Gray Media (NYSE:GTN) Shares Gap Down Following Weak Earnings

Gray Media Inc. (NYSE:GTN) shares gapped down prior to trading on Friday after the company announced weaker than expected quarterly earnings. The stock had previously closed at $4.88, but opened at $4.27. Gray Media shares last traded at $4.89, with a volume of 88,855 shares traded.

The company reported $0.66 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.86 by ($0.20). The firm had revenue of $972.00 million for the quarter, compared to the consensus estimate of $955.75 million. Gray Media had a negative net margin of 0.83% and a negative return on equity of 1.12%. The business’s revenue for the quarter was up 29.8% compared to the same quarter last year. During the same period in the previous year, the business posted ($0.24) earnings per share.

Analyst Upgrades and Downgrades

GTN has been the subject of a number of research reports. Zacks Research lowered shares of Gray Media from a “strong-buy” rating to a “hold” rating in a research note on Wednesday, October 28th. Wall Street Zen upgraded shares of Gray Media from a “hold” rating to a “buy” rating in a research note on Saturday, October 10th. Finally, Weiss Ratings downgraded shares of Gray Media from a “sell (d+)” rating to a “sell (d)” rating in a report on Friday, October 9th. Three research analysts have rated the stock with a Buy rating, two have given a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat, the stock has an average rating of “Hold” and a consensus target price of $7.88.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in GTN. Ritholtz Wealth Management lifted its position in Gray Media by 21.9% during the 3rd quarter. Ritholtz Wealth Management now owns 12,273 shares of the company’s stock worth $55,000 after buying an additional 2,201 shares in the last quarter. Penn Capital Management Company LLC increased its position in Gray Media by 0.3% in the 3rd quarter. Penn Capital Management Company LLC now owns 3,514,204 shares of the company’s stock valued at $15,847,000 after acquiring an additional 10,230 shares in the last quarter. Brighton Jones LLC acquired a new stake in Gray Media in the 3rd quarter valued at about $59,000. Capital Management Corp VA increased its position in Gray Media by 0.3% in the 3rd quarter. Capital Management Corp VA now owns 7,092,788 shares of the company’s stock valued at $31,918,000 after acquiring an additional 22,119 shares in the last quarter. Finally, Blueprint Investment Partners LLC bought a new position in shares of Gray Media in the third quarter worth about $464,000. 78.64% of the stock is owned by institutional investors.

Gray Media Stock Performance

The company has a market capitalization of $501.00 million, a P/E ratio of -7.98, a P/E/G ratio of 0.10 and a beta of 1.01. The company has a debt-to-equity ratio of 2.73, a current ratio of 0.95 and a quick ratio of 0.95. The stock’s 50 day simple moving average is $4.65 and its two-hundred day simple moving average is $4.59.

About Gray Media

Gray Media, formerly known as Gray Television, is a multimedia company that owns and operates local television stations and related digital media properties in markets across the United States. Its stations provide local news, weather, sports, public affairs and entertainment programming, while also distributing content through websites, mobile platforms and other digital channels.

The company’s broadcast portfolio includes affiliates of major networks such as ABC, CBS, NBC, FOX and The CW, as well as independent and specialty stations.