AMC Networks (NASDAQ:AMCX) Share Price Crosses Above 200 Day Moving Average – Here’s What Happened

AMC Networks Inc. (NASDAQ:AMCX)’s stock price passed above its two hundred day moving average during trading on Wednesday. The stock has a two hundred day moving average of $9.73 and traded as high as $12.02. AMC Networks shares last traded at $12.00, with a volume of 358,334 shares.

Wall Street Analyst Weigh In

Several equities analysts recently weighed in on AMCX shares. UBS Group lifted 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. Morgan Stanley upped their price target on AMC Networks from $7.00 to $10.00 and gave the stock an “underweight” rating in a research report on Friday, July 31st. Wells Fargo & Company lifted their price objective on AMC Networks from $10.00 to $11.00 and gave the company an “equal weight” rating in a research report on Friday, July 31st. Zacks Research downgraded AMC Networks from a “strong-buy” rating to a “hold” rating in a research note on Thursday, September 10th. Finally, Weiss Ratings lowered shares of AMC Networks from a “hold (c-)” rating to a “sell (d-)” rating in a report on Tuesday, August 11th. Two research analysts have rated the stock with a Hold rating and three have issued a Sell rating to the company. According to data from MarketBeat.com, AMC Networks has a consensus rating of “Strong Sell” and a consensus target price of $10.33.

AMC Networks Stock Performance

The company has a current ratio of 1.76, a quick ratio of 1.76 and a debt-to-equity ratio of 1.76. The business’s 50 day moving average is $11.71 and its two-hundred day moving average is $9.76. The company has a market cap of $501.60 million, a PE ratio of -14.83 and a beta of 1.35.

AMC Networks (NASDAQ:AMCX) last issued its quarterly earnings results on Thursday, July 30th. The company reported ($0.28) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.12) by ($0.16). The business had revenue of $547.50 million during the quarter, compared to analysts’ expectations of $555.74 million. AMC Networks had a positive return on equity of 3.76% and a negative net margin of 0.88%.The company’s quarterly revenue was down 8.8% on a year-over-year basis. During the same quarter in the previous year, the company posted $0.69 EPS. On average, equities research analysts anticipate that AMC Networks Inc. will post 2.42 EPS for the current year.

Insider Activity

In related news, CAO Michael Sherin, III sold 10,648 shares of the stock in a transaction dated 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 is accessible through this link. Corporate insiders own 16.13% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Allspring Global Investments Holdings LLC raised its position in shares of AMC Networks by 35.1% during the first quarter. Allspring Global Investments Holdings LLC now owns 1,346,142 shares of the company’s stock valued at $9,423,000 after buying an additional 349,373 shares during the last quarter. Segall Bryant & Hamill LLC bought a new position in shares of AMC Networks during the first quarter worth $1,060,000. Bank of New York Mellon Corp grew its stake in AMC Networks by 3.3% during the first quarter. Bank of New York Mellon Corp now owns 144,015 shares of the company’s stock valued at $978,000 after acquiring an additional 4,649 shares in the last quarter. Gabelli Funds LLC grew its stake in AMC Networks by 2.4% during the first quarter. Gabelli Funds LLC now owns 127,500 shares of the company’s stock valued at $866,000 after acquiring an additional 3,000 shares in the last quarter. Finally, Principal Financial Group Inc. increased its holdings in AMC Networks by 69.6% in the 1st quarter. Principal Financial Group Inc. now owns 80,732 shares of the company’s stock valued at $548,000 after acquiring an additional 33,127 shares during the last quarter. 78.51% of the stock is currently owned by institutional investors.

About AMC Networks

AMC Networks Inc (NASDAQ: AMCX) is an entertainment company that develops, produces, and distributes television and streaming content. Its portfolio includes the AMC, BBC America, IFC, SundanceTV, and WE tv networks, which feature scripted and unscripted series, films, documentaries, and other original programming.

The company also operates a range of direct-to-consumer streaming services, including AMC+, Acorn TV, Shudder, Sundance Now, ALLBLK, and HIDIVE. These platforms offer original series, movies, genre-focused programming, and content from AMC Networks’ television brands and production businesses.