FOX (NASDAQ:FOX) Share Price Crosses Below 200-Day Moving Average – Here’s What Happened

Shares of Fox Corporation (NASDAQ:FOX) passed below its 200-day moving average during trading on Tuesday . The stock has a 200-day moving average of $55.93 and traded as low as $51.10. FOX shares last traded at $51.47, with a volume of 1,035,031 shares.

FOX News Summary

Here are the key news stories impacting FOX this week:

• Negative Sentiment: Unusual put options activity suggests some traders are betting on further downside in Fox Corporation (FOX), even as the shares have bounced from recent lows following market reaction to the company’s Roku-related deal. Unusual Put Options Volume in Fox Corp After FOXA Stock Rebounds After Roku Deal Reaction
• Neutral Sentiment: FOX News and FOX Weather generated a steady stream of traffic with coverage of major political and weather events, including Iran developments, U.S. election politics, and Tropical Storm Bertha. This supports the value of Fox’s media assets, but the articles themselves do not clearly change the company’s financial outlook.
• Neutral Sentiment: Fox Corporation disclosed $1.34 million in lobbying spending tied to carriage, copyright, privacy, streaming, antitrust, and media-ownership issues, highlighting the company’s ongoing policy footprint, though the filing is not likely to move the stock by itself. Lobbying Update: $1,340,000 of FOX CORPORATION lobbying was just disclosed
• Negative Sentiment: Analysts are expecting Fox’s upcoming earnings to show a single-digit decline in earnings, which could weigh on sentiment ahead of the report. Here’s What to Expect From Fox Corporation’s Next Earnings Report

Analyst Upgrades and Downgrades

Several equities research analysts recently commented on the stock. Citigroup reiterated a “buy” rating on shares of FOX in a research note on Friday. Weiss Ratings downgraded shares of FOX from a “buy (b)” rating to a “buy (b-)” rating in a research note on Monday. Rothschild & Co Redburn set a $71.00 price objective on FOX in a report on Friday, July 10th. Finally, Zacks Research downgraded FOX from a “strong-buy” rating to a “hold” rating in a report on Wednesday, July 1st. One equities research analyst has rated the stock with a Strong Buy rating, five have given a Buy rating, two have given a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat, FOX has a consensus rating of “Moderate Buy” and a consensus target price of $74.33.

FOX Stock Down 0.2%

The firm has a market capitalization of $21.63 billion, a price-to-earnings ratio of 13.58, a PEG ratio of 1.47 and a beta of 0.57. The firm has a fifty day moving average price of $53.18 and a 200 day moving average price of $55.93. The company has a debt-to-equity ratio of 0.60, a quick ratio of 2.65 and a current ratio of 2.90.

FOX (NASDAQ:FOX) last released its quarterly earnings results on Monday, May 11th. The company reported $1.32 earnings per share for the quarter, topping 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 business had revenue of $3.99 billion for the quarter, compared to analysts’ expectations of $3.78 billion. As a group, sell-side analysts expect that Fox Corporation will post 4.78 EPS for the current fiscal year.

Hedge Funds Weigh In On FOX

A number of large investors have recently bought and sold shares of FOX. AQR Capital Management LLC grew its holdings in shares of FOX by 65.6% during the 1st quarter. AQR Capital Management LLC now owns 26,715 shares of the company’s stock worth $1,408,000 after purchasing an additional 10,579 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its holdings in FOX by 4.9% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 12,446 shares of the company’s stock valued at $656,000 after buying an additional 586 shares during the period. NewEdge Advisors LLC acquired a new position in FOX during the first quarter valued at approximately $224,000. Woodline Partners LP lifted its position in FOX by 40.7% during the first quarter. Woodline Partners LP now owns 11,145 shares of the company’s stock valued at $587,000 after buying an additional 3,222 shares in the last quarter. Finally, Jane Street Group LLC grew its stake in FOX by 427.0% during the first quarter. Jane Street Group LLC now owns 97,261 shares of the company’s stock worth $5,127,000 after buying an additional 78,804 shares during the period. Hedge funds and other institutional investors own 26.41% of the company’s stock.

FOX Company Profile

Fox Corporation (NASDAQ:FOX) is a U.S.-based media company that operates television broadcast, news and sports businesses. The company traces its contemporary structure to the 2019 reorganization that followed the sale of certain entertainment assets to The Walt Disney Company; Fox Corporation retained a portfolio centered on the Fox Broadcasting Company, Fox Television Stations, Fox News Media and Fox Sports. Over time the company has expanded its digital footprint through acquisitions and direct-to-consumer services, building a mix of linear and streaming distribution.

FOX’s core activities include the creation, aggregation and distribution of television programming and live sports, the operation of national cable news and business networks, and the ownership and operation of local broadcast stations.