StockNews.com Begins Coverage on Paramount Global (NASDAQ:PARA)

Equities researchers at StockNews.com assumed coverage on shares of Paramount Global (NASDAQ:PARA) in a research report issued to clients and investors on Monday. The firm set a “hold” rating on the stock.

Other equities research analysts have also issued research reports about the stock. Needham & Company LLC reaffirmed a “hold” rating on shares of Paramount Global in a research note on Thursday, February 27th. Morgan Stanley boosted their price target on Paramount Global from $10.00 to $11.00 and gave the stock an “underweight” rating in a research report on Tuesday, February 4th. Guggenheim reissued a “buy” rating and set a $14.00 price objective on shares of Paramount Global in a report on Thursday, February 27th. Deutsche Bank Aktiengesellschaft downgraded Paramount Global from a “buy” rating to a “hold” rating and set a $12.00 price objective on the stock. in a research note on Wednesday, April 2nd. Finally, Benchmark reaffirmed a “buy” rating and set a $19.00 target price on shares of Paramount Global in a research report on Thursday, February 27th. Six analysts have rated the stock with a sell rating, seven have given a hold rating and two have given a buy rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus target price of $12.09.

Paramount Global Stock Performance

Shares of PARA stock opened at $11.07 on Monday. Paramount Global has a fifty-two week low of $9.54 and a fifty-two week high of $14.54. The stock’s 50-day moving average is $11.38 and its two-hundred day moving average is $10.94. The company has a debt-to-equity ratio of 0.85, a current ratio of 1.27 and a quick ratio of 1.10. The firm has a market cap of $7.38 billion, a P/E ratio of -1.35, a PEG ratio of 1.68 and a beta of 1.31.

Paramount Global (NASDAQ:PARA) last released its quarterly earnings data on Wednesday, February 26th. The company reported ($0.11) EPS for the quarter, missing analysts’ consensus estimates of $0.18 by ($0.29). The firm had revenue of $7.98 billion during the quarter, compared to analyst estimates of $8.07 billion. Paramount Global had a positive return on equity of 5.81% and a negative net margin of 18.89%. Analysts predict that Paramount Global will post 1.77 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Paramount Global

A number of institutional investors have recently added to or reduced their stakes in the company. Contrarius Group Holdings Ltd bought a new stake in shares of Paramount Global in the 4th quarter worth approximately $146,230,000. State Street Corp raised its stake in shares of Paramount Global by 18.4% in the third quarter. State Street Corp now owns 44,154,027 shares of the company’s stock valued at $470,695,000 after purchasing an additional 6,848,037 shares in the last quarter. Norges Bank bought a new position in Paramount Global in the fourth quarter worth $45,202,000. Slate Path Capital LP boosted its stake in Paramount Global by 42.3% during the fourth quarter. Slate Path Capital LP now owns 12,586,000 shares of the company’s stock worth $131,650,000 after buying an additional 3,741,000 shares in the last quarter. Finally, Two Sigma Investments LP bought a new stake in Paramount Global in the 4th quarter valued at $21,229,000. 73.00% of the stock is owned by institutional investors and hedge funds.

About Paramount Global

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.