Needham & Company LLC Reiterates Hold Rating for Paramount Global (NASDAQ:PARA)

Paramount Global (NASDAQ:PARA)‘s stock had its “hold” rating reiterated by equities researchers at Needham & Company LLC in a research report issued to clients and investors on Monday,Benzinga reports.

A number of other brokerages have also recently issued reports on PARA. Wells Fargo & Company raised Paramount Global from an “underweight” rating to an “equal weight” rating and lifted their price objective for the company from $10.00 to $11.00 in a report on Friday, August 9th. Benchmark reissued a “buy” rating and set a $19.00 price target on shares of Paramount Global in a report on Friday, August 9th. StockNews.com cut shares of Paramount Global from a “hold” rating to a “sell” rating in a research note on Thursday, October 3rd. JPMorgan Chase & Co. cut their target price on shares of Paramount Global from $12.00 to $11.00 and set an “underweight” rating for the company in a research note on Thursday, August 15th. Finally, Guggenheim reduced their target price on Paramount Global from $19.00 to $14.00 and set a “buy” rating on the stock in a report on Wednesday, September 25th. Eight analysts have rated the stock with a sell rating, seven have assigned a hold rating and three have issued a buy rating to the company’s stock. According to MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus price target of $12.57.

Paramount Global Stock Performance

NASDAQ PARA opened at $11.07 on Monday. Paramount Global has a twelve month low of $9.54 and a twelve month high of $17.50. The company has a quick ratio of 1.15, a current ratio of 1.30 and a debt-to-equity ratio of 0.85. The stock has a market cap of $7.38 billion, a P/E ratio of -1.35, a PEG ratio of 1.66 and a beta of 1.74. The company’s 50-day simple moving average is $10.52 and its 200 day simple moving average is $11.09.

Paramount Global (NASDAQ:PARA) last released its quarterly earnings data on Friday, November 8th. The company reported $0.49 earnings per share for the quarter, beating the consensus estimate of $0.24 by $0.25. Paramount Global had a positive return on equity of 4.88% and a negative net margin of 17.62%. The company had revenue of $6.73 billion for the quarter, compared to analyst estimates of $6.94 billion. During the same period in the prior year, the company posted $0.30 EPS. The company’s revenue was down 5.6% compared to the same quarter last year. As a group, research analysts forecast that Paramount Global will post 1.61 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Paramount Global

Hedge funds and other institutional investors have recently bought and sold shares of the business. Allspring Global Investments Holdings LLC grew its stake in shares of Paramount Global by 3.9% during the first quarter. Allspring Global Investments Holdings LLC now owns 24,682 shares of the company’s stock worth $291,000 after purchasing an additional 934 shares during the period. Texas Permanent School Fund Corp raised its position in shares of Paramount Global by 4.3% in the 1st quarter. Texas Permanent School Fund Corp now owns 99,705 shares of the company’s stock valued at $1,174,000 after acquiring an additional 4,152 shares during the period. Envestnet Portfolio Solutions Inc. boosted its stake in Paramount Global by 1.5% during the 1st quarter. Envestnet Portfolio Solutions Inc. now owns 160,114 shares of the company’s stock worth $1,885,000 after acquiring an additional 2,440 shares during the last quarter. Empowered Funds LLC grew its holdings in Paramount Global by 45.1% during the first quarter. Empowered Funds LLC now owns 15,270 shares of the company’s stock valued at $180,000 after purchasing an additional 4,748 shares during the period. Finally, SG Americas Securities LLC increased its stake in Paramount Global by 109.9% in the first quarter. SG Americas Securities LLC now owns 100,473 shares of the company’s stock valued at $1,183,000 after purchasing an additional 52,614 shares in the last quarter. 73.00% of the stock is owned by institutional investors.

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.