Gray Media (NYSE:GTN) Stock Price Up 13.8% Following Strong Earnings

Shares of Gray Media Inc. (NYSE:GTN) were up 13.8% during trading on Thursday after the company announced better than expected quarterly earnings. The company traded as high as $5.34 and last traded at $5.4040. Approximately 511,157 shares changed hands during trading, a decline of 60% from the average daily volume of 1,291,517 shares. The stock had previously closed at $4.75.

The company reported ($0.24) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.28) by $0.04. The business had revenue of $792.00 million during the quarter, compared to analyst estimates of $780.50 million. Gray Media had a return on equity of 5.50% and a net margin of 2.81%.The business’s revenue for the quarter was down 24.2% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $1.59 EPS.

Analyst Upgrades and Downgrades

A number of research analysts have issued reports on the stock. Benchmark boosted their target price on shares of Gray Media from $9.00 to $10.00 and gave the company a “buy” rating in a research note on Monday, November 10th. Zacks Research raised Gray Media from a “hold” rating to a “strong-buy” rating in a report on Wednesday, January 28th. Wall Street Zen lowered Gray Media from a “hold” rating to a “sell” rating in a report on Saturday, January 31st. Wells Fargo & Company raised their target price on Gray Media from $5.00 to $5.50 and gave the company an “equal weight” rating in a research report on Monday, November 10th. Finally, Weiss Ratings reiterated a “sell (d+)” rating on shares of Gray Media in a research report on Monday, December 29th. One equities research analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $7.25.

Institutional Inflows and Outflows

Large investors have recently bought and sold shares of the company. Capital Management Corp VA lifted its holdings in Gray Media by 4.1% in the 4th quarter. Capital Management Corp VA now owns 6,149,022 shares of the company’s stock valued at $29,761,000 after acquiring an additional 242,525 shares during the last quarter. Vanguard Group Inc. raised its holdings in shares of Gray Media by 4.4% in the 3rd quarter. Vanguard Group Inc. now owns 5,998,630 shares of the company’s stock worth $34,672,000 after purchasing an additional 251,419 shares in the last quarter. Charles Schwab Investment Management Inc. raised its holdings in shares of Gray Media by 23.7% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 5,188,712 shares of the company’s stock worth $25,113,000 after purchasing an additional 994,474 shares in the last quarter. Miller Value Partners LLC lifted its stake in Gray Media by 12.1% during the fourth quarter. Miller Value Partners LLC now owns 3,988,495 shares of the company’s stock valued at $19,304,000 after purchasing an additional 430,280 shares during the last quarter. Finally, Penn Capital Management Company LLC lifted its stake in Gray Media by 43.6% during the third quarter. Penn Capital Management Company LLC now owns 3,236,997 shares of the company’s stock valued at $18,758,000 after purchasing an additional 983,415 shares during the last quarter. Institutional investors own 78.64% of the company’s stock.

Gray Media Stock Up 13.4%

The company has a debt-to-equity ratio of 2.60, a current ratio of 0.93 and a quick ratio of 0.93. The stock has a market capitalization of $549.86 million, a P/E ratio of 13.17 and a beta of 0.89. The stock’s fifty day moving average is $4.63 and its two-hundred day moving average is $5.04.

Gray Media Company Profile

Gray Media (NYSE:GTN) is a U.S.-based broadcasting and digital media company that owns and operates a portfolio of local television stations and associated digital platforms. The company’s core business centers on delivering local news, sports and entertainment programming through its network-affiliated broadcast outlets. In addition to traditional over-the-air distribution, Gray Media supports multi-platform video streaming and on-demand services for audiences across its markets.

Gray Media’s television stations carry network programming from major national broadcasters, including ABC, CBS, NBC, Fox and The CW, and often feature locally produced news and public affairs content.