hedge funds and other institutional investors.

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.