Gray Television (NYSE:GTN) Price Target Lowered to $8.00 at Guggenheim

Gray Television (NYSE:GTN) had its target price cut by analysts at Guggenheim from $10.00 to $8.00 in a note issued to investors on Tuesday,Benzinga reports. The brokerage presently has a “buy” rating on the stock. Guggenheim’s target price would indicate a potential upside of 89.57% from the stock’s current price.

GTN has been the topic of several other reports. Benchmark cut their price objective on Gray Television from $11.00 to $8.00 and set a “buy” rating on the stock in a research report on Monday. StockNews.com upgraded Gray Television from a “sell” rating to a “hold” rating in a research report on Monday. Finally, Wells Fargo & Company decreased their price objective on Gray Television from $6.00 to $4.00 and set an “underweight” rating for the company in a report on Friday, August 9th. One analyst has rated the stock with a sell rating, two have given a hold rating, two have given a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $6.67.

Gray Television Trading Down 6.4 %

NYSE GTN traded down $0.29 on Tuesday, hitting $4.22. The company’s stock had a trading volume of 645,781 shares, compared to its average volume of 1,265,502. The firm has a market cap of $420.61 million, a P/E ratio of 2.81, a PEG ratio of 0.10 and a beta of 1.47. Gray Television has a 52-week low of $3.95 and a 52-week high of $10.07. The company’s 50-day simple moving average is $5.29 and its 200 day simple moving average is $5.45. The company has a current ratio of 1.63, a quick ratio of 1.63 and a debt-to-equity ratio of 2.98.

Gray Television (NYSE:GTN) last announced its quarterly earnings results on Friday, November 8th. The company reported $0.86 EPS for the quarter, missing analysts’ consensus estimates of $0.94 by ($0.08). The business had revenue of $950.00 million during the quarter, compared to analysts’ expectations of $967.49 million. Gray Television had a return on equity of 3.02% and a net margin of 1.84%. The business’s revenue was up 18.3% compared to the same quarter last year. During the same period in the previous year, the business earned ($0.57) EPS. Research analysts predict that Gray Television will post 4.37 EPS for the current fiscal year.

Institutional Trading of Gray Television

A number of institutional investors and hedge funds have recently modified their holdings of the business. Allspring Global Investments Holdings LLC purchased a new stake in shares of Gray Television during the first quarter valued at $25,000. nVerses Capital LLC purchased a new stake in shares of Gray Television during the 2nd quarter valued at about $27,000. CWM LLC grew its stake in shares of Gray Television by 733.1% in the second quarter. CWM LLC now owns 7,448 shares of the company’s stock worth $39,000 after acquiring an additional 6,554 shares during the period. Creative Planning purchased a new position in shares of Gray Television during the third quarter valued at approximately $56,000. Finally, HBK Sorce Advisory LLC purchased a new position in shares of Gray Television during the second quarter valued at approximately $58,000. Institutional investors own 78.64% of the company’s stock.

Gray Television Company Profile

Gray Television, Inc, a television broadcasting company, owns and/or operates television stations and digital assets in the United States. It also broadcasts secondary digital channels affiliated to ABC, CBS, NBC, and FOX, as well as various other networks and program services, including CW Plus Network, MY Network, the MeTV Network, Circle, Telemundo, THE365, and Outlaw; and local news/weather channels in various markets.