Seaport Res Ptn Downgrades Paramount Global (NASDAQ:PARAA) to Neutral

Paramount Global (NASDAQ:PARAA) was downgraded by equities researchers at Seaport Res Ptn from a “buy” rating to a “neutral” rating in a research note issued on Thursday, Zacks.com reports. Seaport Res Ptn also issued estimates for Paramount Global’s Q2 2024 earnings at $0.18 EPS and FY2024 earnings at $1.25 EPS.

Paramount Global Trading Down 14.1 %

PARAA stock opened at 22.42 on Thursday. The firm has a fifty day moving average price of 21.87 and a 200 day moving average price of 19.82. Paramount Global has a fifty-two week low of 13.40 and a fifty-two week high of 26.34. The firm has a market cap of $14.63 billion, a PE ratio of -149.46 and a beta of 1.66. The company has a debt-to-equity ratio of 0.65, a quick ratio of 1.17 and a current ratio of 1.29.

Paramount Global (NASDAQ:PARAA) last issued its quarterly earnings data on Wednesday, February 28th. The company reported 0.04 EPS for the quarter, missing analysts’ consensus estimates of 0.08 by -0.04. The business had revenue of 7.64 billion during the quarter, compared to analysts’ expectations of 7.89 billion. Paramount Global had a positive return on equity of 3.35% and a negative net margin of 0.15%. During the same period in the previous year, the business earned $0.08 earnings per share. Sell-side analysts anticipate that Paramount Global will post 1.25 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Several large investors have recently modified their holdings of the business. Gamco Investors INC. ET AL boosted its stake in shares of Paramount Global by 7.5% during the third quarter. Gamco Investors INC. ET AL now owns 2,831,528 shares of the company’s stock valued at $44,710,000 after purchasing an additional 197,114 shares during the period. Ninety One UK Ltd purchased a new stake in Paramount Global in the 4th quarter valued at about $3,421,000. B. Riley Wealth Advisors Inc. grew its stake in Paramount Global by 29.5% in the 3rd quarter. B. Riley Wealth Advisors Inc. now owns 35,160 shares of the company’s stock worth $557,000 after acquiring an additional 8,007 shares in the last quarter. Raymond James & Associates purchased a new position in shares of Paramount Global during the fourth quarter worth approximately $205,000. Finally, GABELLI & Co INVESTMENT ADVISERS INC. raised its stake in shares of Paramount Global by 25.2% during the third quarter. GABELLI & Co INVESTMENT ADVISERS INC. now owns 75,100 shares of the company’s stock valued at $1,186,000 after acquiring an additional 15,100 shares in the last quarter. Hedge funds and other institutional investors own 5.98% 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.