Guggenheim Forecasts Strong Price Appreciation for Gray Media (NYSE:GTN) Stock

Gray Media (NYSE:GTN) had its price objective raised by Guggenheim from $7.00 to $8.00 in a research note issued to investors on Wednesday,Benzinga reports. The firm currently has a “buy” rating on the stock. Guggenheim’s price objective would suggest a potential upside of 53.55% from the company’s current price.

Several other brokerages also recently weighed in on GTN. Benchmark increased their target price on Gray Media from $10.00 to $12.00 and gave the company a “buy” rating in a research note on Friday, February 27th. Zacks Research upgraded shares of Gray Media from a “hold” rating to a “strong-buy” rating in a research report on Wednesday, January 28th. Weiss Ratings reaffirmed a “sell (d+)” rating on shares of Gray Media in a research report on Monday, December 29th. Wells Fargo & Company raised their target price on Gray Media from $5.50 to $6.00 and gave the stock an “equal weight” rating in a research report on Monday. Finally, Barrington Research reiterated an “outperform” rating and set a $6.50 target price on shares of Gray Media in a research report on Tuesday. One equities research analyst has rated the stock with a Strong Buy rating, three have given a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $8.13.

Gray Media Stock Performance

NYSE:GTN opened at $5.21 on Wednesday. The firm has a market capitalization of $531.89 million, a PE ratio of -3.67 and a beta of 0.85. Gray Media has a 1 year low of $3.13 and a 1 year high of $6.30. The company has a current ratio of 1.27, a quick ratio of 1.27 and a debt-to-equity ratio of 2.66. The firm’s fifty day simple moving average is $4.67 and its 200 day simple moving average is $5.03.

Gray Media (NYSE:GTN) last released its earnings results on Thursday, February 26th. The company reported ($0.24) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.28) by $0.04. The firm had revenue of $792.00 million during the quarter, compared to analyst estimates of $780.50 million. Gray Media had a negative net margin of 2.75% and a negative return on equity of 2.51%. The business’s revenue was down 24.2% on a year-over-year basis. During the same quarter in the previous year, the business earned $1.59 EPS. On average, sell-side analysts anticipate that Gray Media will post 3.32 EPS for the current year.

Institutional Trading of Gray Media

A number of institutional investors have recently bought and sold shares of the business. FNY Investment Advisers LLC increased its stake in shares of Gray Media by 27.4% in the 4th quarter. FNY Investment Advisers LLC now owns 13,000 shares of the company’s stock valued at $62,000 after acquiring an additional 2,799 shares during the last quarter. Deutsche Bank AG grew its holdings in Gray Media by 6.0% during the fourth quarter. Deutsche Bank AG now owns 54,507 shares of the company’s stock valued at $264,000 after purchasing an additional 3,066 shares during the period. Wealth Enhancement Advisory Services LLC increased its stake in Gray Media by 6.2% in the third quarter. Wealth Enhancement Advisory Services LLC now owns 59,957 shares of the company’s stock valued at $333,000 after purchasing an additional 3,493 shares in the last quarter. CANADA LIFE ASSURANCE Co raised its holdings in Gray Media by 68.2% in the fourth quarter. CANADA LIFE ASSURANCE Co now owns 10,401 shares of the company’s stock worth $50,000 after purchasing an additional 4,217 shares during the period. Finally, Mercer Global Advisors Inc. ADV boosted its position in shares of Gray Media by 24.9% during the fourth quarter. Mercer Global Advisors Inc. ADV now owns 21,437 shares of the company’s stock worth $104,000 after purchasing an additional 4,278 shares in the last quarter. Institutional investors and hedge funds own 78.64% of the company’s stock.

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.