Paramount Global (NASDAQ:PARA) price on Thursday, November 14, rose 1.70% above its previous day’s close as an upside momentum from buyers pushed the stock’s value to $11.35.
A look at the stock’s price movement, the close in the last trading session was $11.16, moving within a range at $11.095 and $11.38. The beta value (5-Year monthly) was 1.767. Turning to its 52-week performance, $17.50 and $9.54 were the 52-week high and 52-week low respectively. Overall, PARA moved 7.89% over the past month.
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Paramount Global’s market cap currently stands at around $8.05 billion, with investors looking forward to this quarter’s earnings report slated for in December. The company has a Forward Dividend ratio of 0.20, with its dividend yield at 1.76%. As such, investors might be keen on an upside in the stock’s price ahead of the scheduled earnings report.
Analysts have a consensus estimate of 8.1B for the company’s revenue for the quarter, with a low and high estimate of 7.54B and 8.54B respectively. The average forecast suggests up to a 6.01% growth in sales growth compared to quarterly growth in the same period last fiscal year. Wall Street analysts have also projected the company’s year-on-year revenue to grow to 29.41B, representing a -0.81% decline on that reported in the last financial year.
Turning to the stock’s technical picture we see that short term indicators suggest on average that PARA is a 50% Buy. On the other hand, the stock is on average a 50% Sell as suggested by medium term indicators while long term indicators are putting the stock in 50% Buy category.
16 analyst(s) have given their forecast ratings for the stock on a scale of 1.00-5.00 for a strong buy to strong sell recommendation. A total of 4 analyst(s) rate the stock as a Hold, 5 recommend PARA as a Buy and 0 give it an Overweight rating. Meanwhile, 1 analyst(s) rate the stock as Underweight and 6 say it is a Sell. As such, the average rating for the stock is Sell which could provide an opportunity for investors keen on increasing their holdings of the company’s stock.
PARA’s current price about 4.69% and 7.09% off the 20-day and 50-day simple moving averages respectively. The Relative Strength Index (RSI, 14) currently prints 59.85, while 7-day volatility ratio is 3.80% and 2.44% in the 30-day chart. Further, Paramount Global (PARA) has a beta value of 1.74, and an average true range (ATR) of 0.29. Analysts have given the company’s stock an average 52-week price target of $14, forecast between a low of $8 and high of $37. Looking at the price targets, the low is 29.52% off current price level while to achieve the yearly target high, price needs to move -225.99%. Nonetheless, investors will most likely welcome a -23.35% jump to $14 which is the analysts’ median price.
If we refocus on Paramount Global (NASDAQ:PARA), historical trading data shows that trading volumes averaged 10.26 over the past 10 days and 8.28 million over the past 3 months. The company’s latest data on shares outstanding shows there are 612.00 million shares.
The 11.31% of Paramount Global’s shares are in the hands of company insiders while institutional holders own 71.83% of the company’s shares. Also important is the data on short interest which shows that short shares stood at 64.02 million on 2024-10-31, giving us a short ratio of 11.62. The data shows that as of 2024-10-31 short interest in Paramount Global (PARA) stood at 1082.0 of shares outstanding, with shares short rising to 63.16 million registered in 2024-09-30. Current price change has pushed the stock -23.26% YTD, which shows the potential for further growth is there. It is this reason that could see investor optimism for the PARA stock continues to rise going into the next quarter.
