Wells Fargo & Company Increases Gray Media (NYSE:GTN) Price Target to $6.00

Gray Media (NYSE:GTN) had its target price lifted by equities researchers at Wells Fargo & Company from $5.50 to $6.00 in a research report issued on Monday,Benzinga reports. The brokerage presently has an “equal weight” rating on the stock. Wells Fargo & Company‘s target price suggests a potential upside of 15.16% from the stock’s previous close.

Other analysts have also recently issued reports about the company. Weiss Ratings reissued a “sell (d+)” rating on shares of Gray Media in a report on Monday, December 29th. Wall Street Zen raised Gray Media from a “sell” rating to a “hold” rating in a report on Saturday. Zacks Research raised shares of Gray Media from a “hold” rating to a “strong-buy” rating in a research report on Wednesday, January 28th. Finally, Benchmark raised their price target on shares of Gray Media from $10.00 to $12.00 and gave the stock a “buy” rating in a research report on Friday, February 27th. One equities research analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat.com, Gray Media has an average rating of “Moderate Buy” and a consensus target price of $7.88.

Gray Media Stock Performance

NYSE GTN opened at $5.21 on Monday. The stock has a market cap of $531.89 million, a PE ratio of -3.67 and a beta of 0.85. The company has a debt-to-equity ratio of 2.66, a quick ratio of 1.27 and a current ratio of 1.27. The firm has a 50-day moving average of $4.67 and a 200-day moving average of $5.03. Gray Media has a 52-week low of $3.13 and a 52-week high of $6.30.

Gray Media (NYSE:GTN) last released its quarterly earnings results on Thursday, February 26th. The company reported ($0.24) earnings per share for the quarter, beating the consensus estimate of ($0.28) by $0.04. Gray Media had a negative net margin of 2.75% and a negative return on equity of 2.51%. The firm had revenue of $792.00 million for the quarter, compared to analysts’ expectations of $780.50 million. During the same period in the prior year, the firm earned $1.59 EPS. The business’s revenue was down 24.2% on a year-over-year basis. On average, sell-side analysts anticipate that Gray Media will post 3.32 EPS for the current year.

Institutional Trading of Gray Media

A number of institutional investors and hedge funds have recently made changes to their positions in the company. Acadian Asset Management LLC bought a new position in Gray Media in the first quarter valued at approximately $28,000. CANADA LIFE ASSURANCE Co boosted its holdings in shares of Gray Media by 68.2% in the 4th quarter. CANADA LIFE ASSURANCE Co now owns 10,401 shares of the company’s stock valued at $50,000 after purchasing an additional 4,217 shares in the last quarter. M&T Bank Corp bought a new position in shares of Gray Media in the 4th quarter valued at $51,000. AXQ Capital LP acquired a new position in shares of Gray Media during the 4th quarter worth $54,000. Finally, Engineers Gate Manager LP acquired a new position in shares of Gray Media during the 4th quarter worth $55,000. Institutional investors own 78.64% of the company’s stock.

About Gray Media

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.