Paramount Global (NASDAQ:PARA) Downgraded to “Hold” at Needham & Company LLC

Paramount Global (NASDAQ:PARA) was downgraded by investment analysts at Needham & Company LLC from a “buy” rating to a “hold” rating in a research note issued to investors on Tuesday, Briefing.com reports.

PARA has been the topic of a number of other research reports. Moffett Nathanson upgraded shares of Paramount Global from a “sell” rating to a “neutral” rating and set a $13.00 price target on the stock in a report on Tuesday, January 9th. Rosenblatt Securities reaffirmed a “neutral” rating and set a $13.00 target price on shares of Paramount Global in a report on Tuesday, April 9th. Deutsche Bank Aktiengesellschaft decreased their price target on Paramount Global from $20.00 to $15.00 and set a “buy” rating for the company in a research note on Wednesday, February 28th. JPMorgan Chase & Co. cut their price objective on Paramount Global from $13.00 to $12.00 and set an “underweight” rating on the stock in a research note on Thursday, April 4th. Finally, Morgan Stanley reduced their target price on Paramount Global from $11.00 to $10.00 and set an “underweight” rating on the stock in a report on Tuesday, February 27th. Eight analysts have rated the stock with a sell rating, eight have assigned a hold rating and five have given a buy rating to the company’s stock. According to data from MarketBeat, the stock has an average rating of “Hold” and a consensus target price of $13.79.

Paramount Global Stock Performance

Shares of PARA stock opened at $12.25 on Tuesday. The firm has a market capitalization of $7.99 billion, a price-to-earnings ratio of -12.01, a PEG ratio of 0.42 and a beta of 1.77. The company has a current ratio of 1.32, a quick ratio of 1.17 and a debt-to-equity ratio of 0.63. The business’s 50-day moving average price is $11.48 and its 200-day moving average price is $12.88. Paramount Global has a 12 month low of $10.12 and a 12 month high of $24.00.

Paramount Global (NASDAQ:PARA) last issued its quarterly earnings data on Wednesday, February 28th. The company reported $0.04 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.05) by $0.09. Paramount Global had a negative net margin of 2.05% and a positive return on equity of 1.78%. The business had revenue of $7.64 billion during the quarter, compared to analyst estimates of $7.80 billion. During the same quarter last year, the business earned $0.08 EPS. The firm’s quarterly revenue was down 6.1% on a year-over-year basis. Equities research analysts forecast that Paramount Global will post 1.19 EPS for the current year.

Institutional Investors Weigh In On Paramount Global

A number of institutional investors and hedge funds have recently modified their holdings of the company. International Assets Investment Management LLC increased its stake in Paramount Global by 541.7% in the 4th quarter. International Assets Investment Management LLC now owns 708,662 shares of the company’s stock worth $10,481,000 after acquiring an additional 598,235 shares during the last quarter. Ariel Investments LLC grew its holdings in shares of Paramount Global by 18.0% during the third quarter. Ariel Investments LLC now owns 11,330,850 shares of the company’s stock worth $146,168,000 after purchasing an additional 1,731,714 shares in the last quarter. Schonfeld Strategic Advisors LLC purchased a new position in shares of Paramount Global during the third quarter worth about $1,240,000. Caprock Group LLC increased its position in shares of Paramount Global by 2.9% in the fourth quarter. Caprock Group LLC now owns 50,252 shares of the company’s stock worth $746,000 after purchasing an additional 1,401 shares during the last quarter. Finally, Harel Insurance Investments & Financial Services Ltd. raised its stake in Paramount Global by 1,201.5% in the fourth quarter. Harel Insurance Investments & Financial Services Ltd. now owns 84,600 shares of the company’s stock valued at $1,282,000 after purchasing an additional 78,100 shares in the last quarter. 73.00% of the stock is owned by hedge funds and other 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.