AMC Networks (NASDAQ:AMCX) Shares Cross Above Two Hundred Day Moving Average - Here's Why

Key Points

• AMC Networks shares rose above their 200-day moving average, reaching $10.97 before closing near $10.94, compared with the $10.05 average.
• Analysts remain broadly bearish: AMC Networks has a consensus rating of “Strong Sell” from MarketBeat, with a consensus price target of $10.33.
• The company’s latest quarterly results missed expectations, reporting a $0.28 per-share loss and $547.5 million in revenue, while revenue declined 8.8% year over year.

AMC Networks Inc. (NASDAQ:AMCX - Get Free Report)'s share price crossed above its 200-day moving average during trading on Thursday. The stock has a 200-day moving average of $10.05 and traded as high as $10.97. AMC Networks shares last traded at $10.94, with a volume of 732,901 shares.

Analyst Ratings Changes

Several research firms have commented on AMCX. Zacks Research lowered shares of AMC Networks from a "strong-buy" rating to a "hold" rating in a report on Thursday, September 10th. Wells Fargo & Company lifted their price objective on AMC Networks from $10.00 to $11.00 and gave the company an "equal weight" rating in a research note on Friday, July 31st. Morgan Stanley boosted their price objective on AMC Networks from $7.00 to $10.00 and gave the company an "underweight" rating in a report on Friday, July 31st. Weiss Ratings cut AMC Networks from a "hold (c-)" rating to a "sell (d-)" rating in a report on Tuesday, August 11th. Finally, UBS Group upped their target price on AMC Networks from $6.00 to $10.00 and gave the stock a "sell" rating in a research note on Wednesday, August 12th. Two analysts have rated the stock with a Hold rating and three have given a Sell rating to the company's stock. Based on data from MarketBeat.com, AMC Networks currently has a consensus rating of "Strong Sell" and a consensus price target of $10.33.

AMC Networks Stock Performance

The company has a debt-to-equity ratio of 1.76, a quick ratio of 1.76 and a current ratio of 1.76. The firm's 50 day moving average is $11.95 and its 200-day moving average is $10.05. The stock has a market capitalization of $451.27 million, a price-to-earnings ratio of -13.34 and a beta of 1.39.

AMC Networks (NASDAQ:AMCX - Get Free Report) last announced its quarterly earnings results on Thursday, July 30th. The company reported ($0.28) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of ($0.12) by ($0.16). AMC Networks had a positive return on equity of 3.76% and a negative net margin of 0.88%.The firm had revenue of $547.50 million for the quarter, compared to analysts' expectations of $555.74 million. During the same period last year, the company posted $0.69 earnings per share. The business's quarterly revenue was down 8.8% on a year-over-year basis. Analysts forecast that AMC Networks Inc. will post 2.41 earnings per share for the current fiscal year.

Insider Activity

In other news, CAO Michael Sherin, III sold 10,648 shares of the stock in a transaction dated Monday, September 14th. The shares were sold at an average price of $12.35, for a total transaction of $131,502.80. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 16.13% of the stock is currently owned by insiders.

Hedge Funds Weigh In On AMC Networks

Institutional investors and hedge funds have recently modified their holdings of the business. Allspring Global Investments Holdings LLC boosted its position in AMC Networks by 35.1% during the first quarter. Allspring Global Investments Holdings LLC now owns 1,346,142 shares of the company's stock worth $9,423,000 after purchasing an additional 349,373 shares in the last quarter. Segall Bryant & Hamill LLC acquired a new stake in AMC Networks in the first quarter valued at approximately $1,060,000. Gabelli Funds LLC increased its position in shares of AMC Networks by 2.4% in the first quarter. Gabelli Funds LLC now owns 127,500 shares of the company's stock valued at $866,000 after buying an additional 3,000 shares in the last quarter. Cetera Investment Advisers increased its position in shares of AMC Networks by 261.7% in the first quarter. Cetera Investment Advisers now owns 41,175 shares of the company's stock valued at $280,000 after buying an additional 29,792 shares in the last quarter. Finally, First Trust Advisors LP raised its stake in shares of AMC Networks by 18.5% during the 1st quarter. First Trust Advisors LP now owns 19,720 shares of the company's stock worth $134,000 after buying an additional 3,074 shares during the period. Hedge funds and other institutional investors own 78.51% of the company's stock.

About AMC Networks

AMC Networks Inc is an entertainment company that develops, produces, and distributes television and digital content. Its portfolio includes national cable networks such as AMC, WE tv, IFC, SundanceTV, and BBC America, along with streaming services including AMC+, Acorn TV, Shudder, ALLBLK, and HIDIVE.

The company's programming spans scripted dramas, films, documentaries, unscripted series, anime, and other specialty content. AMC Networks also licenses and distributes its programming through pay-TV providers, digital platforms, and international channels, serving audiences in the United States and selected markets worldwide.

AMC Networks traces its roots to Rainbow Media, a Cablevision subsidiary that operated several specialty television networks.

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