Gray Media (NYSE:GTN) Shares Gap Up After Better-Than-Expected Earnings

Gray Media Inc. (NYSE:GTN) gapped up before the market opened on Friday following a better than expected earnings announcement. The stock had previously closed at $4.28, but opened at $4.75. Gray Media shares last traded at $5.0750, with a volume of 312,088 shares traded.

The company reported $0.21 EPS for the quarter, topping the consensus estimate of ($0.08) by $0.29. Gray Media had a negative return on equity of 3.07% and a negative net margin of 3.12%.The company had revenue of $839.00 million for the quarter, compared to the consensus estimate of $795.13 million. During the same period in the previous year, the business posted ($0.71) EPS. The company’s revenue for the quarter was up 8.7% on a year-over-year basis.

Wall Street Analysts Forecast Growth

A number of equities analysts recently issued reports on GTN shares. Wall Street Zen raised shares of Gray Media from a “sell” rating to a “hold” rating in a research report on Sunday, May 17th. Guggenheim reduced their price target on shares of Gray Media from $8.00 to $7.00 and set a “buy” rating for the company in a report on Friday, May 15th. Barrington Research restated an “outperform” rating and issued a $6.50 price target on shares of Gray Media in a research report on Tuesday, April 28th. Finally, Weiss Ratings downgraded shares of Gray Media from a “sell (d+)” rating to a “sell (d)” rating in a report on Friday, May 15th. Three investment analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has given a Sell rating to the company. According to MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus target price of $7.88.

Insider Activity at Gray Media

In other news, Director Richard Lee Boger sold 57,000 shares of Gray Media stock in a transaction dated Tuesday, May 19th. The shares were sold at an average price of $4.40, for a total transaction of $250,800.00. Following the sale, the director directly owned 4,591 shares in the company, valued at approximately $20,200.40. The trade was a 92.55% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders own 8.95% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in the business. Empowered Funds LLC grew its stake in shares of Gray Media by 7.4% in the 1st quarter. Empowered Funds LLC now owns 464,859 shares of the company’s stock valued at $2,008,000 after purchasing an additional 32,173 shares during the period. Acadian Asset Management LLC bought a new position in shares of Gray Media during the 1st quarter worth approximately $28,000. Creative Planning lifted its position in shares of Gray Media by 17.3% during the 2nd quarter. Creative Planning now owns 63,544 shares of the company’s stock worth $288,000 after buying an additional 9,358 shares during the period. Cetera Investment Advisers boosted its stake in Gray Media by 19.7% in the 2nd quarter. Cetera Investment Advisers now owns 91,032 shares of the company’s stock valued at $412,000 after buying an additional 14,976 shares in the last quarter. Finally, Rhumbline Advisers boosted its stake in Gray Media by 7.0% in the 2nd quarter. Rhumbline Advisers now owns 145,450 shares of the company’s stock valued at $659,000 after buying an additional 9,575 shares in the last quarter. Institutional investors and hedge funds own 78.64% of the company’s stock.

Gray Media Stock Up 18.3%

The company has a quick ratio of 1.20, a current ratio of 1.20 and a debt-to-equity ratio of 2.72. The business has a 50-day simple moving average of $3.98 and a two-hundred day simple moving average of $4.51. The stock has a market capitalization of $520.17 million, a P/E ratio of -3.31 and a beta of 0.94.

Gray Media Company Profile

Gray Media (NYSE:GTN) is a U.S.-based broadcasting and digital media company that owns and operates a portfolio of local television stations and associated digital platforms. The company’s core business centers on delivering local news, sports and entertainment programming through its network-affiliated broadcast outlets. In addition to traditional over-the-air distribution, Gray Media supports multi-platform video streaming and on-demand services for audiences across its markets.

Gray Media’s television stations carry network programming from major national broadcasters, including ABC, CBS, NBC, Fox and The CW, and often feature locally produced news and public affairs content.