Gray Television, Inc. (NYSE:GTN) Sees Significant Decrease in Short Interest

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Gray Television, Inc. (NYSE:GTN) was the target of a significant decline in short interest during the month of October. As of October 31st, there was short interest totalling 4,870,000 shares, a decline of 12.9% from the September 30th total of 5,590,000 shares. Approximately 5.4% of the company’s stock are sold short. Based on an average daily trading volume, of 793,900 shares, the short-interest ratio is presently 6.1 days.

Shares of GTN traded down $0.22 during mid-day trading on Friday, hitting $19.05. 572,040 shares of the company traded hands, compared to its average volume of 734,987. The company has a debt-to-equity ratio of 2.80, a quick ratio of 2.70 and a current ratio of 2.70. The stock has a 50-day moving average price of $16.67 and a two-hundred day moving average price of $17.10. Gray Television has a 1 year low of $13.60 and a 1 year high of $25.31. The stock has a market cap of $1.95 billion, a price-to-earnings ratio of 7.84, a P/E/G ratio of 2.46 and a beta of 2.05.

Gray Television (NYSE:GTN) last released its quarterly earnings data on Thursday, November 7th. The company reported $0.46 earnings per share for the quarter, beating the consensus estimate of $0.25 by $0.21. Gray Television had a net margin of 8.56% and a return on equity of 16.93%. The firm had revenue of $517.00 million during the quarter, compared to analysts’ expectations of $513.80 million. During the same period in the previous year, the company earned $0.70 earnings per share. The firm’s quarterly revenue was up 85.3% on a year-over-year basis. On average, analysts forecast that Gray Television will post 0.79 EPS for the current year.

Several institutional investors and hedge funds have recently added to or reduced their stakes in GTN. Point72 Hong Kong Ltd grew its position in Gray Television by 134.9% during the second quarter. Point72 Hong Kong Ltd now owns 5,945 shares of the company’s stock valued at $97,000 after buying an additional 3,414 shares during the period. New York State Teachers Retirement System bought a new stake in Gray Television during the second quarter valued at approximately $115,000. Tower Research Capital LLC TRC grew its position in Gray Television by 30,072.0% during the third quarter. Tower Research Capital LLC TRC now owns 7,543 shares of the company’s stock valued at $123,000 after buying an additional 7,518 shares during the period. Bank of Montreal Can grew its position in Gray Television by 3,422.7% during the second quarter. Bank of Montreal Can now owns 7,926 shares of the company’s stock valued at $130,000 after buying an additional 7,701 shares during the period. Finally, Lowe Brockenbrough & Co. Inc. bought a new stake in Gray Television during the second quarter valued at approximately $164,000. 84.33% of the stock is owned by hedge funds and other institutional investors.

Several research analysts have issued reports on GTN shares. ValuEngine raised shares of Gray Television from a “sell” rating to a “hold” rating in a report on Thursday, October 17th. Zacks Investment Research raised shares of Gray Television from a “hold” rating to a “strong-buy” rating and set a $22.00 target price for the company in a report on Thursday. Wells Fargo & Co started coverage on shares of Gray Television in a report on Monday, September 23rd. They issued an “outperform” rating and a $21.00 target price for the company. Stephens set a $27.00 target price on shares of Gray Television and gave the stock a “buy” rating in a report on Wednesday, August 21st. Finally, TheStreet raised shares of Gray Television from a “c+” rating to a “b-” rating in a report on Wednesday, September 11th. One investment analyst has rated the stock with a hold rating, six have given a buy rating and one has given a strong buy rating to the stock. The company presently has an average rating of “Buy” and a consensus target price of $23.80.

About Gray Television

Gray Television, Inc, a television broadcast company, owns and operates television stations and digital assets in the United States. As of February 28, 2019, it owned and operated television stations in 91 television markets broadcasting approximately 400 program streams, including approximately 150 channels affiliated with the CBS Network, the NBC Network, the ABC Network, and the FOX Network.

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