Paramount Global (NASDAQ:PARA) Sees Large Growth in Short Interest

Paramount Global (NASDAQ:PARA) was the target of a large growth in short interest during the month of November. As of November 30th, there was short interest totalling 66,600,000 shares, a growth of 16.5% from the November 15th total of 57,160,000 shares. Approximately 11.3% of the shares of the company are sold short. Based on an average daily volume of 8,680,000 shares, the days-to-cover ratio is currently 7.7 days.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of the company. Charles Schwab Investment Management Inc. raised its position in Paramount Global by 16.2% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 7,394,825 shares of the company’s stock worth $78,533,000 after buying an additional 1,030,592 shares during the last quarter. Bridgewater Associates LP lifted its position in Paramount Global by 50.7% during the third quarter. Bridgewater Associates LP now owns 328,099 shares of the company’s stock valued at $3,484,000 after purchasing an additional 110,357 shares during the period. Financial Counselors Inc. boosted its holdings in Paramount Global by 6.9% in the second quarter. Financial Counselors Inc. now owns 864,287 shares of the company’s stock worth $8,980,000 after purchasing an additional 56,021 shares during the last quarter. HBK Investments L P bought a new stake in Paramount Global in the 3rd quarter worth approximately $5,098,000. Finally, Hoertkorn Richard Charles raised its stake in Paramount Global by 38.1% during the 3rd quarter. Hoertkorn Richard Charles now owns 221,696 shares of the company’s stock valued at $2,354,000 after buying an additional 61,191 shares during the last quarter. 73.00% of the stock is owned by hedge funds and other institutional investors.

Paramount Global Trading Down 1.7 %

Shares of PARA opened at $10.98 on Tuesday. The firm’s 50 day simple moving average is $10.82 and its 200 day simple moving average is $10.84. The company has a debt-to-equity ratio of 0.85, a current ratio of 1.27 and a quick ratio of 1.10. The company has a market capitalization of $7.32 billion, a P/E ratio of -1.34, a P/E/G ratio of 1.35 and a beta of 1.71. Paramount Global has a 1-year low of $9.54 and a 1-year high of $16.30.

Paramount Global (NASDAQ:PARA) last announced its quarterly earnings results on Friday, November 8th. The company reported $0.49 EPS for the quarter, topping analysts’ consensus estimates of $0.24 by $0.25. The business had revenue of $6.73 billion for the quarter, compared to analysts’ expectations of $6.94 billion. Paramount Global had a positive return on equity of 5.81% and a negative net margin of 18.89%. The business’s quarterly revenue was down 5.6% on a year-over-year basis. During the same period in the previous year, the firm earned $0.30 EPS. Sell-side analysts forecast that Paramount Global will post 1.86 earnings per share for the current fiscal year.

Paramount Global Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, January 2nd. Shareholders of record on Monday, December 16th will be issued a $0.05 dividend. This represents a $0.20 dividend on an annualized basis and a yield of 1.82%. The ex-dividend date of this dividend is Monday, December 16th. Paramount Global’s dividend payout ratio (DPR) is presently -2.43%.

Wall Street Analysts Forecast Growth

Several brokerages recently commented on PARA. Needham & Company LLC reaffirmed a “hold” rating on shares of Paramount Global in a report on Monday, November 11th. Macquarie reissued an “underperform” rating and set a $10.00 target price on shares of Paramount Global in a report on Monday, November 11th. StockNews.com upgraded shares of Paramount Global from a “sell” rating to a “hold” rating in a research note on Monday, November 11th. Finally, Guggenheim cut their price target on Paramount Global from $19.00 to $14.00 and set a “buy” rating for the company in a research note on Wednesday, September 25th. Seven analysts have rated the stock with a sell rating, eight have assigned a hold rating and three have issued a buy rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of “Hold” and a consensus price target of $12.43.

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.