AMC Networks (NASDAQ:AMCX) Share Price Breaks Above Two Hundred Day Moving Average - Here's Why

Key Points

• AMC Networks shares moved above their 200-day moving average of $9.50, reaching $9.65 and last trading at $9.59.
• Analyst sentiment remains negative: MarketBeat’s consensus rating is “Strong Sell”, with an average price target of $10.00. Recent ratings include three Sells and two Holds.
• Quarterly earnings were mixed: EPS of $0.44 beat the consensus estimate of a $0.19 loss, while revenue of $566.1 million fell short of expectations; revenue was up 0.8% year over year.

AMC Networks Inc. (NASDAQ:AMCX - Get Free Report)'s share price crossed above its 200-day moving average during trading on Wednesday. The stock has a 200-day moving average of $9.50 and traded as high as $9.65. AMC Networks shares last traded at $9.59, with a volume of 944,265 shares.

Analyst Upgrades and Downgrades

Several equities analysts have recently issued reports on the company. Morgan Stanley decreased their target price on AMC Networks from $10.00 to $9.00 and set an "underweight" rating for the company in a research report on Thursday, October 15th. Wells Fargo & Company lifted their price objective on shares of AMC Networks from $10.00 to $11.00 and gave the stock an "equal weight" rating in a research note on Friday, July 31st. Weiss Ratings reissued a "sell (d-)" rating on shares of AMC Networks in a research note on Wednesday, November 4th. Zacks Research cut shares of AMC Networks from a "strong-buy" rating to a "hold" rating in a report on Thursday, September 10th. Finally, UBS Group upped their target price on shares of AMC Networks from $6.00 to $10.00 and gave the company a "sell" rating in a research note on Wednesday, August 12th. Two equities research analysts have rated the stock with a Hold rating and three have assigned a Sell rating to the stock. According to MarketBeat, the stock currently has an average rating of "Strong Sell" and an average target price of $10.00.

AMC Networks Stock Performance

The company has a debt-to-equity ratio of 1.85, a current ratio of 1.90 and a quick ratio of 1.76. The stock's 50 day simple moving average is $10.55 and its two-hundred day simple moving average is $9.50. The stock has a market cap of $395.59 million, a P/E ratio of -2.88 and a beta of 1.55.

AMC Networks (NASDAQ:AMCX - Get Free Report) last released its quarterly earnings results on Monday, November 9th. The company reported $0.44 earnings per share for the quarter, beating the consensus estimate of ($0.19) by $0.63. AMC Networks had a negative net margin of 6.38% and a positive return on equity of 5.58%. The company had revenue of $566.07 million during the quarter, compared to analysts' expectations of $573.28 million. During the same quarter in the prior year, the company earned $0.18 earnings per share. The business's quarterly revenue was up .8% compared to the same quarter last year. As a group, research analysts forecast that AMC Networks Inc. will post 2.44 EPS for the current year.

Insider Buying and Selling

In related news, CAO Michael Sherin, III sold 10,648 shares of the company's stock in a transaction on Monday, September 14th. The shares were sold at an average price of $12.35, for a total value of $131,502.80. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Corporate insiders own 16.13% of the company's stock.

Hedge Funds Weigh In On AMC Networks

A number of large investors have recently added to or reduced their stakes in AMCX. Allspring Global Investments Holdings LLC lifted its holdings in shares of AMC Networks by 32.2% in the third quarter. Allspring Global Investments Holdings LLC now owns 2,368,515 shares of the company's stock valued at $26,575,000 after purchasing an additional 577,506 shares in the last quarter. Ritholtz Wealth Management lifted its stake in AMC Networks by 34.4% in the 3rd quarter. Ritholtz Wealth Management now owns 201,236 shares of the company's stock valued at $2,346,000 after acquiring an additional 51,504 shares in the last quarter. Segall Bryant & Hamill LLC bought a new stake in AMC Networks in the 1st quarter valued at approximately $1,060,000. Bank of New York Mellon Corp lifted its stake in AMC Networks by 3.3% in the 1st quarter. Bank of New York Mellon Corp now owns 144,015 shares of the company's stock valued at $978,000 after acquiring an additional 4,649 shares in the last quarter. Finally, Gabelli Funds LLC grew its stake in shares of AMC Networks by 2.4% during the 1st quarter. Gabelli Funds LLC now owns 127,500 shares of the company's stock worth $866,000 after acquiring an additional 3,000 shares in the last quarter. Institutional investors own 78.51% of the company's stock.

AMC Networks Company Profile

AMC Networks is a global entertainment company that develops, produces and distributes television and streaming content. Its programming includes original drama, unscripted series, films and other entertainment across a portfolio of cable networks and digital services. The company's brands include AMC, BBC America, IFC, SundanceTV and WE tv, as well as streaming services such as AMC+, Acorn TV, Shudder, Sundance Now and ALLBLK. AMC Networks also distributes content through licensing and other partnerships.

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