Alpine Global Management LLC Sells 164,883 Shares of Paramount Global (NASDAQ:PARA)

Alpine Global Management LLC reduced its holdings in shares of Paramount Global (NASDAQ:PARA - Free Report) by 51.9% in the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 152,857 shares of the company's stock after selling 164,883 shares during the quarter. Alpine Global Management LLC's holdings in Paramount Global were worth $1,599,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of the business. Allworth Financial LP grew its position in shares of Paramount Global by 140.1% in the 4th quarter. Allworth Financial LP now owns 2,391 shares of the company's stock valued at $25,000 after buying an additional 1,395 shares during the last quarter. Ossiam increased its position in Paramount Global by 57.2% during the 4th quarter. Ossiam now owns 2,810 shares of the company's stock valued at $29,000 after purchasing an additional 1,022 shares during the period. Mountain Hill Investment Partners Corp. acquired a new position in shares of Paramount Global in the 4th quarter worth approximately $31,000. Rakuten Securities Inc. boosted its stake in shares of Paramount Global by 187.8% in the 4th quarter. Rakuten Securities Inc. now owns 3,094 shares of the company's stock valued at $32,000 after purchasing an additional 2,019 shares during the last quarter. Finally, Atlas Capital Advisors Inc. bought a new position in shares of Paramount Global in the 4th quarter worth about $35,000. Institutional investors own 73.00% of the company's stock.

Analyst Ratings Changes

PARA has been the topic of a number of research analyst reports. UBS Group cut their price target on Paramount Global from $11.00 to $10.00 and set a "sell" rating on the stock in a report on Tuesday, April 15th. Morgan Stanley dropped their price target on Paramount Global from $11.00 to $10.00 and set an "underweight" rating on the stock in a research note on Tuesday, May 6th. Benchmark lowered their target price on Paramount Global from $19.00 to $16.00 and set a "buy" rating on the stock in a research report on Tuesday, May 6th. JPMorgan Chase & Co. dropped their price objective on shares of Paramount Global from $11.00 to $10.00 and set an "underweight" rating on the stock in a research note on Wednesday, May 21st. Finally, Wall Street Zen assumed coverage on shares of Paramount Global in a report on Saturday, May 17th. They issued a "hold" rating for the company. Six equities research analysts have rated the stock with a sell rating, six have issued a hold rating and two have issued a buy rating to the stock. Based on data from MarketBeat, the company has a consensus rating of "Hold" and an average target price of $11.50.

Paramount Global Price Performance

NASDAQ:PARA traded down $0.03 during mid-day trading on Wednesday, reaching $12.01. The stock had a trading volume of 2,304,233 shares, compared to its average volume of 10,151,405. The stock has a market capitalization of $8.05 billion, a P/E ratio of -1.46, a P/E/G ratio of 1.68 and a beta of 1.25. Paramount Global has a one year low of $9.54 and a one year high of $13.05. The firm has a 50 day moving average price of $11.47 and a two-hundred day moving average price of $11.16. The company has a debt-to-equity ratio of 0.85, a quick ratio of 1.10 and a current ratio of 1.27.

Paramount Global (NASDAQ:PARA - Get Free Report) last released its quarterly earnings data on Thursday, May 8th. The company reported $0.29 earnings per share for the quarter, beating analysts' consensus estimates of $0.27 by $0.02. The firm had revenue of $7.19 billion during the quarter, compared to analyst estimates of $7.14 billion. Paramount Global had a positive return on equity of 5.81% and a negative net margin of 18.89%. The business's quarterly revenue was down 6.4% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.62 earnings per share. As a group, analysts expect that Paramount Global will post 1.77 earnings per share for the current year.

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.