Guggenheim Issues Pessimistic Forecast for Gray Television (NYSE:GTN) Stock Price

Gray Television (NYSE:GTN) had its price objective cut by equities research analysts at Guggenheim from $8.00 to $7.00 in a report released on Monday,Benzinga reports. The firm presently has a “buy” rating on the stock. Guggenheim’s price objective would indicate a potential upside of 87.42% from the stock’s previous close.

A number of other equities analysts have also weighed in on the stock. StockNews.com raised shares of Gray Television from a “sell” rating to a “hold” rating in a research report on Monday, November 11th. Wells Fargo & Company upgraded Gray Television from an “underweight” rating to an “equal weight” rating and set a $4.00 price target for the company in a report on Monday, March 3rd. Benchmark decreased their price target on Gray Television from $11.00 to $8.00 and set a “buy” rating on the stock in a research note on Monday, November 11th. Finally, Barrington Research raised shares of Gray Television to a “hold” rating in a research note on Thursday, November 14th. Three equities research analysts have rated the stock with a hold rating, two have assigned a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $6.33.

Gray Television Price Performance

NYSE GTN traded down $0.01 during mid-day trading on Monday, hitting $3.74. The stock had a trading volume of 523,850 shares, compared to its average volume of 1,355,687. The company has a 50 day simple moving average of $3.67 and a 200 day simple moving average of $4.39. The company has a market cap of $379.26 million, a price-to-earnings ratio of 2.50 and a beta of 1.45. Gray Television has a 52-week low of $2.91 and a 52-week high of $7.41. The company has a quick ratio of 1.13, a current ratio of 1.13 and a debt-to-equity ratio of 2.76.

Gray Television (NYSE:GTN) last announced its earnings results on Thursday, February 27th. The company reported $1.59 EPS for the quarter, meeting analysts’ consensus estimates of $1.59. Gray Television had a return on equity of 9.60% and a net margin of 5.69%. The firm had revenue of $1.05 billion for the quarter, compared to analysts’ expectations of $1.04 billion. Equities analysts forecast that Gray Television will post 3.32 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, Director Richard Lee Boger sold 16,000 shares of the business’s stock in a transaction dated Friday, February 28th. The stock was sold at an average price of $3.85, for a total transaction of $61,600.00. Following the completion of the sale, the director now owns 55,347 shares in the company, valued at approximately $213,085.95. The trade was a 22.43 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 4.80% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Hedge funds have recently bought and sold shares of the business. Voleon Capital Management LP acquired a new stake in shares of Gray Television in the fourth quarter worth $32,000. Ameriprise Financial Inc. purchased a new stake in Gray Television during the 4th quarter worth $33,000. Boothbay Fund Management LLC purchased a new stake in Gray Television during the 4th quarter worth $34,000. Federated Hermes Inc. increased its holdings in Gray Television by 214,100.0% in the 4th quarter. Federated Hermes Inc. now owns 12,852 shares of the company’s stock valued at $40,000 after purchasing an additional 12,846 shares in the last quarter. Finally, KLP Kapitalforvaltning AS purchased a new position in Gray Television in the fourth quarter valued at about $43,000. Hedge funds and other institutional investors own 78.64% of the company’s stock.

Gray Television Company Profile

Gray Television, Inc, a television broadcasting company, owns and/or operates television stations and digital assets in the United States. It also broadcasts secondary digital channels affiliated to ABC, CBS, NBC, and FOX, as well as various other networks and program services, including CW Plus Network, MY Network, the MeTV Network, Circle, Telemundo, THE365, and Outlaw; and local news/weather channels in various markets.