Gray Television (NYSE:GTN) Price Target Lowered to $7.00 at Benchmark

Gray Television (NYSE:GTN - Get Free Report) had its target price lowered by equities research analysts at Benchmark from $8.00 to $7.00 in a note issued to investors on Tuesday,Benzinga reports. The firm currently has a "buy" rating on the stock. Benchmark's price target suggests a potential upside of 65.88% from the company's previous close.

Several other brokerages have also recently issued reports on GTN. Wells Fargo & Company raised shares of Gray Television from an "underweight" rating to an "equal weight" rating and set a $4.00 target price for the company in a report on Monday, March 3rd. Guggenheim reduced their price objective on Gray Television from $8.00 to $7.00 and set a "buy" rating for the company in a research note on Monday, March 10th. Three investment analysts have rated the stock with a hold rating and two have assigned a buy rating to the stock. According to MarketBeat, the stock currently has an average rating of "Hold" and a consensus target price of $6.00.

Gray Television Stock Performance

Shares of GTN traded down $0.13 during trading hours on Tuesday, reaching $4.22. 252,109 shares of the company traded hands, compared to its average volume of 1,439,435. The stock has a market capitalization of $428.51 million, a P/E ratio of 2.81 and a beta of 1.15. The company has a quick ratio of 1.13, a current ratio of 1.13 and a debt-to-equity ratio of 2.76. The business has a fifty day moving average price of $3.88 and a 200-day moving average price of $4.00. Gray Television has a 12-month low of $2.91 and a 12-month high of $7.28.

Gray Television (NYSE:GTN - Get Free Report) last announced its quarterly earnings data on Thursday, May 8th. The company reported ($0.23) earnings per share for the quarter, beating analysts' consensus estimates of ($0.49) by $0.26. The business had revenue of $782.00 million for the quarter, compared to analyst estimates of $772.71 million. Gray Television had a return on equity of 9.60% and a net margin of 5.69%. The company's revenue was down 5.0% on a year-over-year basis. During the same period in the prior year, the company earned $0.79 earnings per share. Equities analysts anticipate that Gray Television will post 3.32 EPS for the current fiscal year.

Insider Transactions at Gray Television

In other news, Director Richard Lee Boger sold 16,000 shares of the stock in a transaction that occurred on Friday, February 28th. The stock was sold at an average price of $3.85, for a total transaction of $61,600.00. Following the transaction, the director now owns 55,347 shares in the company, valued at $213,085.95. This trade represents a 22.43 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Corporate insiders own 15.22% of the company's stock.

Institutional Trading of Gray Television

Large investors have recently made changes to their positions in the company. Voleon Capital Management LP purchased a new stake in shares of Gray Television during the fourth quarter worth $32,000. Ameriprise Financial Inc. acquired a new position in Gray Television during the fourth quarter worth about $33,000. Boothbay Fund Management LLC purchased a new stake in Gray Television during the 4th quarter valued at about $34,000. Harbor Capital Advisors Inc. raised its holdings in Gray Television by 157.6% in the 1st quarter. Harbor Capital Advisors Inc. now owns 8,752 shares of the company's stock valued at $38,000 after acquiring an additional 5,355 shares during the last quarter. Finally, Federated Hermes Inc. lifted its stake in Gray Television by 214,100.0% in the 4th quarter. Federated Hermes Inc. now owns 12,852 shares of the company's stock worth $40,000 after purchasing an additional 12,846 shares in the last quarter. 78.64% of the stock is currently owned by hedge funds and other institutional investors.

Gray Television 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.