Seaport Res Ptn Downgrades Paramount Global (NASDAQ:PARAA) to Neutral

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

Paramount Global Stock Performance

NASDAQ:PARAA opened at 22.42 on Thursday. Paramount Global has a 1 year low of 13.40 and a 1 year high of 26.34. The firm has a 50 day moving average of 21.87 and a 200-day moving average of 19.82. The company has a current ratio of 1.29, a quick ratio of 1.17 and a debt-to-equity ratio of 0.65. The stock has a market capitalization of $14.63 billion, a P/E ratio of -149.46 and a beta of 1.66.

Paramount Global (NASDAQ:PARAA) last posted its quarterly earnings data on Wednesday, February 28th. The company reported 0.04 earnings per share for the quarter, missing the consensus estimate of 0.08 by -0.04. Paramount Global had a positive return on equity of 3.35% and a negative net margin of 0.15%. The company had revenue of 7.64 billion during the quarter, compared to the consensus estimate of 7.89 billion. During the same quarter last year, the firm earned $0.08 EPS. As a group, sell-side analysts anticipate that Paramount Global will post 1.25 EPS for the current fiscal year.

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of PARAA. Allspring Global Investments Holdings LLC grew its holdings in Paramount Global by 5.2% during the 1st quarter. Allspring Global Investments Holdings LLC now owns 10,953 shares of the company’s stock worth $239,000 after acquiring an additional 537 shares during the period. GAMMA Investing LLC grew its holdings in Paramount Global by 708.2% during the 1st quarter. GAMMA Investing LLC now owns 1,285 shares of the company’s stock worth $28,000 after acquiring an additional 1,126 shares during the period. GABELLI & Co INVESTMENT ADVISERS INC. grew its holdings in Paramount Global by 8.8% during the 4th quarter. GABELLI & Co INVESTMENT ADVISERS INC. now owns 81,700 shares of the company’s stock worth $1,606,000 after acquiring an additional 6,600 shares during the period. B. Riley Wealth Advisors Inc. grew its holdings in Paramount Global by 29.5% during the 3rd quarter. B. Riley Wealth Advisors Inc. now owns 35,160 shares of the company’s stock worth $557,000 after acquiring an additional 8,007 shares during the period. Finally, Raymond James & Associates acquired a new stake in Paramount Global during the 4th quarter worth $205,000. Institutional investors own 5.98% of the company’s stock.

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.