Paramount Skydance (NASDAQ:PSKY) Trading Down 5% – Here’s What Happened

Shares of Paramount Skydance Corporation (NASDAQ:PSKY) dropped 5% during trading on Wednesday . The company traded as low as $14.96 and last traded at $15.03. Approximately 1,924,505 shares were traded during trading, a decline of 82% from the average daily volume of 10,490,695 shares. The stock had previously closed at $15.82.

Wall Street Analysts Forecast Growth

Several brokerages recently commented on PSKY. Wall Street Zen upgraded shares of Paramount Skydance to a “hold” rating in a research report on Saturday, November 15th. Wells Fargo & Company raised their price objective on shares of Paramount Skydance from $16.00 to $18.00 and gave the company an “equal weight” rating in a research report on Tuesday, November 11th. UBS Group boosted their price target on Paramount Skydance from $10.00 to $12.00 and gave the stock a “sell” rating in a research report on Wednesday, October 8th. Benchmark upped their price objective on shares of Paramount Skydance from $16.00 to $19.00 and gave the stock a “buy” rating in a report on Tuesday, November 11th. Finally, Weiss Ratings restated a “sell (d-)” rating on shares of Paramount Skydance in a research note on Monday. One equities research analyst has rated the stock with a Buy rating, five have issued a Hold rating and seven have assigned a Sell rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of “Reduce” and an average price target of $13.91.

Paramount Skydance Price Performance

The company has a debt-to-equity ratio of 1.00, a current ratio of 1.34 and a quick ratio of 1.16. The business has a 50-day simple moving average of $16.68. The stock has a market capitalization of $16.08 billion, a PE ratio of -499.83 and a beta of 1.16.

Paramount Skydance (NASDAQ:PSKY) last posted its quarterly earnings results on Monday, November 10th. The company reported $0.12 earnings per share for the quarter, missing analysts’ consensus estimates of $0.49 by ($0.37). The business had revenue of $6.73 billion during the quarter, compared to the consensus estimate of $6.79 billion. Paramount Skydance had a negative net margin of 0.95% and a positive return on equity of 3.95%. The firm’s revenue was up 0% on a year-over-year basis. During the same quarter last year, the company posted $0.49 EPS.

Paramount Skydance Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Wednesday, October 1st. Stockholders of record on Monday, September 15th were issued a dividend of $0.05 per share. This represents a $0.20 annualized dividend and a dividend yield of 1.3%. The ex-dividend date of this dividend was Monday, September 15th. Paramount Skydance’s dividend payout ratio is -666.67%.

Hedge Funds Weigh In On Paramount Skydance

A number of institutional investors have recently modified their holdings of PSKY. Vanguard Group Inc. acquired a new position in shares of Paramount Skydance during the third quarter valued at about $678,726,000. State Street Corp purchased a new stake in shares of Paramount Skydance in the third quarter worth approximately $524,371,000. Invesco Ltd. bought a new position in shares of Paramount Skydance in the third quarter valued at approximately $288,551,000. Barclays PLC purchased a new position in shares of Paramount Skydance during the third quarter valued at approximately $258,196,000. Finally, Contrarius Group Holdings Ltd bought a new stake in Paramount Skydance during the third quarter worth $186,674,000. Institutional investors and hedge funds own 73.00% of the company’s stock.

About Paramount Skydance

Paramount Global is a media and entertainment company which creates premium content and experiences for audiences. The company’s portfolio of consumer brands includes CBS, Showtime Networks, Paramount Pictures, Nickelodeon, MTV, Comedy Central, BET, Paramount , Pluto TV and Simon & Schuster, among others.