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Gray Television (GTN) Surges 6.2%: Is This an Indication of Further Gains?
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Gray Television (GTN - Free Report) shares ended the last trading session 6.2% higher at $8.53. The jump came on an impressive volume with a higher-than-average number of shares changing hands in the session. This compares to the stock's 12.5% loss over the past four weeks.
The upswing in share price came after Wells Fargo & Company raised their price target on the stock from $6 to $7 per share. Wells Fargo & Company currently has an underweight rating on the stock. Gray Television traded as high as $8.69 and last traded at $8.61.
This broadcast television company is expected to post quarterly loss of $0.23 per share in its upcoming report, which represents a year-over-year change of -112.2%. Revenues are expected to be $859.75 million, down 19.8% from the year-ago quarter.
Earnings and revenue growth expectations certainly give a good sense of the potential strength in a stock, but empirical research shows that trends in earnings estimate revisions are strongly correlated with near-term stock price movements.
For Gray Television, the consensus EPS estimate for the quarter has been revised 81.8% lower over the last 30 days to the current level. And a negative trend in earnings estimate revisions doesn't usually translate into price appreciation. So, make sure to keep an eye on GTN going forward to see if this recent jump can turn into more strength down the road.
Gray Television belongs to the Zacks Broadcast Radio and Television industry. Another stock from the same industry, iHeartMedia (IHRT - Free Report) , closed the last trading session 1.4% higher at $2.83. Over the past month, IHRT has returned 22.4%.
For iHeartMedia, the consensus EPS estimate for the upcoming report has remained unchanged over the past month at $0.05. This represents a change of -90.7% from what the company reported a year ago. iHeartMedia currently has a Zacks Rank of #4 (Sell).
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Gray Television (GTN) Surges 6.2%: Is This an Indication of Further Gains?
Gray Television (GTN - Free Report) shares ended the last trading session 6.2% higher at $8.53. The jump came on an impressive volume with a higher-than-average number of shares changing hands in the session. This compares to the stock's 12.5% loss over the past four weeks.
The upswing in share price came after Wells Fargo & Company raised their price target on the stock from $6 to $7 per share. Wells Fargo & Company currently has an underweight rating on the stock. Gray Television traded as high as $8.69 and last traded at $8.61.
This broadcast television company is expected to post quarterly loss of $0.23 per share in its upcoming report, which represents a year-over-year change of -112.2%. Revenues are expected to be $859.75 million, down 19.8% from the year-ago quarter.
Earnings and revenue growth expectations certainly give a good sense of the potential strength in a stock, but empirical research shows that trends in earnings estimate revisions are strongly correlated with near-term stock price movements.
For Gray Television, the consensus EPS estimate for the quarter has been revised 81.8% lower over the last 30 days to the current level. And a negative trend in earnings estimate revisions doesn't usually translate into price appreciation. So, make sure to keep an eye on GTN going forward to see if this recent jump can turn into more strength down the road.
The stock currently carries a Zacks Rank #3 (Hold). You can see the complete list of today's Zacks Rank #1 (Strong Buy) stocks here >>>>
Gray Television belongs to the Zacks Broadcast Radio and Television industry. Another stock from the same industry, iHeartMedia (IHRT - Free Report) , closed the last trading session 1.4% higher at $2.83. Over the past month, IHRT has returned 22.4%.
For iHeartMedia, the consensus EPS estimate for the upcoming report has remained unchanged over the past month at $0.05. This represents a change of -90.7% from what the company reported a year ago. iHeartMedia currently has a Zacks Rank of #4 (Sell).