Gray Media (NYSE:GTN) Downgraded to "Sell" Rating by Wall Street Zen

Key Points

• Gray Media (NYSE:GTN) has been downgraded from a "hold" to a "sell" rating by Wall Street Zen, indicating a negative outlook from equities researchers.
• Wells Fargo raised Gray Media's price objective from $4.00 to $4.50, while Benchmark cut their target from $8.00 to $7.00, reflecting mixed sentiments among analysts.
• In recent earnings, Gray Media reported a significant loss of ($0.71) EPS, missing estimates, while revenue totaled $772 million, suggesting challenges in maintaining profitability despite meeting revenue expectations.

Gray Media (NYSE:GTN - Get Free Report) was downgraded by equities research analysts at Wall Street Zen from a "hold" rating to a "sell" rating in a report released on Saturday.

Several other research firms have also issued reports on GTN. Wells Fargo & Company increased their target price on Gray Media from $4.00 to $4.50 and gave the stock an "equal weight" rating in a report on Monday, May 12th. Benchmark reduced their target price on Gray Media from $8.00 to $7.00 and set a "buy" rating on the stock in a report on Tuesday, May 6th. One analyst has rated the stock with a sell rating, one has issued a hold rating, two have issued a buy rating and one has given a strong buy rating to the company's stock. Based on data from MarketBeat, Gray Media currently has an average rating of "Moderate Buy" and an average price target of $6.88.

Gray Media Stock Performance

NYSE GTN traded up $0.05 on Friday, reaching $5.80. The stock had a trading volume of 730,296 shares, compared to its average volume of 1,506,910. The company has a debt-to-equity ratio of 2.56, a current ratio of 0.87 and a quick ratio of 0.91. The firm has a fifty day moving average of $4.64 and a two-hundred day moving average of $4.17. Gray Media has a 1-year low of $2.91 and a 1-year high of $6.16. The company has a market cap of $588.44 million, a P/E ratio of 3.83 and a beta of 1.20.

Gray Media (NYSE:GTN - Get Free Report) last released its earnings results on Friday, August 8th. The company reported ($0.42) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.23) by ($0.19). The company had revenue of $772.00 million for the quarter, compared to analyst estimates of $765.16 million. Gray Media had a return on equity of 10.31% and a net margin of 5.64%. The business's revenue for the quarter was down 6.5% compared to the same quarter last year. During the same period last year, the company posted $0.09 earnings per share. On average, equities research analysts anticipate that Gray Media will post 3.32 EPS for the current year.

Insiders Place Their Bets

In other Gray Media news, CFO Jeffrey R. Gignac acquired 12,500 shares of Gray Media stock in a transaction that occurred on Thursday, June 5th. The shares were acquired at an average cost of $3.68 per share, with a total value of $46,000.00. Following the completion of the purchase, the chief financial officer directly owned 644,599 shares of the company's stock, valued at $2,372,124.32. This represents a 1.98% increase in their position. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. 15.22% of the stock is owned by company insiders.

Institutional Trading of Gray Media

Large investors have recently bought and sold shares of the business. Two Sigma Investments LP raised its position in Gray Media by 102.3% in the fourth quarter. Two Sigma Investments LP now owns 176,644 shares of the company's stock valued at $556,000 after purchasing an additional 89,319 shares during the last quarter. D. E. Shaw & Co. Inc. bought a new position in Gray Media in the fourth quarter valued at about $402,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its position in shares of Gray Media by 49.2% during the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 357,198 shares of the company's stock worth $1,125,000 after acquiring an additional 117,827 shares during the last quarter. KLP Kapitalforvaltning AS raised its position in shares of Gray Media by 481.0% during the first quarter. KLP Kapitalforvaltning AS now owns 79,600 shares of the company's stock worth $344,000 after acquiring an additional 65,900 shares during the last quarter. Finally, Graham Capital Management L.P. bought a new position in shares of Gray Media during the fourth quarter worth about $584,000. 78.64% of the stock is owned by institutional investors and hedge funds.

Gray Media Company Profile

Gray Television, Inc, a television broadcasting company, owns and/or operates television stations and digital assets in the United States. It also broadcasts secondary digital channels affiliated to ABC, CBS, NBC, and FOX, as well as various other networks and program services, including CW Plus Network, MY Network, the MeTV Network, Circle, Telemundo, THE365, and Outlaw; and local news/weather channels in various markets.