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

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

Analyst Upgrades and Downgrades

A number of equities research analysts have recently weighed in on the company. StockNews.com raised Paramount Global from a “sell” rating to a “hold” rating in a research note on Wednesday, April 10th. Moffett Nathanson upgraded Paramount Global from a “sell” rating to a “neutral” rating and set a $13.00 target price for the company in a report on Tuesday, January 9th. Wells Fargo & Company decreased their target price on Paramount Global from $15.00 to $14.00 and set an “equal weight” rating for the company in a report on Tuesday. Wolfe Research upgraded Paramount Global from an “underperform” rating to a “peer perform” rating in a report on Thursday, April 4th. Finally, Redburn Atlantic lowered Paramount Global from a “neutral” rating to a “sell” rating and decreased their target price for the company from $17.00 to $11.00 in a report on Thursday, January 11th. Eight analysts have rated the stock with a sell rating, eight have issued a hold rating and five have given a buy rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of “Hold” and an average price target of $13.58.

Paramount Global Stock Performance

PARA stock traded down $0.86 during 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 firm has a market cap of $7.43 billion, a PE ratio of -11.17, a price-to-earnings-growth 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 firm has a 50-day moving average price of $11.48 and a 200-day moving average price of $12.88. The company has a quick ratio of 1.17, a current ratio of 1.32 and a debt-to-equity ratio of 0.63.

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

Paramount Global Dividend Announcement

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

Hedge Funds Weigh In On Paramount Global

Several institutional investors have recently added to or reduced their stakes in the stock. International Assets Investment Management LLC boosted its stake in shares of Paramount Global by 541.7% during 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 in the last quarter. Ariel Investments LLC boosted its stake in shares of Paramount Global by 18.0% during the 3rd quarter. Ariel Investments LLC now owns 11,330,850 shares of the company’s stock worth $146,168,000 after acquiring an additional 1,731,714 shares in the last quarter. Schonfeld Strategic Advisors LLC purchased a new stake in shares of Paramount Global during the 3rd quarter worth approximately $1,240,000. Caprock Group LLC boosted its stake in shares of Paramount Global by 2.9% during the 4th quarter. Caprock Group LLC now owns 50,252 shares of the company’s stock worth $746,000 after acquiring an additional 1,401 shares in the last quarter. Finally, Harel Insurance Investments & Financial Services Ltd. lifted its stake in Paramount Global by 1,201.5% in the 4th quarter. Harel Insurance Investments & Financial Services Ltd. now owns 84,600 shares of the company’s stock valued at $1,282,000 after buying an additional 78,100 shares in the last quarter. Institutional investors and hedge funds own 73.00% 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.