Paramount Global-B (PARA) Dips More Than Broader Markets: What You Should Know
Paramount Global-B (PARA) closed at $22.61 in the latest trading session, marking a -1.99% move from the prior day. This move lagged the S&P 500's daily loss of 1.3%. Meanwhile, the Dow lost 0.77%, and the Nasdaq, a tech-heavy index, lost 5.51%.
Prior to today's trading, shares of the company had gained 36.67% over the past month. This has outpaced the Consumer Discretionary sector's gain of 15.99% and the S&P 500's gain of 6.41% in that time.
Wall Street will be looking for positivity from Paramount Global-B as it approaches its next earnings report date. This is expected to be February 16, 2023. In that report, analysts expect Paramount Global-B to post earnings of $0.20 per share. This would mark a year-over-year decline of 23.08%. Our most recent consensus estimate is calling for quarterly revenue of $8.08 billion, up 1.05% from the year-ago period.
Investors should also note any recent changes to analyst estimates for Paramount Global-B. These revisions typically reflect the latest short-term business trends, which can change frequently. With this in mind, we can consider positive estimate revisions a sign of optimism about the company's business outlook.
Research indicates that these estimate revisions are directly correlated with near-term share price momentum. To benefit from this, we have developed the Zacks Rank, a proprietary model which takes these estimate changes into account and provides an actionable rating system.
The Zacks Rank system ranges from #1 (Strong Buy) to #5 (Strong Sell). It has a remarkable, outside-audited track record of success, with #1 stocks delivering an average annual return of +25% since 1988. Within the past 30 days, our consensus EPS projection has moved 0.36% lower. Paramount Global-B is holding a Zacks Rank of #3 (Hold) right now.
Digging into valuation, Paramount Global-B currently has a Forward P/E ratio of 19.39. Its industry sports an average Forward P/E of 23.5, so we one might conclude that Paramount Global-B is trading at a discount comparatively.
We can also see that PARA currently has a PEG ratio of 1.38. This popular metric is similar to the widely-known P/E ratio, with the difference being that the PEG ratio also takes into account the company's expected earnings growth rate. The Media Conglomerates was holding an average PEG ratio of 1.38 at yesterday's closing price.
The Media Conglomerates industry is part of the Consumer Discretionary sector. This industry currently has a Zacks Industry Rank of 195, which puts it in the bottom 23% of all 250+ industries.
The Zacks Industry Rank gauges the strength of our individual industry groups by measuring the average Zacks Rank of the individual stocks within the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.
To follow PARA in the coming trading sessions, be sure to utilize Zacks.com.
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Paramount Global (PARA) : Free Stock Analysis Report
