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

Paramount Global (NASDAQ:PARA - Get Free Report) was the recipient of 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. Approximately 11.3% of the company's shares are sold short. Based on an average trading volume of 8,680,000 shares, the days-to-cover ratio is currently 7.7 days.

Paramount Global Stock Down 3.5 %

Shares of PARA traded down $0.41 during trading hours on Friday, reaching $11.22. The stock had a trading volume of 5,618,791 shares, compared to its average volume of 11,688,232. The company has a market capitalization of $7.48 billion, a price-to-earnings ratio of -1.36, a P/E/G ratio of 1.35 and a beta of 1.71. The firm has a 50-day simple moving average of $10.81 and a 200 day simple moving average of $10.85. The company has a current ratio of 1.27, a quick ratio of 1.10 and a debt-to-equity ratio of 0.85. Paramount Global has a 12 month low of $9.54 and a 12 month high of $16.83.

Paramount Global (NASDAQ:PARA - Get Free Report) last issued its quarterly earnings data on Friday, November 8th. The company reported $0.49 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.24 by $0.25. Paramount Global had a negative net margin of 18.89% and a positive return on equity of 5.81%. The firm had revenue of $6.73 billion during the quarter, compared to analysts' expectations of $6.94 billion. During the same period last year, the company earned $0.30 earnings per share. The business's revenue was down 5.6% on a year-over-year basis. Equities research analysts predict that Paramount Global will post 1.86 earnings per share for the current fiscal year.

Paramount Global Dividend Announcement

The business 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 dividend of $0.05 per share. This represents a $0.20 dividend on an annualized basis and a yield of 1.78%. The ex-dividend date of this dividend is Monday, December 16th. Paramount Global's dividend payout ratio is currently -2.43%.

Institutional Trading of Paramount Global

Several institutional investors and hedge funds have recently modified their holdings of the stock. Envestnet Portfolio Solutions Inc. raised its position in Paramount Global by 4.4% in the 2nd quarter. Envestnet Portfolio Solutions Inc. now owns 167,160 shares of the company's stock valued at $1,737,000 after buying an additional 7,046 shares during the last quarter. Swedbank AB lifted its position in shares of Paramount Global by 4.4% during the second quarter. Swedbank AB now owns 128,116 shares of the company's stock valued at $1,331,000 after purchasing an additional 5,434 shares in the last quarter. Raymond James & Associates boosted its holdings in Paramount Global by 11.6% during the second quarter. Raymond James & Associates now owns 387,643 shares of the company's stock worth $4,028,000 after purchasing an additional 40,362 shares during the last quarter. Nisa Investment Advisors LLC grew its position in Paramount Global by 27.4% in the 2nd quarter. Nisa Investment Advisors LLC now owns 139,467 shares of the company's stock worth $1,456,000 after purchasing an additional 29,967 shares in the last quarter. Finally, Neo Ivy Capital Management purchased a new stake in Paramount Global in the 2nd quarter valued at about $4,884,000. 73.00% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several equities research analysts have recently weighed in on the company. Needham & Company LLC reissued a "hold" rating on shares of Paramount Global in a research note on Monday, November 11th. Guggenheim reduced their price objective on shares of Paramount Global from $19.00 to $14.00 and set a "buy" rating on the stock in a research note on Wednesday, September 25th. StockNews.com raised 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 set a $10.00 price target 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 issued a hold rating and three have issued a buy rating to the stock. According to MarketBeat.com, the company has an average rating of "Hold" and a consensus price target of $12.43.

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.