Guggenheim Reaffirms “Buy” Rating for Paramount Global (NASDAQ:PARA)

Paramount Global (NASDAQ:PARA)‘s stock had its “buy” rating reaffirmed by research analysts at Guggenheim in a research report issued on Thursday,Benzinga reports. They presently have a $14.00 target price on the stock. Guggenheim’s price target would suggest a potential upside of 23.24% from the company’s current price.

Several other analysts have also weighed in on PARA. Needham & Company LLC reissued a “hold” rating on shares of Paramount Global in a report on Thursday. Macquarie reiterated an “underperform” rating and issued a $10.00 price target on shares of Paramount Global in a report on Monday, November 11th. Benchmark restated a “buy” rating and set a $19.00 price objective on shares of Paramount Global in a research note on Thursday. Morgan Stanley boosted their target price on shares of Paramount Global from $10.00 to $11.00 and gave the company an “underweight” rating in a research note on Tuesday, February 4th. Finally, StockNews.com upgraded shares of Paramount Global from a “sell” rating to a “hold” rating in a research report on Monday, November 11th. Six equities research analysts have rated the stock with a sell rating, seven have given a hold rating and two have issued a buy rating to the stock. According to data from MarketBeat, Paramount Global presently has a consensus rating of “Hold” and a consensus price target of $12.10.

Paramount Global Stock Performance

Shares of PARA opened at $11.36 on Thursday. Paramount Global has a 52-week low of $9.54 and a 52-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. The firm has a market cap of $7.58 billion, a price-to-earnings ratio of -1.38, a PEG ratio of 1.68 and a beta of 1.69. The business’s 50 day moving average is $10.81 and its two-hundred day moving average is $10.74.

Paramount Global (NASDAQ:PARA) last posted 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 company had revenue of $7.98 billion for the quarter, compared to the consensus estimate of $8.07 billion. Paramount Global had a negative net margin of 18.89% and a positive return on equity of 5.81%. Analysts forecast that Paramount Global will post 1.77 EPS for the current fiscal year.

Institutional Investors Weigh In On Paramount Global

A number of hedge funds have recently made changes to their positions in PARA. Allworth Financial LP increased its position in Paramount Global by 140.1% in the 4th quarter. Allworth Financial LP now owns 2,391 shares of the company’s stock valued at $25,000 after acquiring an additional 1,395 shares during the period. Blue Trust Inc. grew its stake in shares of Paramount Global by 162.8% in the third quarter. Blue Trust Inc. now owns 2,539 shares of the company’s stock worth $26,000 after purchasing an additional 1,573 shares in the last quarter. Huntington National Bank grew its stake in shares of Paramount Global by 129.0% in the third quarter. Huntington National Bank now owns 2,771 shares of the company’s stock worth $29,000 after purchasing an additional 1,561 shares in the last quarter. Ossiam increased its holdings in shares of Paramount Global by 57.2% during the fourth quarter. Ossiam now owns 2,810 shares of the company’s stock valued at $29,000 after purchasing an additional 1,022 shares during the period. Finally, Mountain Hill Investment Partners Corp. bought a new stake in shares of Paramount Global during the fourth quarter valued at about $31,000. 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.