FOX (NASDAQ:FOXA) Stock Breaks Below Two Hundred Day Moving Average - Time to Sell?

Key Points

• FOX shares fell below their 200-day moving average of $61.88, trading as low as $61.12 before recovering to $62.21, signaling potential technical weakness.
• Despite the decline, Wall Street sentiment remains positive: analysts assign FOX a consensus “Moderate Buy” rating with an average price target of $76.35.
• FOX reported stronger-than-expected quarterly results, with $1.79 in earnings per share and $4.21 billion in revenue; revenue increased 28.1% year over year. CEO Lachlan Murdoch also purchased nearly 150,000 shares, while insiders own 20.89% of the company.

Fox Corporation (NASDAQ:FOXA - Get Free Report) shares crossed below its two hundred day moving average during trading on Wednesday. The stock has a two hundred day moving average of $61.88 and traded as low as $61.12. FOX shares last traded at $62.21, with a volume of 2,971,986 shares changing hands.

Wall Street Analyst Weigh In

Several research firms have recently issued reports on FOXA. Zacks Research lowered shares of FOX from a "strong-buy" rating to a "hold" rating in a research note on Wednesday, August 5th. Weiss Ratings upgraded FOX from a "hold (c+)" rating to a "buy (b-)" rating in a research note on Tuesday, September 29th. Guggenheim reaffirmed a "buy" rating and issued a $85.00 price target on shares of FOX in a report on Wednesday, September 23rd. Deutsche Bank Aktiengesellschaft reaffirmed a "buy" rating and issued a $80.00 price target on shares of FOX in a report on Friday, August 14th. Finally, Wolfe Research upgraded FOX from a "peer perform" rating to an "outperform" rating and set a $71.00 price target on the stock in a research report on Tuesday, June 30th. Eleven equities research analysts have rated the stock with a Buy rating, seven have assigned a Hold rating and one has assigned a Sell rating to the company's stock. According to MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average price target of $76.35.

FOX Price Performance

The company has a debt-to-equity ratio of 0.56, a quick ratio of 2.99 and a current ratio of 3.17. The stock has a market capitalization of $26.11 billion, a PE ratio of 16.24, a price-to-earnings-growth ratio of 1.11 and a beta of 0.60. The stock's 50 day moving average is $65.21 and its two-hundred day moving average is $61.88.

FOX (NASDAQ:FOXA - Get Free Report) last announced its earnings results on Thursday, August 6th. The company reported $1.79 EPS for the quarter, beating analysts' consensus estimates of $1.44 by $0.35. The business had revenue of $4.21 billion during the quarter, compared to analysts' expectations of $3.64 billion. FOX had a return on equity of 20.64% and a net margin of 9.84%. The business's revenue was up 28.1% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $1.27 earnings per share. On average, equities analysts anticipate that Fox Corporation will post 5.94 EPS for the current fiscal year.

FOX Dividend Announcement

The company also recently declared a dividend, which was paid on Wednesday, September 23rd. Investors of record on Wednesday, September 2nd were given a dividend of $0.29 per share. This represents a dividend yield of 86.0%. The ex-dividend date was Wednesday, September 2nd. FOX's payout ratio is presently 15.14%.

Insider Activity at FOX

In other news, CEO Lachlan Murdoch acquired 149,934 shares of FOX stock in a transaction that occurred on Tuesday, September 15th. The stock was purchased at an average cost of $68.53 per share, with a total value of $10,274,977.02. Following the purchase, the chief executive officer owned 1,401,713 shares in the company, valued at $96,059,391.89. This trade represents a 11.98% increase in their ownership of the stock. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Insiders own 20.89% of the company's stock.

Institutional Investors Weigh In On FOX

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Mather Group LLC. purchased a new position in shares of FOX during the 3rd quarter worth $532,000. Forvis Mazars Wealth Advisors LLC acquired a new position in FOX in the third quarter valued at about $222,000. NorthCrest Asset Manangement LLC acquired a new position in FOX in the third quarter valued at about $383,000. Wedmont Private Capital lifted its position in FOX by 27.7% in the third quarter. Wedmont Private Capital now owns 5,433 shares of the company's stock valued at $345,000 after buying an additional 1,178 shares during the last quarter. Finally, Elevation Wealth Partners LLC boosted its stake in FOX by 811.0% during the third quarter. Elevation Wealth Partners LLC now owns 911 shares of the company's stock worth $57,000 after buying an additional 811 shares during the period. Institutional investors and hedge funds own 52.52% of the company's stock.

FOX Company Profile

Fox Corporation NASDAQ: FOXA is a U.S. media company that produces and distributes news, sports, and entertainment programming. Its portfolio includes FOX News Media, FOX Sports, FOX Entertainment, FOX Television Stations, and Tubi, an ad-supported streaming service offering movies, television programs, and other digital content.

FOX News Media operates FOX News Channel, FOX Business Network, FOX News Digital, and related audio and digital platforms. FOX Sports provides national and regional sports programming, while FOX Entertainment develops and broadcasts scripted and unscripted programming through the FOX broadcast network and other platforms.

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