Paramount Global (NASDAQ:PARAA) Sees Large Decline in Short Interest

Paramount Global (NASDAQ:PARAA - Get Free Report) was the recipient of a large drop in short interest in January. As of January 15th, there was short interest totalling 409,200 shares, a drop of 19.8% from the December 31st total of 510,200 shares. Based on an average daily trading volume, of 40,600 shares, the days-to-cover ratio is presently 10.1 days. Currently, 4.6% of the shares of the company are short sold.

Paramount Global Stock Performance

PARAA traded down $0.13 during midday trading on Thursday, reaching $22.68. The company had a trading volume of 2,092 shares, compared to its average volume of 31,117. Paramount Global has a 12-month low of $16.59 and a 12-month high of $26.34. The business has a 50-day moving average price of $22.65 and a two-hundred day moving average price of $22.37. The stock has a market cap of $15.13 billion, a PE ratio of -2.76 and a beta of 1.63. 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:PARAA - Get Free Report) last posted its earnings results on Friday, November 8th. The company reported $0.49 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.40 by $0.09. Paramount Global had a positive return on equity of 5.81% and a negative net margin of 18.89%. The firm had revenue of $6.73 billion for the quarter, compared to the consensus estimate of $6.87 billion. During the same quarter in the prior year, the business posted $0.30 earnings per share. On average, sell-side analysts expect that Paramount Global will post 2.25 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently modified their holdings of the business. Quest Partners LLC bought a new position in shares of Paramount Global in the third quarter worth approximately $106,000. Dimensional Fund Advisors LP grew its holdings in Paramount Global by 4.6% in the 2nd quarter. Dimensional Fund Advisors LP now owns 143,261 shares of the company's stock worth $2,633,000 after acquiring an additional 6,309 shares during the last quarter. State Street Corp increased its position in shares of Paramount Global by 20.2% in the third quarter. State Street Corp now owns 49,366 shares of the company's stock valued at $1,082,000 after acquiring an additional 8,287 shares during the period. Gladius Capital Management LP bought a new position in shares of Paramount Global during the third quarter valued at about $233,000. Finally, Atom Investors LP purchased a new stake in shares of Paramount Global during the third quarter worth about $244,000. Hedge funds and other institutional investors own 5.98% of the company's stock.

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.