Wells Fargo & Company Lowers Paramount Skydance (NASDAQ:PSKY) Price Target to $8.00

Paramount Skydance (NASDAQ:PSKY) had its price objective lowered by analysts at Wells Fargo & Company from $10.00 to $8.00 in a research report issued to clients and investors on Thursday,Benzinga reports. The brokerage currently has an “underweight” rating on the stock. Wells Fargo & Company‘s price objective indicates a potential downside of 15.97% from the company’s previous close.

PSKY has been the subject of a number of other reports. Bank of America reduced their price objective on shares of Paramount Skydance from $13.00 to $11.00 and set an “underperform” rating for the company in a research note on Tuesday, March 10th. Guggenheim increased their price target on shares of Paramount Skydance from $11.00 to $14.00 and gave the stock a “neutral” rating in a report on Tuesday, March 3rd. Weiss Ratings reissued a “sell (d-)” rating on shares of Paramount Skydance in a research note on Friday, March 27th. Wolfe Research reiterated an “underperform” rating and set a $13.00 target price on shares of Paramount Skydance in a research report on Monday, December 15th. Finally, Zacks Research upgraded Paramount Skydance from a “strong sell” rating to a “hold” rating in a report on Friday, February 6th. One research analyst has rated the stock with a Buy rating, five have given a Hold rating and nine have issued a Sell rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of “Strong Sell” and an average target price of $12.85.

Paramount Skydance Price Performance

NASDAQ PSKY opened at $9.52 on Thursday. The company has a quick ratio of 1.12, a current ratio of 1.26 and a debt-to-equity ratio of 1.03. The company has a market cap of $10.58 billion, a PE ratio of 15.11, a price-to-earnings-growth ratio of 0.39 and a beta of 1.37. Paramount Skydance has a 52 week low of $8.61 and a 52 week high of $20.86. The firm’s 50-day simple moving average is $10.47 and its two-hundred day simple moving average is $13.65.

Paramount Skydance (NASDAQ:PSKY) last posted its earnings results on Wednesday, February 25th. The company reported $999.00 earnings per share for the quarter, topping the consensus estimate of ($0.02) by $999.02. The firm had revenue of $8.15 billion during the quarter, compared to the consensus estimate of $8.17 billion. Paramount Skydance had a negative net margin of 2.15% and a positive return on equity of 3.82%.

Institutional Investors Weigh In On Paramount Skydance

Several institutional investors and hedge funds have recently modified their holdings of the stock. Vanguard Group Inc. lifted its holdings in Paramount Skydance by 0.4% in the fourth quarter. Vanguard Group Inc. now owns 36,006,077 shares of the company’s stock worth $482,481,000 after buying an additional 132,613 shares during the period. State Street Corp bought a new stake in Paramount Skydance in the third quarter worth $524,371,000. Invesco Ltd. boosted its holdings in Paramount Skydance by 1.0% in the fourth quarter. Invesco Ltd. now owns 15,406,791 shares of the company’s stock worth $206,451,000 after acquiring an additional 155,679 shares in the last quarter. Contrarius Group Holdings Ltd grew its stake in shares of Paramount Skydance by 52.9% in the fourth quarter. Contrarius Group Holdings Ltd now owns 15,088,097 shares of the company’s stock worth $202,180,000 after acquiring an additional 5,221,622 shares during the last quarter. Finally, Barclays PLC bought a new position in shares of Paramount Skydance during the third quarter valued at $258,196,000. 73.00% of the stock is owned by hedge funds and other institutional investors.

Paramount Skydance Company Profile

Paramount Skydance Media Group (Nasdaq: PSKY) is a media and entertainment company created through the proposed combination of Paramount Global’s filmed entertainment and streaming operations with Skydance Media, a privately held content studio. The combined business will encompass the development, production and distribution of feature films, television programming and digital content, drawing on a library of legacy Paramount Pictures franchises alongside Skydance’s blockbuster tentpoles and animation slate.