Paramount Global (NASDAQ:PARAA) Sees Unusually-High Trading Volume – Time to Buy?

Paramount Global (NASDAQ:PARAA) saw unusually-strong trading volume on Wednesday . Approximately 46,386 shares changed hands during mid-day trading, an increase of 30% from the previous session’s volume of 35,794 shares.The stock last traded at $22.61 and had previously closed at $22.56.

Paramount Global Trading Up 0.1 %

The company has a current ratio of 1.27, a quick ratio of 1.10 and a debt-to-equity ratio of 0.85. The company has a fifty day simple moving average of $22.61 and a 200-day simple moving average of $22.32. The company has a market capitalization of $15.15 billion, a PE ratio of -2.76 and a beta of 1.63.

Paramount Global (NASDAQ:PARAA) last announced its quarterly earnings results on Friday, November 8th. The company reported $0.49 earnings per share for the quarter, beating analysts’ consensus estimates of $0.40 by $0.09. Paramount Global had a negative net margin of 18.89% and a positive return on equity of 5.81%. The business had revenue of $6.73 billion during the quarter, compared to analysts’ expectations of $6.87 billion. During the same period last year, the business earned $0.30 earnings per share. Analysts predict that Paramount Global will post 2.25 EPS for the current year.

Hedge Funds Weigh In On Paramount Global

Several large investors have recently bought and sold shares of PARAA. Mark Asset Management LP purchased a new stake in shares of Paramount Global during the 2nd quarter worth $3,351,000. Slotnik Capital LLC acquired a new stake in shares of Paramount Global in the 3rd quarter worth approximately $1,401,000. Guardian Investment Management purchased a new position in Paramount Global in the 4th quarter valued at approximately $963,000. Geode Capital Management LLC raised its holdings in Paramount Global by 16.7% during the third quarter. Geode Capital Management LLC now owns 247,015 shares of the company’s stock worth $5,400,000 after purchasing an additional 35,305 shares during the last quarter. Finally, Squarepoint Ops LLC boosted its position in Paramount Global by 120.0% during the second quarter. Squarepoint Ops LLC now owns 46,749 shares of the company’s stock worth $859,000 after purchasing an additional 25,504 shares in the last quarter. Institutional investors and hedge funds own 5.98% of the company’s stock.

Paramount Global Company Profile

Paramount Global operates as a media, streaming, and entertainment company worldwide. It operates through TV Media, Direct-to-Consumer, and Filmed Entertainment segments. The TV Media segment operates CBS Television Network, a domestic broadcast television network; CBS Stations, a television station; and international free-to-air networks comprising Network 10, Channel 5, Telefe, and Chilevisión; domestic premium and basic cable networks, such as Paramount+ with Showtime, MTV, Comedy Central, Paramount Network, The Smithsonian Channel, Nickelodeon, BET Media Group, and CBS Sports Network; and international extensions of these brands.