Needham & Company LLC Reaffirms “Hold” Rating for Paramount Global (NASDAQ:PARA)

Paramount Global (NASDAQ:PARA)‘s stock had its “hold” rating reiterated by stock analysts at Needham & Company LLC in a report issued on Thursday,Benzinga reports.

Several other equities research analysts also recently issued reports on the stock. Morgan Stanley increased their price objective on shares of Paramount Global from $10.00 to $11.00 and gave the stock an “underweight” rating in a research report on Tuesday, February 4th. Macquarie reiterated an “underperform” rating and set a $10.00 price objective on shares of Paramount Global in a report on Monday, November 11th. Finally, StockNews.com upgraded Paramount Global from a “sell” rating to a “hold” rating in a research note on Monday, November 11th. Six investment analysts have rated the stock with a sell rating, seven have assigned a hold rating and three have issued a buy rating to the company’s stock. According to MarketBeat.com, Paramount Global presently has a consensus rating of “Hold” and a consensus target price of $12.58.

Paramount Global Trading Down 2.4 %

Shares of NASDAQ PARA opened at $11.22 on Thursday. Paramount Global has a 1-year low of $9.54 and a 1-year high of $14.54. The company has a 50-day moving average of $10.78 and a two-hundred day moving average of $10.73. The company has a market cap of $7.48 billion, a PE ratio of -1.36, a P/E/G ratio of 1.68 and a beta of 1.69. The company has a current ratio of 1.27, a quick ratio of 1.10 and a debt-to-equity ratio of 0.85.

Paramount Global (NASDAQ:PARA) last issued its quarterly earnings results on Wednesday, February 26th. The company reported ($0.11) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.18 by ($0.29). Paramount Global had a negative net margin of 18.89% and a positive return on equity of 5.81%. The firm had revenue of $7.98 billion for the quarter, compared to analyst estimates of $8.07 billion. As a group, equities analysts expect that Paramount Global will post 1.77 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Paramount Global

Institutional investors and hedge funds have recently made changes to their positions in the stock. Blue Trust Inc. boosted its holdings in Paramount Global by 162.8% in the third quarter. Blue Trust Inc. now owns 2,539 shares of the company’s stock valued at $26,000 after acquiring an additional 1,573 shares during the last quarter. Allspring Global Investments Holdings LLC boosted its stake in shares of Paramount Global by 20.5% in the 3rd quarter. Allspring Global Investments Holdings LLC now owns 31,956 shares of the company’s stock valued at $339,000 after purchasing an additional 5,442 shares during the last quarter. International Assets Investment Management LLC increased its position in shares of Paramount Global by 825.8% during the third quarter. International Assets Investment Management LLC now owns 440,620 shares of the company’s stock worth $4,679,000 after buying an additional 393,027 shares during the period. Assenagon Asset Management S.A. increased its position in shares of Paramount Global by 28.6% during the third quarter. Assenagon Asset Management S.A. now owns 25,100 shares of the company’s stock worth $267,000 after buying an additional 5,586 shares during the period. Finally, Louisiana State Employees Retirement System raised its stake in Paramount Global by 19.6% during the third quarter. Louisiana State Employees Retirement System now owns 33,500 shares of the company’s stock worth $356,000 after buying an additional 5,500 shares during the last quarter. Institutional investors and hedge funds 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.