Paramount Global (NASDAQ:PARA) Lowered to “Sell” at StockNews.com

Paramount Global (NASDAQ:PARA) was downgraded by analysts at StockNews.com from a “hold” rating to a “sell” rating in a research note issued on Saturday.

Other equities analysts have also recently issued reports about the stock. Rosenblatt Securities restated a “neutral” rating and issued a $14.00 target price on shares of Paramount Global in a research report on Tuesday, June 4th. Wells Fargo & Company upgraded Paramount Global from an “underweight” rating to an “equal weight” rating and upped their target price for the stock from $10.00 to $11.00 in a research note on Friday, August 9th. Wolfe Research downgraded Paramount Global from a “peer perform” rating to an “underperform” rating and set a $10.00 price objective for the company. in a research note on Tuesday, July 9th. The Goldman Sachs Group assumed coverage on Paramount Global in a research note on Tuesday, June 25th. They issued a “sell” rating and a $9.50 price target for the company. Finally, Needham & Company LLC reissued a “hold” rating on shares of Paramount Global in a research report on Friday, August 9th. Eleven 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. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus price target of $12.47.

Paramount Global Price Performance

NASDAQ:PARA opened at $10.57 on Friday. The company has a debt-to-equity ratio of 0.85, a quick ratio of 1.15 and a current ratio of 1.30. The firm has a market cap of $7.04 billion, a price-to-earnings ratio of -70.47, a P/E/G ratio of 0.57 and a beta of 1.75. Paramount Global has a 52 week low of $9.54 and a 52 week high of $17.50. The firm’s 50-day simple moving average is $10.93 and its 200 day simple moving average is $11.34.

Paramount Global (NASDAQ:PARA) last issued its quarterly earnings results on Thursday, August 8th. The company reported $0.54 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.14 by $0.40. The business had revenue of $6.81 billion for the quarter, compared to the consensus estimate of $7.21 billion. Paramount Global had a positive return on equity of 4.88% and a negative net margin of 17.62%. As a group, sell-side analysts predict that Paramount Global will post 1.57 earnings per share for the current year.

Institutional Inflows and Outflows

Several large investors have recently modified their holdings of PARA. Lingotto Investment Management LLP lifted its position in Paramount Global by 628.8% in the second quarter. Lingotto Investment Management LLP now owns 29,937,007 shares of the company’s stock valued at $311,046,000 after purchasing an additional 25,829,185 shares during the last quarter. Kodai Capital Management LP bought a new position in shares of Paramount Global during the fourth quarter valued at about $84,842,000. Vanguard Group Inc. grew its stake in shares of Paramount Global by 6.5% in the first quarter. Vanguard Group Inc. now owns 62,090,467 shares of the company’s stock worth $730,805,000 after purchasing an additional 3,803,928 shares during the last quarter. Capitolis Liquid Global Markets LLC bought a new position in Paramount Global during the 1st quarter valued at approximately $33,191,000. Finally, Norges Bank purchased a new stake in Paramount Global in the 4th quarter worth approximately $41,497,000. Hedge funds and other institutional investors own 73.00% 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.