Manchester United (NYSE:MANU) Trading Up 11.7% – Here’s What Happened

Manchester United Ltd. (NYSE:MANU) shares were up 11.7% during trading on Thursday . The company traded as high as $23.13 and last traded at $23.5850. Approximately 104,823 shares were traded during mid-day trading, a decline of 70% from the average daily volume of 351,612 shares. The stock had previously closed at $21.11.

Analyst Upgrades and Downgrades

A number of research analysts have recently commented on MANU shares. Weiss Ratings reissued a “sell (e+)” rating on shares of Manchester United in a research report on Monday. Wall Street Zen upgraded shares of Manchester United from a “sell” rating to a “hold” rating in a research note on Sunday. One research analyst has rated the stock with a Sell rating, According to data from MarketBeat, the company has a consensus rating of “Sell”.

Manchester United Stock Up 12.6%

The company has a current ratio of 0.37, a quick ratio of 0.35 and a debt-to-equity ratio of 2.73. The firm’s 50 day simple moving average is $18.47 and its two-hundred day simple moving average is $17.22. The firm has a market cap of $4.10 billion, a price-to-earnings ratio of -169.15 and a beta of 0.61.

Manchester United (NYSE:MANU) last issued its quarterly earnings data on Wednesday, May 27th. The company reported $0.04 earnings per share for the quarter, topping the consensus estimate of ($0.06) by $0.10. Manchester United had a negative net margin of 2.67% and a positive return on equity of 0.64%. The business had revenue of $250.96 million during the quarter, compared to analysts’ expectations of $220.94 million.

Hedge Funds Weigh In On Manchester United

Several hedge funds and other institutional investors have recently made changes to their positions in MANU. Gamco Investors INC. ET AL raised its position in shares of Manchester United by 110.9% in the 1st quarter. Gamco Investors INC. ET AL now owns 1,104,738 shares of the company’s stock valued at $18,582,000 after buying an additional 580,887 shares in the last quarter. Invesco Ltd. acquired a new position in shares of Manchester United in the 4th quarter valued at approximately $6,665,000. Pinnacle Associates Ltd. raised its position in shares of Manchester United by 30.4% in the 4th quarter. Pinnacle Associates Ltd. now owns 1,404,151 shares of the company’s stock valued at $22,354,000 after buying an additional 327,553 shares in the last quarter. Harvey Partners LLC raised its position in shares of Manchester United by 15.8% in the 3rd quarter. Harvey Partners LLC now owns 1,102,500 shares of the company’s stock valued at $16,692,000 after buying an additional 150,802 shares in the last quarter. Finally, Gabelli Funds LLC raised its position in shares of Manchester United by 26.2% in the 1st quarter. Gabelli Funds LLC now owns 619,318 shares of the company’s stock valued at $10,417,000 after buying an additional 128,655 shares in the last quarter. 23.34% of the stock is currently owned by institutional investors and hedge funds.

About Manchester United

Manchester United plc is a global sports and entertainment company best known for its ownership and operation of Manchester United Football Club, one of the most prominent professional football clubs in the world. The company’s core activities include the organization and promotion of competitive football matches, management of club facilities such as Old Trafford stadium, and the development of youth and academy programs. As a publicly traded entity on the New York Stock Exchange (NYSE: MANU), Manchester United plc leverages its status to expand commercial partnerships and broaden its international footprint.

The company’s revenue streams are diversified across matchday operations, broadcast rights, commercial partnerships, and licensing and merchandising.