Loop Capital Forecasts Strong Price Appreciation for Paramount Global (NASDAQ:PARA) Stock

Key Points

• Loop Capital has raised its price target for Paramount Global (NASDAQ: PARA) from $10.00 to $11.00, indicating a potential downside of 15.61% from the current price, while maintaining a "sell" rating.
• In recent reports, analysts from Benchmark, UBS Group, and Morgan Stanley have all reduced their price targets for the stock, with a consensus target price now at $11.60.
• Paramount Global reported a quarterly earnings per share of $0.29, surpassing estimates, but showed a revenue decline of 6.4% year-over-year, indicating challenges in maintaining growth.

Paramount Global (NASDAQ:PARA - Get Free Report) had its price target raised by analysts at Loop Capital from $10.00 to $11.00 in a research note issued on Friday,Benzinga reports. The firm presently has a "sell" rating on the stock. Loop Capital's price target suggests a potential downside of 15.61% from the stock's current price.

Other equities analysts have also recently issued reports about the company. Benchmark decreased their price target on Paramount Global from $19.00 to $16.00 and set a "buy" rating on the stock in a research note on Tuesday, May 6th. UBS Group reduced their target price on Paramount Global from $11.00 to $10.00 and set a "sell" rating on the stock in a research note on Tuesday, April 15th. Morgan Stanley reduced their target price 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. JPMorgan Chase & Co. reduced their target price on 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, Citigroup reissued a "neutral" rating and set a $12.00 target price (down from $13.00) on shares of Paramount Global in a research note on Thursday, May 29th. Five investment analysts have rated the stock with a sell rating, five have issued a hold rating and two have given a buy rating to the company. Based on data from MarketBeat, Paramount Global presently has an average rating of "Hold" and a consensus target price of $11.60.

Paramount Global Price Performance

Shares of PARA traded down $0.23 during trading hours on Friday, reaching $13.04. 22,542,049 shares of the company's stock traded hands, compared to its average volume of 8,492,431. The stock has a market cap of $8.79 billion, a PE ratio of -1.58, a price-to-earnings-growth ratio of 4.00 and a beta of 1.19. The company has a current ratio of 1.29, a quick ratio of 1.18 and a debt-to-equity ratio of 0.84. The firm's 50 day simple moving average is $12.35 and its 200-day simple moving average is $11.61. Paramount Global has a 12 month low of $9.95 and a 12 month high of $13.59.

Paramount Global (NASDAQ:PARA - Get Free Report) last announced 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 company had revenue of $7.19 billion for the quarter, compared to analysts' expectations of $7.14 billion. Paramount Global had a positive return on equity of 4.80% and a negative net margin of 19.09%. Paramount Global's revenue for the quarter was down 6.4% compared to the same quarter last year. During the same period last year, the firm posted $0.62 EPS. Equities analysts expect that Paramount Global will post 1.77 EPS for the current year.

Institutional Inflows and Outflows

Several hedge funds have recently modified their holdings of PARA. Bell Investment Advisors Inc increased its position in Paramount Global by 100.3% during the first quarter. Bell Investment Advisors Inc now owns 2,243 shares of the company's stock valued at $27,000 after acquiring an additional 1,123 shares during the last quarter. Mattson Financial Services LLC purchased a new stake in Paramount Global during the fourth quarter valued at $28,000. Ossiam increased its position in Paramount Global by 57.2% during the fourth quarter. Ossiam now owns 2,810 shares of the company's stock valued at $29,000 after acquiring an additional 1,022 shares during the last quarter. Atlas Capital Advisors Inc. purchased a new stake in Paramount Global during the fourth quarter valued at $35,000. Finally, Resona Asset Management Co. Ltd. purchased a new stake in Paramount Global during the fourth quarter valued at $36,000. Hedge funds and other institutional investors 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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