Paramount Global (NASDAQ:PARA) Stock Rating Lowered by 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 report issued on Tuesday, Briefing.com reports.

A number of other analysts have also recently weighed in on the stock. Raymond James reissued a “market perform” rating on shares of Paramount Global in a research note on Tuesday, March 26th. Redburn Atlantic lowered Paramount Global from a “neutral” rating to a “sell” rating and lowered their price objective for the company from $17.00 to $11.00 in a research note on Thursday, January 11th. Benchmark cut their target price on Paramount Global from $30.00 to $19.00 and set a “buy” rating for the company in a research report on Thursday, February 29th. Rosenblatt Securities reiterated a “neutral” rating and issued a $13.00 price target on shares of Paramount Global in a research report on Tuesday, April 9th. Finally, Deutsche Bank Aktiengesellschaft dropped their price objective 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. Eight research analysts have rated the stock with a sell rating, eight have given a hold rating and five have given a buy rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average target price of $13.79.

Paramount Global Trading Up 2.9 %

Shares of Paramount Global stock opened at $12.25 on Tuesday. The company has a market cap of $7.99 billion, a price-to-earnings ratio of -12.01, a PEG ratio of 0.42 and a beta of 1.77. Paramount Global has a 1 year low of $10.12 and a 1 year high of $24.00. The company’s fifty day simple moving average is $11.48 and its 200-day simple moving average is $12.88. The company has a current ratio of 1.32, a quick ratio of 1.17 and a debt-to-equity ratio of 0.63.

Paramount Global (NASDAQ:PARA) last released its earnings results on Wednesday, February 28th. The company reported $0.04 earnings per share for the quarter, beating the consensus estimate 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 analysts’ expectations of $7.80 billion. During the same quarter last year, the company earned $0.08 earnings per share. The firm’s revenue was down 6.1% on a year-over-year basis. As a group, sell-side analysts expect that Paramount Global will post 1.19 EPS for the current year.

Institutional Trading of Paramount Global

Hedge funds have recently modified their holdings of the company. Kodai Capital Management LP bought a new stake in shares of Paramount Global in the 4th quarter valued at $84,842,000. Norges Bank bought a new stake in shares of Paramount Global in the fourth quarter worth about $41,497,000. Lingotto Investment Management LLP raised its position in shares of Paramount Global by 375.8% during the fourth quarter. Lingotto Investment Management LLP now owns 3,263,978 shares of the company’s stock worth $48,388,000 after purchasing an additional 2,577,978 shares during the period. Charles Schwab Investment Management Inc. lifted its holdings in shares of Paramount Global by 15.3% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 13,299,798 shares of the company’s stock valued at $171,567,000 after purchasing an additional 1,767,173 shares in the last quarter. Finally, Ariel Investments LLC grew its position in shares of Paramount Global by 18.0% in the 3rd quarter. Ariel Investments LLC now owns 11,330,850 shares of the company’s stock valued at $146,168,000 after purchasing an additional 1,731,714 shares during the period. 73.00% of the stock is currently owned by institutional investors and hedge funds.

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.