Investors Buy Large Volume of Put Options on FOX (NASDAQ:FOXA)

Fox Corporation (NASDAQ:FOXA) was the target of some unusual options trading on Monday. Traders bought 4,028 put options on the company. This is an increase of approximately 456% compared to the typical volume of 725 put options.

Insider Buying and Selling

In other news, Director Paul D. Ryan sold 17,767 shares of the business’s stock in a transaction that occurred on Friday, October 31st. The shares were sold at an average price of $64.36, for a total value of $1,143,484.12. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Adam G. Ciongoli sold 29,897 shares of the company’s stock in a transaction that occurred on Tuesday, December 9th. The stock was sold at an average price of $69.55, for a total transaction of $2,079,336.35. Following the sale, the insider directly 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. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 454,817 shares of company stock worth $29,490,590 in the last ninety days. 19.68% of the stock is owned by company insiders.

Institutional Investors Weigh In On FOX

Hedge funds have recently added to or reduced their stakes in the business. FWL Investment Management LLC acquired a new position in FOX in the 3rd quarter valued at approximately $26,000. CYBER HORNET ETFs LLC bought a new stake in shares of FOX in the second quarter worth $35,000. Quantbot Technologies LP acquired a new stake in FOX in the third quarter valued at $51,000. Geneos Wealth Management Inc. raised its position in FOX by 205.6% during the 1st quarter. Geneos Wealth Management Inc. now owns 923 shares of the company’s stock worth $52,000 after purchasing an additional 621 shares during the last quarter. Finally, Root Financial Partners LLC bought a new position in FOX during the 3rd quarter worth $60,000. 52.52% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several brokerages have commented on FOXA. Barclays boosted their price objective on shares of FOX from $58.00 to $64.00 and gave the company an “equal weight” rating in a research report on Friday, October 31st. The Goldman Sachs Group lifted their price target on FOX from $79.00 to $87.00 and gave the company a “buy” rating in a research note on Friday. Fox Advisors set a $97.00 price target on FOX in a report on Tuesday, October 28th. Wells Fargo & Company raised their price objective on FOX from $70.00 to $80.00 and gave the company an “overweight” rating in a research note on Friday, October 31st. Finally, Morgan Stanley lifted their target price on FOX from $70.00 to $74.00 and gave the company an “equal weight” rating in a research report on Thursday. One analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating and eight have assigned a Hold rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $73.63.

FOX Trading Up 2.6%

NASDAQ FOXA opened at $73.62 on Tuesday. The company has a market cap of $32.68 billion, a price-to-earnings ratio of 16.54, a price-to-earnings-growth ratio of 1.61 and a beta of 0.51. FOX has a twelve month low of $46.42 and a twelve month high of $74.63. The company has a quick ratio of 3.03, a current ratio of 3.24 and a debt-to-equity ratio of 0.54. The business’s fifty day moving average is $65.22 and its 200 day moving average is $60.28.

FOX (NASDAQ:FOXA) last posted its earnings results on Thursday, October 30th. The company reported $1.51 EPS for the quarter, beating the consensus estimate of $1.10 by $0.41. FOX had a return on equity of 18.61% and a net margin of 12.35%.The firm had revenue of $3.74 billion during the quarter, compared to the consensus estimate of $3.57 billion. During the same period last year, the company earned $1.45 earnings per share. The business’s quarterly revenue was up 4.9% on a year-over-year basis. As a group, sell-side analysts expect that FOX will post 4.38 EPS for the current fiscal year.

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.