Paramount Global Target of Unusually Large Options Trading (NASDAQ:PARA)

Paramount Global (NASDAQ:PARA - Get Free Report) saw some unusual options trading on Thursday. Stock traders purchased 27,695 put options on the company. This is an increase of 61% compared to the average daily volume of 17,219 put options.

Hedge Funds Weigh In On Paramount Global

A number of hedge funds have recently made changes to their positions in the stock. Strs Ohio acquired a new stake in Paramount Global during the 1st quarter valued at approximately $1,035,000. IFM Investors Pty Ltd acquired a new stake in shares of Paramount Global during the first quarter worth $1,261,000. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its stake in Paramount Global by 9.4% during the first 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 buying an additional 169,537 shares during the last quarter. Woodline Partners LP lifted its holdings in Paramount Global by 31.6% in the first quarter. Woodline Partners LP now owns 1,395,942 shares of the company's stock valued at $16,695,000 after buying an additional 335,132 shares during the period. Finally, MBB Public Markets I LLC bought a new position in shares of Paramount Global in the 1st quarter worth about $323,000. 73.00% of the stock is currently owned by institutional investors.

Paramount Global Price Performance

NASDAQ:PARA traded down $0.16 during trading hours on Monday, hitting $11.94. The company's stock had a trading volume of 8,610,969 shares, compared to its average volume of 10,061,848. Paramount Global has a twelve month low of $9.54 and a twelve month high of $13.05. The company has a debt-to-equity ratio of 0.85, a current ratio of 1.27 and a quick ratio of 1.10. The stock has a fifty day simple moving average of $11.50 and a 200-day simple moving average of $11.17. The company has a market capitalization of $8.05 billion, a P/E ratio of -1.45, a PEG ratio of 1.68 and a beta of 1.25.

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 the consensus estimate of $0.27 by $0.02. Paramount Global had a positive return on equity of 5.81% and a negative net margin of 18.89%. The company had revenue of $7.19 billion for the quarter, compared to the consensus estimate of $7.14 billion. During the same quarter last year, the business posted $0.62 EPS. Paramount Global's revenue for the quarter was down 6.4% on a year-over-year basis. On average, analysts anticipate that Paramount Global will post 1.77 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

Several equities analysts have commented on the stock. Citigroup reiterated a "neutral" rating and issued a $12.00 price objective (down from $13.00) on shares of Paramount Global in a report on Thursday. Morgan Stanley decreased their price target on shares of 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 cut their price objective on shares of Paramount Global from $19.00 to $16.00 and set a "buy" rating for the company in a research report on Tuesday, May 6th. UBS Group decreased their target price on Paramount Global from $11.00 to $10.00 and set a "sell" rating on the stock in a research report on Tuesday, April 15th. Finally, JPMorgan Chase & Co. dropped their price target on Paramount Global from $11.00 to $10.00 and set an "underweight" rating for the company in a report on Wednesday, May 21st. Six analysts have rated the stock with a sell rating, seven have given a hold rating and two have given a buy rating to the company. According to MarketBeat.com, the company has a consensus rating of "Hold" and an average price target of $11.54.

About Paramount Global

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.