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Paramount Global (PARAA) Stock Sinks As Market Gains: Here's Why
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In the latest market close, Paramount Global (PARAA - Free Report) reached $22.94, with a -0.78% movement compared to the previous day. The stock fell short of the S&P 500, which registered a gain of 0.02% for the day. Elsewhere, the Dow saw a downswing of 0.11%, while the tech-heavy Nasdaq appreciated by 0.1%.
The the stock of company has risen by 8.44% in the past month, leading the Consumer Discretionary sector's loss of 5.39% and the S&P 500's loss of 3.01%.
The investment community will be paying close attention to the earnings performance of Paramount Global in its upcoming release. The company is slated to reveal its earnings on April 29, 2024. On that day, Paramount Global is projected to report earnings of $0.25 per share, which would represent year-over-year growth of 177.78%. Meanwhile, our latest consensus estimate is calling for revenue of $7.85 billion, up 8.04% from the prior-year quarter.
For the full year, the Zacks Consensus Estimates project earnings of $1.37 per share and a revenue of $31.59 billion, demonstrating changes of +163.46% and +6.52%, respectively, from the preceding year.
Investors should also pay attention to any latest changes in analyst estimates for Paramount Global. These latest adjustments often mirror the shifting dynamics of short-term business patterns. Consequently, upward revisions in estimates express analysts' positivity towards the company's business operations and its ability to generate profits.
Our research reveals that these estimate alterations are directly linked with the stock price performance in the near future. We developed the Zacks Rank to capitalize on this phenomenon. Our system takes these estimate changes into account and delivers a clear, actionable rating model.
The Zacks Rank system, which varies between #1 (Strong Buy) and #5 (Strong Sell), carries an impressive track record of exceeding expectations, confirmed by external audits, with stocks at #1 delivering an average annual return of +25% since 1988. Over the last 30 days, the Zacks Consensus EPS estimate has witnessed an unchanged state. At present, Paramount Global boasts a Zacks Rank of #1 (Strong Buy).
Investors should also note Paramount Global's current valuation metrics, including its Forward P/E ratio of 16.88. This signifies a discount in comparison to the average Forward P/E of 17.42 for its industry.
The Media Conglomerates industry is part of the Consumer Discretionary sector. This industry currently has a Zacks Industry Rank of 95, which puts it in the top 38% of all 250+ industries.
The Zacks Industry Rank assesses the vigor of our specific industry groups by computing the average Zacks Rank of the individual stocks incorporated in the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.
To follow PARAA in the coming trading sessions, be sure to utilize Zacks.com.
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Paramount Global (PARAA) Stock Sinks As Market Gains: Here's Why
In the latest market close, Paramount Global (PARAA - Free Report) reached $22.94, with a -0.78% movement compared to the previous day. The stock fell short of the S&P 500, which registered a gain of 0.02% for the day. Elsewhere, the Dow saw a downswing of 0.11%, while the tech-heavy Nasdaq appreciated by 0.1%.
The the stock of company has risen by 8.44% in the past month, leading the Consumer Discretionary sector's loss of 5.39% and the S&P 500's loss of 3.01%.
The investment community will be paying close attention to the earnings performance of Paramount Global in its upcoming release. The company is slated to reveal its earnings on April 29, 2024. On that day, Paramount Global is projected to report earnings of $0.25 per share, which would represent year-over-year growth of 177.78%. Meanwhile, our latest consensus estimate is calling for revenue of $7.85 billion, up 8.04% from the prior-year quarter.
For the full year, the Zacks Consensus Estimates project earnings of $1.37 per share and a revenue of $31.59 billion, demonstrating changes of +163.46% and +6.52%, respectively, from the preceding year.
Investors should also pay attention to any latest changes in analyst estimates for Paramount Global. These latest adjustments often mirror the shifting dynamics of short-term business patterns. Consequently, upward revisions in estimates express analysts' positivity towards the company's business operations and its ability to generate profits.
Our research reveals that these estimate alterations are directly linked with the stock price performance in the near future. We developed the Zacks Rank to capitalize on this phenomenon. Our system takes these estimate changes into account and delivers a clear, actionable rating model.
The Zacks Rank system, which varies between #1 (Strong Buy) and #5 (Strong Sell), carries an impressive track record of exceeding expectations, confirmed by external audits, with stocks at #1 delivering an average annual return of +25% since 1988. Over the last 30 days, the Zacks Consensus EPS estimate has witnessed an unchanged state. At present, Paramount Global boasts a Zacks Rank of #1 (Strong Buy).
Investors should also note Paramount Global's current valuation metrics, including its Forward P/E ratio of 16.88. This signifies a discount in comparison to the average Forward P/E of 17.42 for its industry.
The Media Conglomerates industry is part of the Consumer Discretionary sector. This industry currently has a Zacks Industry Rank of 95, which puts it in the top 38% of all 250+ industries.
The Zacks Industry Rank assesses the vigor of our specific industry groups by computing the average Zacks Rank of the individual stocks incorporated in the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.
To follow PARAA in the coming trading sessions, be sure to utilize Zacks.com.