Investors Purchase Large Volume of Put Options on Paramount Global (NASDAQ:PARA)

Paramount Global (NASDAQ:PARA - Get Free Report) was the recipient of unusually large options trading on Thursday. Stock traders purchased 23,302 put options on the company. This represents an increase of approximately 50% compared to the average volume of 15,539 put options.

Paramount Global Price Performance

NASDAQ:PARA traded up $0.12 during trading hours on Thursday, hitting $10.58. The company's stock had a trading volume of 9,215,351 shares, compared to its average volume of 14,371,686. Paramount Global has a 52-week low of $9.54 and a 52-week 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. The business's 50-day moving average is $10.85 and its two-hundred day moving average is $10.75. The company has a market capitalization of $7.06 billion, a PE ratio of -1.29, a PEG ratio of 1.35 and a beta of 1.71.

Paramount Global (NASDAQ:PARA - Get Free Report) last announced its quarterly earnings results 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. The business 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 business's revenue was down 5.6% compared to the same quarter last year. During the same quarter last year, the firm posted $0.30 EPS. As a group, research analysts anticipate that Paramount Global will post 1.86 EPS for the current fiscal year.

Institutional Investors Weigh In On Paramount Global

Hedge funds and other institutional investors have recently modified their holdings of the stock. Allspring Global Investments Holdings LLC raised its holdings in Paramount Global by 7.4% during the second quarter. Allspring Global Investments Holdings LLC now owns 26,514 shares of the company's stock worth $275,000 after purchasing an additional 1,832 shares during the last quarter. Signaturefd LLC boosted its position in shares of Paramount Global by 80.5% in the 2nd quarter. Signaturefd LLC now owns 11,580 shares of the company's stock worth $120,000 after buying an additional 5,166 shares in the last quarter. Spire Wealth Management boosted its position in shares of Paramount Global by 218.3% in the 2nd quarter. Spire Wealth Management now owns 26,724 shares of the company's stock worth $278,000 after buying an additional 18,327 shares in the last quarter. Natixis Advisors LLC acquired a new stake in Paramount Global in the 2nd quarter valued at about $275,000. Finally, Rhumbline Advisers increased its holdings in Paramount Global by 0.3% during the 2nd quarter. Rhumbline Advisers now owns 965,697 shares of the company's stock valued at $10,034,000 after acquiring an additional 2,827 shares in the last quarter. 73.00% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of equities research analysts have weighed in on PARA shares. StockNews.com upgraded Paramount Global from a "sell" rating to a "hold" rating in a research note on Monday, November 11th. Needham & Company LLC reiterated a "hold" rating on shares of Paramount Global in a research report on Monday, November 11th. Guggenheim lowered 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 report on Wednesday, September 25th. Finally, Macquarie reaffirmed an "underperform" rating and issued a $10.00 target price on shares of Paramount Global in a report on Monday, November 11th. Seven investment analysts have rated the stock with a sell rating, eight have assigned a hold rating and three have issued a buy rating to the company. Based on data from MarketBeat.com, Paramount Global presently has an average rating of "Hold" and an average target price 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.