Wall Street Zen Upgrades Gray Media (NYSE:GTN) to "Buy"

Key Points

• Wall Street Zen upgraded Gray Media from “hold” to “buy,” while the broader analyst consensus is “Moderate Buy” with an average price target of $7.88.
• Gray Media’s latest quarterly results exceeded expectations, with earnings of $0.21 per share versus an estimated loss of $0.08 and revenue of $839 million, up 8.7% year over year.
• The stock opened at $4.54 and was down 5.9%; Gray Media has a market capitalization of approximately $468 million, while institutional investors own 78.64% of its shares.

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

Several other equities research analysts also recently issued reports on the stock. Zacks Research upgraded shares of Gray Media from a "hold" rating to a "strong-buy" rating in a research note on Tuesday, September 29th. Weiss Ratings raised Gray Media from a "sell (d)" rating to a "sell (d+)" rating in a research report on Friday, September 25th. One research analyst has rated the stock with a Strong Buy rating, three have given a Buy rating, one has given a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average price target of $7.88.

Gray Media Trading Down 5.9%

Shares of Gray Media stock opened at $4.54 on Friday. The stock has a market cap of $468.04 million, a P/E ratio of -7.45, a P/E/G ratio of 0.10 and a beta of 1.00. The company has a quick ratio of 0.95, a current ratio of 0.95 and a debt-to-equity ratio of 2.73. Gray Media has a 12-month low of $3.55 and a 12-month high of $6.43. The business's 50 day moving average is $4.76 and its 200-day moving average is $4.53.

Gray Media (NYSE:GTN - Get Free Report) last issued its 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 net margin of 0.83% and a negative return on equity of 1.12%. The firm's revenue for the quarter was up 8.7% on a year-over-year basis. During the same period in the previous year, the company earned ($0.71) earnings per share. Equities research analysts predict that Gray Media will post 2.35 earnings per share for the current fiscal year.

Institutional Trading of Gray Media

A number of hedge funds have recently modified their holdings of the stock. Parallel Advisors LLC increased its stake in shares of Gray Media by 57.1% during the first quarter. Parallel Advisors LLC now owns 7,901 shares of the company's stock worth $34,000 after purchasing an additional 2,873 shares during the period. Legal & General Group Plc acquired a new stake in Gray Media during the 2nd quarter worth approximately $32,000. Abel Hall LLC bought a new stake in Gray Media in the 1st quarter valued at $49,000. PDT Partners LLC bought a new stake in Gray Media in the 2nd quarter valued at $49,000. Finally, Commonwealth Financial Services LLC acquired a new position in Gray Media in the 1st quarter valued at $67,000. Institutional investors and hedge funds own 78.64% of the company's stock.

About Gray Media

Gray Media, Inc NYSE: GTN, formerly known as Gray Television, is a multimedia company focused on local television broadcasting and digital media. The company owns and operates local television stations across the United States, providing news, weather, sports, entertainment and other programming to communities in its service areas.

In addition to its broadcast stations, Gray Media operates digital platforms and produces original content for local and national audiences. Its businesses also include production and distribution activities, allowing the company to serve viewers through over-the-air television, cable and satellite providers, websites, mobile applications and streaming platforms.

Gray Media traces its history to 1946, when it began with a single radio station in Albany, Georgia.

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