Paramount Global (NASDAQ:PARA) Stock Rating Lowered by Seaport Res Ptn

Paramount Global (NASDAQ:PARA) was downgraded by analysts at Seaport Res Ptn from a “buy” rating to a “neutral” rating in a note issued to investors on Thursday, Zacks.com reports. Seaport Res Ptn also issued estimates for Paramount Global’s Q2 2024 earnings at $0.18 EPS, Q3 2024 earnings at $0.25 EPS and FY2024 earnings at $1.25 EPS.

Other research analysts have also recently issued reports about the stock. StockNews.com cut shares of Paramount Global from a “hold” rating to a “sell” rating in a report on Tuesday. Moffett Nathanson raised shares of Paramount Global from a “sell” rating to a “neutral” rating and set a $13.00 price objective for the company in a research note on Tuesday, January 9th. Deutsche Bank Aktiengesellschaft cut their target price on shares of Paramount Global from $20.00 to $15.00 and set a “buy” rating on the stock in a research note on Wednesday, February 28th. Raymond James reaffirmed a “market perform” rating on shares of Paramount Global in a research report on Tuesday, March 26th. Finally, Needham & Company LLC lowered Paramount Global from a “buy” rating to a “hold” rating in a research report on Tuesday. Ten equities research analysts have rated the stock with a sell rating, eight have issued a hold rating and four have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Hold” and an average price target of $13.58.

Paramount Global Price Performance

Shares of NASDAQ:PARA opened at $12.89 on Thursday. The company has a market capitalization of $8.41 billion, a PE ratio of -85.93, a price-to-earnings-growth ratio of 0.42 and a beta of 1.74. The company has a debt-to-equity ratio of 0.65, a quick ratio of 1.17 and a current ratio of 1.29. The stock has a fifty day moving average of $11.55 and a 200-day moving average of $12.89. Paramount Global has a one year low of $10.12 and a one year high of $19.04.

Paramount Global (NASDAQ:PARA) last announced its earnings results on Monday, April 29th. The company reported $0.62 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.34 by $0.28. Paramount Global had a positive return on equity of 3.35% and a negative net margin of 0.15%. The company had revenue of $7.69 billion for the quarter, compared to analyst estimates of $7.73 billion. During the same period in the previous year, the firm earned $0.09 earnings per share. Paramount Global’s revenue for the quarter was up 5.8% compared to the same quarter last year. As a group, equities analysts anticipate that Paramount Global will post 1.32 EPS for the current fiscal year.

Hedge Funds Weigh In On Paramount Global

Several hedge funds have recently bought and sold shares of PARA. VisionPoint Advisory Group LLC bought a new stake in shares of Paramount Global during the 3rd quarter worth about $25,000. Archer Investment Corp bought a new stake in shares of Paramount Global during the 4th quarter worth $30,000. Anchor Investment Management LLC acquired a new position in Paramount Global in the 4th quarter valued at $30,000. WFA of San Diego LLC raised its holdings in Paramount Global by 635.0% in the 3rd quarter. WFA of San Diego LLC now owns 2,646 shares of the company’s stock worth $34,000 after acquiring an additional 2,286 shares during the period. Finally, Friedenthal Financial acquired a new position in Paramount Global during the 4th quarter worth $39,000. 73.00% of the stock is owned by institutional investors and hedge funds.

Paramount Global Company Profile

Paramount Global operates as a media, streaming, and entertainment company worldwide. It operates through TV Media, Direct-to-Consumer, and Filmed Entertainment segments. The TV Media segment operates CBS Television Network, a domestic broadcast television network; CBS Stations, a television station; and international free-to-air networks comprising Network 10, Channel 5, Telefe, and Chilevisión; domestic premium and basic cable networks, such as Paramount+ with Showtime, MTV, Comedy Central, Paramount Network, The Smithsonian Channel, Nickelodeon, BET Media Group, and CBS Sports Network; and international extensions of these brands.