Needham & Company LLC Downgrades Paramount Global (NASDAQ:PARA) to Hold

Paramount Global (NASDAQ:PARA) was downgraded by research analysts at Needham & Company LLC from a “buy” rating to a “hold” rating in a report released on Tuesday, Marketbeat.com reports.

A number of other equities analysts have also weighed in on PARA. Rosenblatt Securities restated a “neutral” rating and issued a $13.00 price objective on shares of Paramount Global in a report on Tuesday, April 9th. Raymond James restated a “market perform” rating on shares of Paramount Global in a report on Tuesday, March 26th. Benchmark decreased their price objective on shares of Paramount Global from $30.00 to $19.00 and set a “buy” rating for the company in a report on Thursday, February 29th. JPMorgan Chase & Co. decreased their price objective on shares of Paramount Global from $13.00 to $12.00 and set an “underweight” rating for the company in a report on Thursday, April 4th. Finally, StockNews.com upgraded shares of Paramount Global from a “sell” rating to a “hold” rating in a report on Wednesday, April 10th. Nine research analysts have rated the stock with a sell rating, seven have issued a hold rating and five have assigned a buy rating to the stock. According to MarketBeat, the stock presently has an average rating of “Hold” and an average price target of $13.58.

Paramount Global Price Performance

PARA stock opened at $12.26 on Tuesday. The firm has a 50 day moving average price of $11.47 and a 200-day moving average price of $12.88. Paramount Global has a 52-week low of $10.12 and a 52-week high of $23.45. The firm has a market capitalization of $8.00 billion, a price-to-earnings ratio of -81.53, a PEG ratio of 0.44 and a beta of 1.77. The company has a debt-to-equity ratio of 0.63, a quick ratio of 1.17 and a current ratio of 1.32.

Paramount Global (NASDAQ:PARA) last released its earnings results on Monday, April 29th. The company reported $0.62 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.34 by $0.28. Paramount Global had a negative net margin of 0.15% and a positive return on equity of 3.34%. The firm had revenue of $7.69 billion during the quarter, compared to analyst estimates of $7.73 billion. During the same period last year, the business earned $0.09 earnings per share. The business’s revenue was up 5.8% on a year-over-year basis. Equities research analysts forecast that Paramount Global will post 1.19 EPS for the current fiscal year.

Institutional Investors Weigh In On Paramount Global

A number of hedge funds have recently modified their holdings of PARA. VisionPoint Advisory Group LLC bought a new stake in shares of Paramount Global during the 3rd quarter valued at $25,000. Anchor Investment Management LLC bought a new stake in shares of Paramount Global during the 4th quarter valued at $30,000. Archer Investment Corp bought a new position in Paramount Global in the 4th quarter worth $30,000. WFA of San Diego LLC boosted its holdings in Paramount Global by 635.0% in the 3rd quarter. WFA of San Diego LLC now owns 2,646 shares of the company’s stock worth $34,000 after buying an additional 2,286 shares during the period. Finally, Cornerstone Planning Group LLC boosted its holdings in Paramount Global by 55.1% in the 3rd quarter. Cornerstone Planning Group LLC now owns 2,972 shares of the company’s stock worth $38,000 after buying an additional 1,056 shares during the period. Institutional investors own 73.00% of the company’s stock.

About Paramount Global

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.