Shares of Gray Television Inc. (NYSE:GTN) gapped down before the market opened on Monday . The stock had previously closed at $11.32, but opened at $11.40. Gray Television shares last traded at $11.84, with a volume of 276,023 shares traded.

GTN has been the subject of a number of analyst reports. Zacks Investment Research raised shares of Gray Television from a “strong sell” rating to a “hold” rating and set a $13.00 target price for the company in a report on Tuesday, July 12th. Wells Fargo & Co. reaffirmed a “buy” rating on shares of Gray Television in a report on Tuesday, May 10th. One research analyst has rated the stock with a sell rating and five have assigned a buy rating to the company. The stock currently has a consensus rating of “Buy” and an average price target of $18.75.

The firm has a 50-day moving average price of $10.90 and a 200 day moving average price of $11.58. The stock has a market cap of $853.19 million and a P/E ratio of 17.74.

Gray Television (NYSE:GTN) last posted its quarterly earnings results on Thursday, August 4th. The company reported $0.25 EPS for the quarter, hitting analysts’ consensus estimates of $0.25. During the same quarter in the previous year, the business posted $0.17 earnings per share. The company earned $196.60 million during the quarter, compared to analyst estimates of $196.25 million. The company’s revenue for the quarter was up 37.1% compared to the same quarter last year. Equities analysts anticipate that Gray Television Inc. will post $1.66 EPS for the current year.

Several hedge funds and institutional investors have added to or reduced their stakes in the stock. Victory Capital Management Inc. raised its position in Gray Television by 10.3% in the fourth quarter. Victory Capital Management Inc. now owns 1,494,585 shares of the company’s stock worth $24,362,000 after buying an additional 139,875 shares during the period. California Public Employees Retirement System raised its position in Gray Television by 12.6% in the fourth quarter. California Public Employees Retirement System now owns 208,500 shares of the company’s stock worth $3,399,000 after buying an additional 23,300 shares during the period. Rhumbline Advisers raised its position in Gray Television by 8.0% in the fourth quarter. Rhumbline Advisers now owns 63,365 shares of the company’s stock worth $1,033,000 after buying an additional 4,700 shares during the period. Finally, Stephens Inc. AR acquired a new position in Gray Television during the fourth quarter worth $1,243,000.

Gray Television, Inc is a television broadcast company. The Company owns and operates television stations and digital assets in markets across the United States. The Company owns and/or operates television stations in approximately 50 television markets broadcasting over 180 separate programming streams, including approximately 40 affiliates of the CBS Network (CBS), over 30 affiliates of the NBC Network (NBC), approximately 20 affiliates of the ABC Network (ABC) and over 10 affiliates of the FOX Network (FOX).

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