Short Interest in Paramount Global (NASDAQ:PARA) Drops By 16.1%

Paramount Global (NASDAQ:PARA) was the target of a significant drop in short interest in April. As of April 15th, there was short interest totalling 72,550,000 shares, a drop of 16.1% from the March 31st total of 86,480,000 shares. Approximately 12.3% of the company’s stock are short sold. Based on an average daily trading volume, of 20,420,000 shares, the days-to-cover ratio is currently 3.6 days.

Analysts Set New Price Targets

Several equities analysts have commented on PARA shares. Rosenblatt Securities reiterated a “neutral” rating and issued a $13.00 price objective on shares of Paramount Global in a report on Tuesday, April 9th. Raymond James reissued a “market perform” rating on shares of Paramount Global in a report on Tuesday, March 26th. Moffett Nathanson upgraded Paramount Global from a “sell” rating to a “neutral” rating and set a $13.00 price objective for the company in a report on Tuesday, January 9th. StockNews.com upgraded Paramount Global from a “sell” rating to a “hold” rating in a research note on Wednesday, April 10th. Finally, JPMorgan Chase & Co. reduced their price target on Paramount Global from $13.00 to $12.00 and set an “underweight” rating for the company in a research note on Thursday, April 4th. Eight research analysts have rated the stock with a sell rating, seven have issued a hold rating and six have issued a buy rating to the company. According to data from MarketBeat, Paramount Global presently has a consensus rating of “Hold” and a consensus price target of $13.79.

Hedge Funds Weigh In On Paramount Global

Several hedge funds have recently made changes to their positions in PARA. Tokio Marine Asset Management Co. Ltd. lifted its position in Paramount Global by 5.5% during the fourth quarter. Tokio Marine Asset Management Co. Ltd. now owns 14,855 shares of the company’s stock valued at $220,000 after purchasing an additional 769 shares during the last quarter. Highlander Capital Management LLC increased its position in shares of Paramount Global by 13.4% during the fourth quarter. Highlander Capital Management LLC now owns 7,210 shares of the company’s stock valued at $107,000 after buying an additional 850 shares during the period. Kestra Private Wealth Services LLC boosted its holdings in shares of Paramount Global by 3.1% during the 4th quarter. Kestra Private Wealth Services LLC now owns 29,171 shares of the company’s stock valued at $431,000 after buying an additional 879 shares in the last quarter. Arizona State Retirement System grew its position in shares of Paramount Global by 0.7% in the 4th quarter. Arizona State Retirement System now owns 134,210 shares of the company’s stock worth $1,985,000 after buying an additional 887 shares during the period. Finally, Cape Investment Advisory Inc. increased its stake in shares of Paramount Global by 5.2% in the 4th quarter. Cape Investment Advisory Inc. now owns 18,014 shares of the company’s stock worth $266,000 after acquiring an additional 889 shares in the last quarter. 73.00% of the stock is currently owned by hedge funds and other institutional investors.

Paramount Global Price Performance

Paramount Global stock opened at $11.91 on Friday. The company’s 50 day moving average price is $11.48 and its two-hundred day moving average price is $12.87. The stock has a market cap of $7.77 billion, a P/E ratio of -11.68, a P/E/G ratio of 0.43 and a beta of 1.77. Paramount Global has a 52 week low of $10.12 and a 52 week high of $24.00. The company has a quick ratio of 1.17, a current ratio of 1.32 and a debt-to-equity ratio of 0.63.

Paramount Global (NASDAQ:PARA) last released its earnings results on Wednesday, February 28th. The company reported $0.04 earnings per share for the quarter, beating analysts’ consensus estimates of ($0.05) by $0.09. Paramount Global had a negative net margin of 2.05% and a positive return on equity of 1.78%. The firm had revenue of $7.64 billion for the quarter, compared to analysts’ expectations of $7.80 billion. During the same period in the previous year, the company earned $0.08 earnings per share. The company’s quarterly revenue was down 6.1% on a year-over-year basis. On average, equities analysts predict that Paramount Global will post 1.2 earnings per share for the current year.

Paramount Global Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, July 1st. Stockholders of record on Monday, June 17th will be paid a $0.05 dividend. The ex-dividend date is Monday, June 17th. This represents a $0.20 annualized dividend and a dividend yield of 1.68%. Paramount Global’s payout ratio is -19.61%.

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.