Gray Media (NYSE:GTN) Raised to “Buy” at Wall Street Zen

Gray Media (NYSE:GTN) was upgraded by equities researchers at Wall Street Zen from a “hold” rating to a “buy” rating in a note issued to investors on Saturday, Wall Street Zen reports.

A number of other brokerages also recently weighed in on GTN. Weiss Ratings raised shares of Gray Media from a “sell (d)” rating to a “sell (d+)” rating in a research note on Friday, September 25th. Zacks Research upgraded shares of Gray Media from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, September 29th. One research analyst has rated the stock with a Strong Buy rating, three have given a Buy rating, one has given a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $7.88.

Gray Media Stock Performance

Gray Media stock opened at $4.54 on Friday. The stock has a 50-day simple moving average of $4.76 and a 200 day simple moving average of $4.53. The company has a quick ratio of 0.95, a current ratio of 0.95 and a debt-to-equity ratio of 2.73. Gray Media has a 12-month low of $3.55 and a 12-month high of $6.43. The stock has a market capitalization of $468.06 million, a price-to-earnings ratio of -7.45, a P/E/G ratio of 0.09 and a beta of 1.00.

Gray Media (NYSE:GTN) last issued its quarterly earnings results on Friday, August 7th. The company reported $0.21 earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.08) by $0.29. Gray Media had a negative net margin of 0.83% and a negative return on equity of 1.12%. The business had revenue of $839.00 million for the quarter, compared to the consensus estimate of $795.13 million. During the same quarter in the prior year, the company earned ($0.71) EPS. The firm’s quarterly revenue was up 8.7% on a year-over-year basis. On average, research analysts anticipate that Gray Media will post 2.35 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Gray Media

Institutional investors and hedge funds have recently made changes to their positions in the company. Engineers Gate Manager LP lifted its stake in shares of Gray Media by 142.5% during the second quarter. Engineers Gate Manager LP now owns 38,604 shares of the company’s stock valued at $153,000 after acquiring an additional 22,682 shares during the period. Squarepoint Ops LLC boosted its holdings in Gray Media by 12.3% in the second quarter. Squarepoint Ops LLC now owns 114,909 shares of the company’s stock valued at $456,000 after acquiring an additional 12,610 shares during the last quarter. Odyssean LLC bought a new position in Gray Media in the second quarter valued at about $206,000. Secure Asset Management LLC bought a new position in Gray Media in the second quarter valued at about $67,000. Finally, Empowered Funds LLC acquired a new stake in Gray Media in the second quarter worth about $1,837,000. Institutional investors own 78.64% of the company’s stock.

About Gray Media

Gray Media, Inc (NYSE:GTN), formerly known as Gray Television, is a multimedia company focused on local television broadcasting and digital media. The company owns and operates local television stations across the United States, providing news, weather, sports, entertainment and other programming to communities in its service areas.

In addition to its broadcast stations, Gray Media operates digital platforms and produces original content for local and national audiences. Its businesses also include production and distribution activities, allowing the company to serve viewers through over-the-air television, cable and satellite providers, websites, mobile applications and streaming platforms.

Gray Media traces its history to 1946, when it began with a single radio station in Albany, Georgia.