Short Interest in Paramount Global (NASDAQ:PARA) Rises By 16.5%

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

Paramount Global Stock Down 1.7 %

NASDAQ PARA traded down $0.19 during trading hours on Monday, reaching $10.98. 8,273,430 shares of the company’s stock were exchanged, compared to its average volume of 14,586,088. The company has a debt-to-equity ratio of 0.85, a quick ratio of 1.10 and a current ratio of 1.27. The company has a market capitalization of $7.32 billion, a price-to-earnings ratio of -1.34, a price-to-earnings-growth ratio of 1.35 and a beta of 1.71. The company’s 50-day moving average is $10.82 and its two-hundred day moving average is $10.84. Paramount Global has a one year low of $9.54 and a one year high of $16.30.

Paramount Global (NASDAQ:PARA) last issued its quarterly earnings data on Friday, November 8th. The company reported $0.49 earnings per share (EPS) for the quarter, topping the consensus estimate 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 was down 5.6% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $0.30 earnings per share. On average, analysts forecast that Paramount Global will post 1.86 EPS for the current fiscal year.

Paramount Global Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Thursday, January 2nd. Shareholders of record on Monday, December 16th will be paid a $0.05 dividend. This represents a $0.20 annualized dividend and a dividend yield of 1.82%. The ex-dividend date is Monday, December 16th. Paramount Global’s dividend payout ratio is -2.43%.

Analyst Ratings Changes

Several equities analysts recently weighed in on PARA shares. Guggenheim cut their price objective on shares of Paramount Global from $19.00 to $14.00 and set a “buy” rating on the stock in a report on Wednesday, September 25th. StockNews.com upgraded Paramount Global from a “sell” rating to a “hold” rating in a research report on Monday, November 11th. Needham & Company LLC reiterated a “hold” rating on shares of Paramount Global in a report on Monday, November 11th. Finally, Macquarie restated an “underperform” rating and set a $10.00 target price on shares of Paramount Global in a report on Monday, November 11th. Seven equities research analysts have rated the stock with a sell rating, eight have given a hold rating and three have issued a buy rating to the stock. According to MarketBeat, the company presently has an average rating of “Hold” and a consensus target price of $12.43.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently modified their holdings of the company. Blue Trust Inc. raised its position in Paramount Global by 162.8% in the 3rd quarter. Blue Trust Inc. now owns 2,539 shares of the company’s stock valued at $26,000 after buying an additional 1,573 shares during the last quarter. Huntington National Bank raised its holdings in shares of Paramount Global by 129.0% in the third quarter. Huntington National Bank now owns 2,771 shares of the company’s stock valued at $29,000 after purchasing an additional 1,561 shares during the last quarter. Atlas Capital Advisors LLC bought a new stake in shares of Paramount Global in the second quarter worth $35,000. Ashton Thomas Private Wealth LLC acquired a new position in Paramount Global during the second quarter worth $43,000. Finally, Kennebec Savings Bank bought a new position in Paramount Global in the third quarter valued at $47,000. 73.00% of the stock is owned by institutional investors and hedge funds.

Paramount Global Company Profile

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.