Traders Purchase High Volume of FOX Call Options (NASDAQ:FOXA)

Fox Corporation (NASDAQ:FOXA) was the target of some unusual options trading activity on Thursday. Traders bought 3,156 call options on the company. This is an increase of approximately 108% compared to the average volume of 1,515 call options.

Institutional Inflows and Outflows

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

Analyst Upgrades and Downgrades

Several equities research analysts have recently weighed in on the stock. Deutsche Bank Aktiengesellschaft reaffirmed a “buy” rating and issued a $79.00 price target on shares of FOX in a research report on Tuesday, May 12th. Wells Fargo & Company lifted their price objective on shares of FOX from $67.00 to $71.00 and gave the company an “equal weight” rating in a report on Tuesday, May 12th. Barclays reduced their price objective on shares of FOX from $67.00 to $60.00 and set an “equal weight” rating for the company in a research note on Monday, June 15th. UBS Group restated a “neutral” rating on shares of FOX in a report on Monday, June 15th. Finally, JPMorgan Chase & Co. increased 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. One research analyst has rated the stock with a Strong Buy rating, seven have given a Buy rating, eight have assigned a Hold rating and one has issued a Sell rating to the company. According to MarketBeat.com, FOX currently has an average rating of “Hold” and a consensus price target of $74.13.

FOX Stock Up 2.7%

FOXA traded up $1.44 during trading on Thursday, hitting $55.57. The stock had a trading volume of 1,830,436 shares, compared to its average volume of 4,628,090. The stock has a 50 day simple moving average of $61.44 and a two-hundred day simple moving average of $63.69. The company has a debt-to-equity ratio of 0.60, a quick ratio of 2.65 and a current ratio of 2.90. FOX has a twelve month low of $48.34 and a twelve month high of $76.39. The company has a market capitalization of $23.35 billion, a PE ratio of 14.64, a PEG ratio of 1.73 and a beta of 0.51.

FOX (NASDAQ:FOXA) last issued its quarterly earnings results on Monday, May 11th. The company reported $1.32 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.02 by $0.30. FOX had a return on equity of 18.90% and a net margin of 10.56%.The business had revenue of $3.99 billion for the quarter, compared to the consensus estimate of $3.78 billion. During the same period in the prior year, the firm posted $1.10 earnings per share. The business’s quarterly revenue was down 8.6% on a year-over-year basis. On average, research analysts predict that FOX will post 4.93 earnings per share for the current 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.