JPMorgan Chase & Co. Issues Pessimistic Forecast for Paramount Global (NASDAQ:PARA) Stock Price

Paramount Global (NASDAQ:PARA - Get Free Report) had its price objective reduced by JPMorgan Chase & Co. from $11.00 to $10.00 in a report released on Wednesday,Benzinga reports. The brokerage presently has an "underweight" rating on the stock. JPMorgan Chase & Co.'s price objective would indicate a potential downside of 16.68% from the company's previous close.

A number of other research analysts also recently commented on the company. Guggenheim restated a "buy" rating and issued a $14.00 target price on shares of Paramount Global in a research note on Thursday, February 27th. Needham & Company LLC restated a "hold" rating on shares of Paramount Global in a report on Thursday, February 27th. Deutsche Bank Aktiengesellschaft cut shares of Paramount Global from a "buy" rating to a "hold" rating and set a $12.00 target price for the company. in a research note on Wednesday, April 2nd. StockNews.com initiated coverage on shares of Paramount Global in a research note on Saturday. They set a "hold" rating on the stock. Finally, Morgan Stanley reduced their price objective on shares of Paramount Global from $11.00 to $10.00 and set an "underweight" rating for the company in a research note on Tuesday, May 6th. Six research analysts have rated the stock with a sell rating, six have given a hold rating and two have issued a buy rating to the company's stock. According to MarketBeat.com, the stock currently has an average rating of "Hold" and a consensus price target of $11.50.

Paramount Global Stock Up 1.1%

NASDAQ:PARA traded up $0.13 on Wednesday, hitting $12.00. 1,977,472 shares of the company's stock traded hands, compared to its average volume of 8,783,226. The company has a market cap of $8.05 billion, a PE ratio of -1.46, a price-to-earnings-growth ratio of 1.68 and a beta of 1.25. Paramount Global has a 1 year low of $9.54 and a 1 year high of $13.05. The company has a current ratio of 1.27, a quick ratio of 1.10 and a debt-to-equity ratio of 0.85. The firm has a 50-day moving average price of $11.45 and a 200-day moving average price of $11.13.

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

Institutional Trading of Paramount Global

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. IFM Investors Pty Ltd bought a new stake in shares of Paramount Global in the first quarter valued at approximately $1,261,000. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC grew its position in Paramount Global by 9.4% in the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 1,966,070 shares of the company's stock worth $23,514,000 after purchasing an additional 169,537 shares during the last quarter. Woodline Partners LP increased its holdings in shares of Paramount Global by 31.6% during the 1st quarter. Woodline Partners LP now owns 1,395,942 shares of the company's stock worth $16,695,000 after purchasing an additional 335,132 shares during the period. MBB Public Markets I LLC acquired a new position in shares of Paramount Global during the first quarter valued at about $323,000. Finally, United Services Automobile Association bought a new stake in shares of Paramount Global in the first quarter valued at about $142,000. Institutional investors and hedge funds own 73.00% of the company's stock.

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.

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