Paramount Global (NASDAQ:PARA) Sees Large Decline in Short Interest

Paramount Global (NASDAQ:PARA) was the recipient of a significant drop in short interest in April. As of April 15th, there was short interest totalling 72,550,000 shares, a drop of 16.1% from the March 31st total of 86,480,000 shares. Based on an average trading volume of 20,420,000 shares, the days-to-cover ratio is currently 3.6 days. Approximately 12.3% of the company’s stock are sold short.

Hedge Funds Weigh In On Paramount Global

Hedge funds have recently made changes to their positions in the business. VisionPoint Advisory Group LLC purchased a new position in shares of Paramount Global during the third quarter valued at approximately $25,000. Anchor Investment Management LLC purchased a new stake in Paramount Global in the fourth quarter worth $30,000. Archer Investment Corp purchased a new stake in Paramount Global in the fourth quarter worth $30,000. WFA of San Diego LLC grew its stake in Paramount Global by 635.0% in the third quarter. WFA of San Diego LLC now owns 2,646 shares of the company’s stock worth $34,000 after purchasing an additional 2,286 shares during the period. Finally, Cornerstone Planning Group LLC grew its stake in Paramount Global by 55.1% in the third quarter. Cornerstone Planning Group LLC now owns 2,972 shares of the company’s stock worth $38,000 after purchasing an additional 1,056 shares during the period. 73.00% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several brokerages recently weighed in on PARA. Raymond James reaffirmed a “market perform” rating on shares of Paramount Global in a research report on Tuesday, March 26th. Wolfe Research raised shares of Paramount Global from an “underperform” rating to a “peer perform” rating in a research report on Thursday, April 4th. Morgan Stanley reduced their price objective on shares of Paramount Global from $11.00 to $10.00 and set an “underweight” rating for the company in a research note on Tuesday, February 27th. Rosenblatt Securities reiterated a “neutral” rating and issued a $13.00 target price on shares of Paramount Global in a research note on Tuesday, April 9th. Finally, Needham & Company LLC lowered shares of Paramount Global from a “buy” rating to a “hold” rating in a research note on Tuesday. Eight analysts have rated the stock with a sell rating, eight have issued a hold rating and five have issued a buy rating to the company. Based on data from MarketBeat, the stock has a consensus rating of “Hold” and an average price target of $13.58.

Paramount Global Trading Down 7.0 %

PARA stock traded down $0.86 during midday trading on Tuesday, hitting $11.39. The company had a trading volume of 23,825,611 shares, compared to its average volume of 19,206,990. 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 has a 52 week low of $10.12 and a 52 week high of $24.00. The stock’s 50 day moving average price is $11.48 and its 200 day moving average price is $12.88. The stock has a market cap of $7.43 billion, a price-to-earnings ratio of -11.17, a PEG ratio of 0.42 and a beta of 1.77.

Paramount Global (NASDAQ:PARA) last announced its quarterly earnings data on Monday, April 29th. The company reported $0.62 earnings per share for the quarter, beating the consensus estimate of $0.34 by $0.28. Paramount Global had a positive return on equity of 1.78% and a negative net margin of 2.05%. The firm had revenue of $7.69 billion during the quarter, compared to the consensus estimate of $7.73 billion. During the same quarter in the previous year, the company posted $0.09 earnings per share. The business’s revenue was up 5.8% on a year-over-year basis. As a group, equities research analysts expect that Paramount Global will post 1.19 earnings per share for the current fiscal year.

Paramount Global Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Monday, July 1st. Stockholders of record on Monday, June 17th will be paid a dividend of $0.05 per share. The ex-dividend date is Monday, June 17th. This represents a $0.20 annualized dividend and a dividend yield of 1.76%. Paramount Global’s dividend payout ratio (DPR) is presently -19.61%.

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.