Paramount Global Target of Unusually Large Options Trading (NASDAQ:PARA)

Paramount Global (NASDAQ:PARA) was the recipient of some unusual options trading on Thursday. Investors purchased 23,302 put options on the company. This is an increase of 50% compared to the average daily volume of 15,539 put options.

Analyst Upgrades and Downgrades

A number of brokerages have recently commented on PARA. Guggenheim cut their target price on shares of Paramount Global from $19.00 to $14.00 and set a “buy” rating on the stock in a report on Wednesday, September 25th. StockNews.com upgraded shares of Paramount Global from a “sell” rating to a “hold” rating in a research note on Monday, November 11th. Needham & Company LLC reiterated a “hold” rating on shares of Paramount Global in a research note on Monday, November 11th. Finally, Macquarie reaffirmed an “underperform” rating and set a $10.00 price objective on shares of Paramount Global in a research note on Monday, November 11th. Seven analysts have rated the stock with a sell rating, eight have issued a hold rating and three have issued a buy rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of “Hold” and a consensus price target of $12.43.

Paramount Global Price Performance

NASDAQ PARA traded down $0.03 during mid-day trading on Thursday, hitting $10.43. The stock had a trading volume of 5,161,988 shares, compared to its average volume of 14,371,686. The company has a 50 day simple moving average of $10.84 and a 200 day simple moving average of $10.75. The company has a market cap of $6.96 billion, a price-to-earnings ratio of -1.27, a P/E/G ratio of 1.35 and a beta of 1.71. Paramount Global has a 52-week low of $9.54 and a 52-week high of $15.70. The company has a quick ratio of 1.10, a current ratio of 1.27 and a debt-to-equity ratio of 0.85.

Paramount Global (NASDAQ:PARA) last released its quarterly earnings data on Friday, November 8th. The company reported $0.49 EPS for the quarter, topping the consensus estimate of $0.24 by $0.25. The business had revenue of $6.73 billion for the quarter, compared to analyst estimates of $6.94 billion. Paramount Global had a negative net margin of 18.89% and a positive return on equity of 5.81%. The business’s revenue for the quarter was down 5.6% compared to the same quarter last year. During the same period in the previous year, the firm earned $0.30 EPS. Equities analysts forecast that Paramount Global will post 1.86 EPS for the current fiscal year.

Institutional Investors Weigh In On Paramount Global

A number of institutional investors and hedge funds have recently bought and sold shares of the stock. Principal Financial Group Inc. raised its holdings in Paramount Global by 22.3% in the third quarter. Principal Financial Group Inc. now owns 683,401 shares of the company’s stock valued at $7,258,000 after buying an additional 124,740 shares during the period. Retirement Systems of Alabama boosted its position in Paramount Global by 12.8% in the 3rd quarter. Retirement Systems of Alabama now owns 179,384 shares of the company’s stock valued at $1,905,000 after buying an additional 20,335 shares during the last quarter. Franklin Resources Inc. boosted its holdings in Paramount Global by 824.1% in the third quarter. Franklin Resources Inc. now owns 195,690 shares of the company’s stock valued at $2,029,000 after purchasing an additional 174,514 shares during the last quarter. Virtu Financial LLC purchased a new stake in Paramount Global during the 3rd quarter worth approximately $196,000. Finally, Arete Wealth Advisors LLC acquired a new position in shares of Paramount Global in the 3rd quarter valued at approximately $288,000. Hedge funds and other institutional investors own 73.00% of the company’s stock.

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.