AMC Networks (NASDAQ:AMCX) Shares Break Above Two Hundred Day Moving Average – Here’s What Happened

AMC Networks Inc. (NASDAQ:AMCX)’s share price passed 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 changing hands.

Wall Street Analysts Forecast Growth

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

AMC Networks Stock Up 1.8%

The business’s fifty day moving average price is $10.49 and its 200 day moving average price is $9.50. The company has a quick ratio of 1.76, a current ratio of 1.90 and a debt-to-equity ratio of 1.85. The firm has a market capitalization of $391.88 million, a PE ratio of -2.85 and a beta of 1.55.

AMC Networks (NASDAQ:AMCX) last announced its earnings results on Monday, November 9th. The company reported $0.44 earnings per share for the quarter, topping the consensus estimate of ($0.19) by $0.63. The business had revenue of $566.07 million during the quarter, compared to the consensus estimate of $573.28 million. AMC Networks had a negative net margin of 6.38% and a positive return on equity of 5.58%. The business’s quarterly revenue was up .8% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $0.18 earnings per share. On average, equities research analysts forecast that AMC Networks Inc. will post 2.57 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other AMC Networks news, CAO Michael Sherin, III sold 10,648 shares of the stock in a transaction that occurred on Monday, September 14th. The stock was sold at an average price of $12.35, for a total transaction of $131,502.80. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Insiders own 16.13% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors have recently modified their holdings of the stock. Allspring Global Investments Holdings LLC boosted 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 acquiring an additional 577,506 shares in the last quarter. Ritholtz Wealth Management raised its holdings in AMC Networks by 34.4% during the third quarter. Ritholtz Wealth Management now owns 201,236 shares of the company’s stock worth $2,346,000 after purchasing an additional 51,504 shares in the last quarter. Segall Bryant & Hamill LLC purchased a new position in AMC Networks during the first quarter worth about $1,060,000. Bank of New York Mellon Corp lifted its position in AMC Networks by 3.3% in the first quarter. Bank of New York Mellon Corp now owns 144,015 shares of the company’s stock valued at $978,000 after purchasing an additional 4,649 shares during the period. Finally, Gabelli Funds LLC lifted its position in 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 purchasing an additional 3,000 shares during the period. Institutional investors and hedge funds 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.