Wall Street Zen Downgrades Gray Media (NYSE:GTN) to Sell

Gray Media (NYSE:GTN - Get Free Report) was downgraded by investment analysts at Wall Street Zen from a "hold" rating to a "sell" rating in a note issued to investors on Sunday.

GTN has been the subject of several other research reports. Wells Fargo & Company lifted their price target on Gray Media from $4.00 to $4.50 and gave the stock an "equal weight" rating in a research report on Monday, May 12th. Benchmark lowered their price target on Gray Media from $8.00 to $7.00 and set a "buy" rating for the company in a research report on Tuesday, May 6th. Finally, Guggenheim lowered their price target on Gray Media from $8.00 to $7.00 and set a "buy" rating for the company in a research report on Monday, March 10th. One investment analyst has rated the stock with a sell rating, two have assigned a hold rating and two have issued a buy rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of "Hold" and a consensus target price of $6.17.

Gray Media Stock Performance

Gray Media stock opened at $4.52 on Friday. The company has a quick ratio of 0.91, a current ratio of 0.91 and a debt-to-equity ratio of 2.48. The company has a market capitalization of $458.45 million, a P/E ratio of 1.95 and a beta of 1.16. The stock's 50 day moving average is $3.94 and its 200 day moving average is $3.81. Gray Media has a twelve month low of $2.91 and a twelve month high of $6.61.

Gray Media (NYSE:GTN - Get Free Report) last posted its quarterly earnings results on Thursday, May 8th. The company reported ($0.23) earnings per share for the quarter, topping the consensus estimate of ($0.49) by $0.26. The company had revenue of $782.00 million for the quarter, compared to the consensus estimate of $772.71 million. Gray Media had a return on equity of 12.75% and a net margin of 7.72%. The firm's quarterly revenue was down 5.0% compared to the same quarter last year. During the same quarter in the prior year, the business posted $0.79 EPS. On average, equities research analysts predict that Gray Media will post 3.32 earnings per share for the current fiscal year.

Insider Activity at Gray Media

In other Gray Media news, CFO Jeffrey R. Gignac acquired 12,500 shares of the stock in a transaction that occurred on Thursday, June 5th. The shares were acquired at an average cost of $3.68 per share, with a total value of $46,000.00. Following the transaction, the chief financial officer now owns 644,599 shares of the company's stock, valued at $2,372,124.32. The trade was a 1.98% increase in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. 15.22% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Gray Media

Several hedge funds and other institutional investors have recently added to or reduced their stakes in GTN. Acadian Asset Management LLC bought a new position in Gray Media in the 1st quarter valued at approximately $28,000. Voleon Capital Management LP bought a new position in shares of Gray Media during the 4th quarter valued at $32,000. Ameriprise Financial Inc. bought a new position in shares of Gray Media during the 4th quarter valued at $33,000. Boothbay Fund Management LLC bought a new position in shares of Gray Media during the 4th quarter valued at $34,000. Finally, Harbor Capital Advisors Inc. lifted its holdings in shares of Gray Media by 157.6% during the 1st quarter. Harbor Capital Advisors Inc. now owns 8,752 shares of the company's stock valued at $38,000 after buying an additional 5,355 shares during the period. 78.64% of the stock is owned by institutional investors.

Gray Media 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.

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