Paramount Global’s (PARA) “Buy” Rating Reaffirmed at Guggenheim

Paramount Global (NASDAQ:PARA)‘s stock had its “buy” rating reaffirmed by investment analysts at Guggenheim in a research report issued to clients and investors on Thursday,Benzinga reports. They currently have a $14.00 price objective on the stock. Guggenheim’s price target would indicate a potential upside of 25.50% from the stock’s current price.

Several other equities research analysts also recently weighed in on the company. Macquarie reissued an “underperform” rating and set a $10.00 price objective on shares of Paramount Global in a report on Monday, November 11th. Morgan Stanley raised their price objective on Paramount Global from $10.00 to $11.00 and gave the company an “underweight” rating in a report on Tuesday, February 4th. Needham & Company LLC reissued a “hold” rating on shares of Paramount Global in a report on Thursday. StockNews.com raised Paramount Global from a “sell” rating to a “hold” rating in a report on Monday, November 11th. Finally, Benchmark reaffirmed a “buy” rating and set a $19.00 target price on shares of Paramount Global in a report on Thursday. Six analysts have rated the stock with a sell rating, seven have issued a hold rating and three have given a buy rating to the company. According to data from MarketBeat, the stock currently has an average rating of “Hold” and an average target price of $12.58.

Paramount Global Price Performance

Shares of PARA stock traded down $0.07 during trading hours on Thursday, reaching $11.16. The company’s stock had a trading volume of 4,627,204 shares, compared to its average volume of 8,956,376. The firm’s 50 day simple moving average is $10.78 and its 200-day simple moving average is $10.73. The company has a market capitalization of $7.44 billion, a price-to-earnings ratio of -1.36, a PEG ratio of 1.68 and a beta of 1.69. Paramount Global has a fifty-two week low of $9.54 and a fifty-two week high of $14.54. The company has a quick ratio of 1.10, a current ratio of 1.27 and a debt-to-equity ratio of 0.85.

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

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the business. Allworth Financial LP raised its position in shares of Paramount Global by 140.1% in the 4th quarter. Allworth Financial LP now owns 2,391 shares of the company’s stock worth $25,000 after acquiring an additional 1,395 shares in the last quarter. Blue Trust Inc. raised its position in shares of Paramount Global by 162.8% in the 3rd quarter. Blue Trust Inc. now owns 2,539 shares of the company’s stock worth $26,000 after acquiring an additional 1,573 shares in the last quarter. Huntington National Bank raised its position in shares of Paramount Global by 129.0% in the 3rd quarter. Huntington National Bank now owns 2,771 shares of the company’s stock worth $29,000 after acquiring an additional 1,561 shares in the last quarter. Ossiam raised its position in shares of Paramount Global by 57.2% in the 4th quarter. Ossiam now owns 2,810 shares of the company’s stock worth $29,000 after acquiring an additional 1,022 shares in the last quarter. Finally, Mountain Hill Investment Partners Corp. bought a new stake in Paramount Global in the 4th quarter valued at about $31,000. 73.00% of the stock is owned by institutional investors.

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.