Gray Media (NYSE:GTN) Cut to Hold at Wall Street Zen

Key Points

• Wall Street Zen downgraded Gray Media from “Buy” to “Hold.” Across analysts, the stock has an average “Hold” rating and an average price target of $7.88, with ratings split among three Buys, two Holds and one Sell.
• Gray Media shares opened at $4.94, within a 52-week range of $3.55 to $6.43. The company has a market capitalization of approximately $508.7 million and a relatively high debt-to-equity ratio of 2.73.
• Gray Media exceeded quarterly expectations, reporting $0.21 in earnings per share versus consensus of a $0.08 loss, while revenue rose 8.7% year over year to $839 million. Institutional investors and hedge funds own approximately 78.6% of the stock.

Gray Media (NYSE:GTN - Get Free Report) was downgraded by investment analysts at Wall Street Zen from a "buy" rating to a "hold" rating in a research report issued to clients and investors on Saturday, Wall Street Zen reports.

A number of other equities analysts have also weighed in on GTN. Guggenheim lowered their target price on Gray Media from $8.00 to $7.00 and set a "buy" rating on the stock in a research report on Friday, May 15th. Weiss Ratings reissued a "sell (d)" rating on shares of Gray Media in a research report on Wednesday, August 12th. Three analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has issued a Sell rating to the company's stock. Based on data from MarketBeat.com, the stock has an average rating of "Hold" and an average target price of $7.88.

Gray Media Stock Performance

Shares of Gray Media stock opened at $4.94 on Friday. Gray Media has a one year low of $3.55 and a one year high of $6.43. The firm has a market capitalization of $508.74 million, a price-to-earnings ratio of -8.10, a PEG ratio of 0.10 and a beta of 0.96. The business has a 50-day simple moving average of $4.42 and a 200 day simple moving average of $4.58. The company has a debt-to-equity ratio of 2.73, a current ratio of 0.95 and a quick ratio of 0.95.

Gray Media (NYSE:GTN - Get Free Report) last posted its quarterly earnings results on Friday, August 7th. The company reported $0.21 earnings per share for the quarter, topping analysts' consensus estimates of ($0.08) by $0.29. The business had revenue of $839.00 million for the quarter, compared to the consensus estimate of $795.13 million. Gray Media had a negative return on equity of 1.12% and a negative net margin of 0.83%.During the same period in the prior year, the business earned ($0.71) EPS. The firm's revenue for the quarter was up 8.7% on a year-over-year basis. On average, research analysts anticipate that Gray Media will post 2.33 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Gray Media

Hedge funds have recently added to or reduced their stakes in the stock. Acadian Asset Management LLC bought a new stake in Gray Media during the 1st quarter worth approximately $28,000. Legal & General Group Plc bought a new position in shares of Gray Media in the second quarter valued at approximately $32,000. Parallel Advisors LLC lifted its holdings in shares of Gray Media by 57.1% in the first quarter. Parallel Advisors LLC now owns 7,901 shares of the company's stock valued at $34,000 after purchasing an additional 2,873 shares in the last quarter. Abel Hall LLC purchased a new position in shares of Gray Media during the first quarter valued at approximately $49,000. Finally, PDT Partners LLC purchased a new position in shares of Gray Media during the second quarter valued at approximately $49,000. Institutional investors and hedge funds own 78.64% of the company's stock.

About Gray Media

Gray Media NYSE: GTN is a U.S.-based broadcasting and digital media company that owns and operates a portfolio of local television stations and associated digital platforms. The company's core business centers on delivering local news, sports and entertainment programming through its network-affiliated broadcast outlets. In addition to traditional over-the-air distribution, Gray Media supports multi-platform video streaming and on-demand services for audiences across its markets.

Gray Media's television stations carry network programming from major national broadcasters, including ABC, CBS, NBC, Fox and The CW, and often feature locally produced news and public affairs content.

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