FOX (NASDAQ:FOXA) Hits New 12-Month Low – Here’s What Happened

Shares of Fox Corporation (NASDAQ:FOXA) hit a new 52-week low during mid-day trading on Wednesday . The company traded as low as $51.38 and last traded at $52.34, with a volume of 23220333 shares trading hands. The stock had previously closed at $54.76.

Key FOX News

Here are the key news stories impacting FOX this week:

• Positive Sentiment: The Roku deal could strengthen Fox’s streaming strategy by combining Tubi, The Roku Channel, and Fox’s sports/news content, potentially boosting ad scale and viewer reach. Article Title
• Positive Sentiment: Analysts also note Fox may be oversold after recent weakness, with some arguing the stock could be due for a turnaround if investor sentiment stabilizes. Article Title
• Neutral Sentiment: Wall Street’s broader reaction to the deal has focused on the strategic shift into streaming and the possibility that Fox becomes a bigger force in connected TV, but the long-term benefits are still uncertain. Article Title
• Negative Sentiment: Investors are concerned that the acquisition is highly dilutive and increases Fox’s debt load, which could pressure returns and financial flexibility. Article Title
• Negative Sentiment: Law firms have already launched investigations into whether the Roku transaction gives Fox shareholders a fair price, adding legal overhang to the stock. Article Title

Wall Street Analysts Forecast Growth

Several research firms recently weighed in on FOXA. JPMorgan Chase & Co. lifted their target price on FOX from $69.00 to $70.00 and gave the company a “neutral” rating in a research report on Tuesday, May 12th. Argus upgraded FOX to a “hold” rating in a research report on Thursday, February 19th. Weiss Ratings reaffirmed a “buy (b-)” rating on shares of FOX in a research note on Friday, May 22nd. Deutsche Bank Aktiengesellschaft reaffirmed a “buy” rating and set a $79.00 price objective on shares of FOX in a research report on Tuesday, May 12th. Finally, Seaport Research Partners reissued a “buy” rating and issued a $61.00 target price on shares of FOX in a report on Tuesday. One investment analyst has rated the stock with a Strong Buy rating, six have given a Buy rating, nine have assigned a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat, FOX presently has a consensus rating of “Hold” and a consensus price target of $74.36.

FOX Price Performance

The company has a current ratio of 2.90, a quick ratio of 2.65 and a debt-to-equity ratio of 0.60. The stock has a 50 day simple moving average of $63.99 and a 200-day simple moving average of $65.03. The firm has a market cap of $21.99 billion, a PE ratio of 13.81, a price-to-earnings-growth ratio of 2.84 and a beta of 0.51.

FOX (NASDAQ:FOXA) last announced its quarterly earnings data on Monday, May 11th. The company reported $1.32 EPS for the quarter, beating the consensus estimate of $1.02 by $0.30. The business had revenue of $3.99 billion for the quarter, compared to the consensus estimate of $3.78 billion. FOX had a return on equity of 18.90% and a net margin of 10.56%.The business’s revenue was down 8.6% on a year-over-year basis. During the same period in the previous year, the business earned $1.10 earnings per share. Equities analysts anticipate that Fox Corporation will post 4.93 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in FOXA. Geneos Wealth Management Inc. lifted its holdings in shares of FOX by 205.6% in the first quarter. Geneos Wealth Management Inc. now owns 923 shares of the company’s stock worth $52,000 after buying an additional 621 shares in the last quarter. EverSource Wealth Advisors LLC lifted its stake in FOX by 286.4% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 1,368 shares of the company’s stock worth $77,000 after purchasing an additional 1,014 shares in the last quarter. Baird Financial Group Inc. boosted its holdings in shares of FOX by 19.7% during the 2nd quarter. Baird Financial Group Inc. now owns 17,500 shares of the company’s stock valued at $981,000 after purchasing an additional 2,876 shares during the last quarter. California State Teachers Retirement System boosted its holdings in shares of FOX by 16.6% during the 2nd quarter. California State Teachers Retirement System now owns 350,844 shares of the company’s stock valued at $19,661,000 after purchasing an additional 49,963 shares during the last quarter. Finally, Ameriprise Financial Inc. grew its position in shares of FOX by 72.0% during the second quarter. Ameriprise Financial Inc. now owns 1,821,284 shares of the company’s stock valued at $101,948,000 after purchasing an additional 762,645 shares in the last quarter. 52.52% of the stock is owned by hedge funds and other institutional investors.

FOX Company Profile

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.