Wells Fargo & Company Raises Gray Media (NYSE:GTN) Price Target to $5.00

Key Points

• Wells Fargo & Company raised its price target for Gray Media from $4.50 to $5.00, indicating a potential upside of 4.49% from the stock's previous close.
• Despite the price target increase from Wells Fargo, the consensus target price among analysts remains at $7.00 with mixed ratings of buy, hold, and sell.
• Gray Media reported a 15.9% increase in stock price during midday trading, reaching $4.79, though it still posted a loss of $0.42 EPS for the last quarter.

Gray Media (NYSE:GTN - Get Free Report) had its price objective boosted by Wells Fargo & Company from $4.50 to $5.00 in a research report issued on Monday,Benzinga reports. The brokerage presently has an "equal weight" rating on the stock. Wells Fargo & Company's price target points to a potential upside of 4.49% from the stock's previous close.

A number of other research firms also recently commented on GTN. Benchmark lifted their price target on Gray Media from $7.00 to $9.00 and gave the stock a "buy" rating in a research note on Monday. Wall Street Zen downgraded Gray Media from a "hold" rating to a "sell" rating in a research note on Saturday. One analyst has rated the stock with a sell rating, two have issued a hold rating and two have assigned a buy rating to the company's stock. Based on data from MarketBeat, the company currently has an average rating of "Hold" and a consensus target price of $7.00.

Gray Media Stock Up 15.9%

Shares of NYSE GTN traded up $0.66 during midday trading on Monday, reaching $4.79. 594,589 shares of the company's stock were exchanged, compared to its average volume of 1,472,667. Gray Media has a 52-week low of $2.91 and a 52-week high of $6.16. The stock has a market capitalization of $485.87 million, a PE ratio of 3.17 and a beta of 1.20. The company has a debt-to-equity ratio of 2.48, a quick ratio of 0.91 and a current ratio of 0.91. The business's fifty day moving average price is $4.58 and its two-hundred day moving average price is $4.15.

Gray Media (NYSE:GTN - Get Free Report) last announced its earnings results on Friday, August 8th. The company reported ($0.42) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of ($0.23) by ($0.19). Gray Media had a return on equity of 10.26% and a net margin of 5.64%. The business had revenue of $772.00 million for the quarter, compared to analysts' expectations of $765.16 million. During the same period in the previous year, the firm posted $0.09 earnings per share. The firm's revenue was down 6.5% compared to the same quarter last year. Analysts forecast that Gray Media will post 3.32 EPS for the current year.

Insider Buying and Selling

In other Gray Media news, CFO Jeffrey R. Gignac purchased 12,500 shares of the business's stock in a transaction dated Thursday, June 5th. The shares were bought at an average price of $3.68 per share, with a total value of $46,000.00. Following the completion of the acquisition, the chief financial officer owned 644,599 shares in the company, valued at approximately $2,372,124.32. This represents a 1.98% increase in their position. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. 15.22% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Gray Media

A number of hedge funds have recently made changes to their positions in GTN. Acadian Asset Management LLC bought a new stake in Gray Media during the first quarter worth approximately $28,000. Voleon Capital Management LP bought a new stake in Gray Media during the fourth quarter worth approximately $32,000. Ameriprise Financial Inc. bought a new stake in Gray Media during the fourth quarter worth approximately $33,000. Boothbay Fund Management LLC bought a new position in shares of Gray Media in the fourth quarter valued at $34,000. Finally, Harbor Capital Advisors Inc. increased its holdings in shares of Gray Media by 157.6% in the first 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 in the last quarter. Institutional investors own 78.64% of the company's stock.

About Gray Media

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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