Fox Corp (FOX) announced on Monday that it had agreed to acquire on-line finance broker Credible Labs Inc. The deal values the financial technology company at $397 million.
Fox shares closed lower for a fourth consecutive trading session on NASDAQ on Monday. It has also been the steepest daily loss since July 31st. The stock went down 1.53% ($0.56) to $36.00, after touching an intraday low at $35.75, or a price level not seen since July 1st ($35.72).
Shares of Fox Corp have retreated 9.91% so far in 2019 compared with a 17.15% gain for the benchmark index, Nasdaq 100 (NDX).
“The acquisition of Credible underscores Fox Corporation’s innovative digital strategy that emphasizes direct interactions with our consumers,” Lachlan Murdoch, Executive Chairman and Chief Executive Officer of Fox Corp, said in a statement, cited by Reuters.
According to Fox Corp, Credible Labs has synergies with FOX Business and FOX Television units and is to become part of its FOX Sports app, live and on demand content and FOX Now.
The fintech firm’s on-line platform provides credit checks to borrowers who look for mortgages as well as student and personal loans and utilizes that information in order to show them pre-qualified loan rates and refinancing options.
Analyst stock price forecast and recommendation
According to CNN Money, the 19 analysts, offering 12-month forecasts regarding Fox Corp’s stock price, have a median target of $42.00, with a high estimate of $49.00 and a low estimate of $34.00. The median estimate represents a 16.67% upside compared to the closing price of $36.00 on August 5th.
The same media also reported that at least 11 out of 24 surveyed investment analysts had rated Fox Corp’s stock as “Buy”, while 10 – as “Hold”. On the other hand, 2 analysts had recommended selling the stock.
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