Gray Media (NYSE:GTN) Shares Gap Down Following Weak Earnings

Key Points

• Gray Media’s quarterly EPS was $0.66, missing the $0.86 analyst consensus by $0.20, while revenue of $972 million topped estimates of $955.75 million and rose 29.8% year over year.
• Shares opened at $4.27 after previously closing at $4.88 following the earnings announcement; they were later reported trading at $4.89.
• Analysts’ consensus rating is Hold, with a consensus price target of $7.88; ratings span three Buys, two Holds, and one Sell.

Gray Media Inc. (NYSE:GTN - Get Free Report)'s stock price gapped down before the market opened on Friday following a dissappointing earnings announcement. The stock had previously closed at $4.88, but opened at $4.27. Gray Media shares last traded at $4.89, with a volume of 88,855 shares.

The company reported $0.66 EPS for the quarter, missing analysts' consensus estimates of $0.86 by ($0.20). The firm had revenue of $972.00 million for the quarter, compared to analysts' expectations of $955.75 million. Gray Media had a negative return on equity of 1.12% and a negative net margin of 0.83%. The business's quarterly revenue was up 29.8% compared to the same quarter last year. During the same quarter last year, the firm earned ($0.24) earnings per share.

Wall Street Analysts Forecast Growth

A number of research firms recently issued reports on GTN. Weiss Ratings downgraded shares of Gray Media from a "sell (d+)" rating to a "sell (d)" rating in a research report on Friday, October 9th. Wall Street Zen upgraded shares of Gray Media from a "hold" rating to a "buy" rating in a report on Saturday, October 10th. Finally, Zacks Research cut shares of Gray Media from a "strong-buy" rating to a "hold" rating in a research report on Wednesday, October 28th. Three equities research analysts have rated the stock with a Buy rating, two have given a Hold rating and one has issued a Sell rating to the company's stock. According to data from MarketBeat, Gray Media presently has a consensus rating of "Hold" and a consensus target price of $7.88.

Institutional Trading of Gray Media

A number of hedge funds and other institutional investors have recently modified their holdings of the business. BlackRock Inc. acquired a new stake in Gray Media during the second quarter worth about $27,789,000. Bank of America Corp DE bought a new position in Gray Media in the 2nd quarter worth about $971,000. Miller Value Partners LLC bought a new position in Gray Media in the 2nd quarter worth about $28,756,000. Empowered Funds LLC acquired a new stake in shares of Gray Media in the second quarter valued at approximately $1,837,000. Finally, DSC Meridian Capital LP acquired a new stake in shares of Gray Media in the second quarter valued at approximately $3,731,000. 78.64% of the stock is owned by hedge funds and other institutional investors.

Gray Media Stock Down 0.3%

The firm's 50 day simple moving average is $4.65 and its 200 day simple moving average is $4.59. The company has a market cap of $501.00 million, a price-to-earnings ratio of -7.98, a price-to-earnings-growth ratio of 0.10 and a beta of 1.01. The company has a quick ratio of 0.95, a current ratio of 0.95 and a debt-to-equity ratio of 2.73.

Gray Media Company Profile

Gray Media, formerly known as Gray Television, is a multimedia company that owns and operates local television stations and related digital media properties in markets across the United States. Its stations provide local news, weather, sports, public affairs and entertainment programming, while also distributing content through websites, mobile platforms and other digital channels.

The company's broadcast portfolio includes affiliates of major networks such as ABC, CBS, NBC, FOX and The CW, as well as independent and specialty stations.

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