Guggenheim Forecasts Strong Price Appreciation for Gray Media (NYSE:GTN) Stock

Gray Media (NYSE:GTN) had its price target lifted by equities research analysts at Guggenheim from $7.00 to $8.00 in a research note issued on Wednesday,Benzinga reports. The firm currently has a “buy” rating on the stock. Guggenheim’s price target indicates a potential upside of 47.06% from the company’s current price.

GTN has been the subject of several other reports. Wells Fargo & Company upped their target price on Gray Media from $5.50 to $6.00 and gave the company an “equal weight” rating in a report on Monday. Zacks Research raised shares of Gray Media from a “hold” rating to a “strong-buy” rating in a research note on Wednesday, January 28th. Benchmark raised their target price on shares of Gray Media from $10.00 to $12.00 and gave the stock a “buy” rating in a report on Friday, February 27th. Weiss Ratings restated a “sell (d+)” rating on shares of Gray Media in a report on Monday, December 29th. Finally, Barrington Research restated an “outperform” rating and issued a $6.50 price target on shares of Gray Media in a research report on Tuesday. One research analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat, Gray Media currently has an average rating of “Moderate Buy” and a consensus target price of $8.13.

Gray Media Stock Down 3.9%

GTN stock opened at $5.44 on Wednesday. The firm has a market cap of $555.37 million, a PE ratio of -3.83 and a beta of 0.85. Gray Media has a 12 month low of $3.13 and a 12 month high of $6.30. The company has a debt-to-equity ratio of 2.66, a current ratio of 1.27 and a quick ratio of 1.27. The firm has a 50 day simple moving average of $4.69 and a 200 day simple moving average of $5.04.

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

Institutional Investors Weigh In On Gray Media

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in GTN. Capital Management Corp VA boosted its stake in shares of Gray Media by 4.1% during the 4th quarter. Capital Management Corp VA now owns 6,149,022 shares of the company’s stock valued at $29,761,000 after buying an additional 242,525 shares during the period. Vanguard Group Inc. boosted its position in Gray Media by 4.4% during the third quarter. Vanguard Group Inc. now owns 5,998,630 shares of the company’s stock valued at $34,672,000 after purchasing an additional 251,419 shares during the last quarter. Charles Schwab Investment Management Inc. grew its stake in Gray Media by 23.7% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 5,188,712 shares of the company’s stock valued at $25,113,000 after purchasing an additional 994,474 shares in the last quarter. Miller Value Partners LLC grew its stake in Gray Media by 12.1% in the fourth quarter. Miller Value Partners LLC now owns 3,988,495 shares of the company’s stock valued at $19,304,000 after purchasing an additional 430,280 shares in the last quarter. Finally, Penn Capital Management Company LLC increased its position in Gray Media by 43.6% in the 3rd quarter. Penn Capital Management Company LLC now owns 3,236,997 shares of the company’s stock worth $18,758,000 after purchasing an additional 983,415 shares during the last quarter. Hedge funds and other 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.