Traders Purchase High Volume of Call Options on Paramount Global (NASDAQ:PARA)

Paramount Global (NASDAQ:PARA) was the target of some unusual options trading activity on Friday. Traders purchased 37,709 call options on the company. This represents an increase of 162% compared to the average volume of 14,402 call options.

Paramount Global Price Performance

Shares of NASDAQ:PARA traded up $0.20 during midday trading on Friday, reaching $11.07. 13,499,838 shares of the company’s stock were exchanged, compared to its average volume of 8,476,292. The company’s 50 day simple moving average is $10.72 and its two-hundred day simple moving average is $10.77. The firm has a market capitalization of $7.38 billion, a PE ratio of -1.35, a price-to-earnings-growth ratio of 1.53 and a beta of 1.70. Paramount Global has a 12 month low of $9.54 and a 12 month high of $15.70. The company has a debt-to-equity ratio of 0.85, a quick ratio of 1.10 and a current ratio of 1.27.

Paramount Global (NASDAQ:PARA) last released its quarterly earnings data on Friday, November 8th. The company reported $0.49 EPS for the quarter, topping analysts’ consensus estimates of $0.24 by $0.25. The company had revenue of $6.73 billion during the quarter, compared to the consensus estimate of $6.94 billion. Paramount Global had a negative net margin of 18.89% and a positive return on equity of 5.81%. The firm’s revenue for the quarter was down 5.6% compared to the same quarter last year. During the same period last year, the firm earned $0.30 EPS. Equities research analysts expect that Paramount Global will post 1.78 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Paramount Global

A number of hedge funds have recently made changes to their positions in the company. SOL Capital Management CO increased its position in Paramount Global by 1.6% in the 4th quarter. SOL Capital Management CO now owns 180,604 shares of the company’s stock valued at $1,889,000 after acquiring an additional 2,830 shares in the last quarter. Synergy Asset Management LLC acquired a new stake in Paramount Global in the 4th quarter valued at about $88,000. R Squared Ltd acquired a new stake in Paramount Global in the 4th quarter valued at about $154,000. Perigon Wealth Management LLC increased its position in Paramount Global by 7.0% in the 4th quarter. Perigon Wealth Management LLC now owns 28,821 shares of the company’s stock valued at $293,000 after acquiring an additional 1,874 shares in the last quarter. Finally, Kingswood Wealth Advisors LLC increased its position in Paramount Global by 27.5% in the 4th quarter. Kingswood Wealth Advisors LLC now owns 33,254 shares of the company’s stock valued at $348,000 after acquiring an additional 7,167 shares in the last quarter. Institutional investors and hedge funds own 73.00% of the company’s stock.

Analysts Set New Price Targets

A number of research firms recently issued reports on PARA. Needham & Company LLC reiterated a “hold” rating on shares of Paramount Global in a research note 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, Macquarie reiterated an “underperform” rating and issued a $10.00 target price on shares of Paramount Global in a research note on Monday, November 11th. Six analysts have rated the stock with a sell rating, seven have issued a hold rating and three have assigned a buy rating to the company. According to MarketBeat.com, the stock has an average rating of “Hold” and a consensus price target of $12.50.

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.