Gray Media (NYSE:GTN) Shares Down 8.8% – What’s Next?

Gray Media Inc. (NYSE:GTN) shares dropped 8.8% during mid-day trading on Friday . The stock traded as low as $5.31 and last traded at $5.3650. Approximately 838,263 shares traded hands during mid-day trading, a decline of 38% from the average daily volume of 1,355,738 shares. The stock had previously closed at $5.88.

Trending Headlines about Gray Media

Here are the key news stories impacting Gray Media this week:

• Positive Sentiment: Q4 results beat analyst expectations — Gray reported a smaller-than-expected loss (beats on EPS) and revenue topped estimates, with management saying Adjusted EBITDA exceeded consensus. Press Release / Slide Deck
• Positive Sentiment: The board declared a $0.08 quarterly cash dividend (annualized yield ~5.9%), which supports income-oriented holders and can provide demand support for the shares. Dividend Announcement
• Neutral Sentiment: Detailed Q4 earnings call transcripts and the slide presentation are available for investors who want management commentary on revenue drivers, ad trends and margin outlook. Earnings Call Transcript
• Neutral Sentiment: Coverage pieces and summaries (Zacks, MarketBeat) confirm the beats but also highlight the sharp YoY revenue decline, useful for context when modeling recovery timing. Zacks Article
• Negative Sentiment: Q1 2026 revenue guidance was lowered to roughly $755M–$770M, below consensus (~$779M), which raises near-term growth concerns and likely pressured the stock. See press release for guidance details.
• Negative Sentiment: Revenue is down ~24% year-over-year and the company reported a loss this quarter versus strong EPS the prior year, highlighting cyclical ad weakness — a material headwind for near-term profitability. Conference Call
• Negative Sentiment: Balance-sheet metrics (high leverage: debt-to-equity ~2.6; current ratio <1) may concern investors about financial flexibility if ad market weakness persists. See company filings for details.

Analysts Set New Price Targets

Several equities analysts recently weighed in on GTN shares. Wells Fargo & Company increased their price objective on shares of Gray Media from $5.00 to $5.50 and gave the company an “equal weight” rating in a report on Monday, November 10th. Zacks Research upgraded shares of Gray Media from a “hold” rating to a “strong-buy” rating in a report on Wednesday, January 28th. Weiss Ratings restated a “sell (d+)” rating on shares of Gray Media in a research note on Monday, December 29th. Benchmark raised their price objective on Gray Media from $10.00 to $12.00 and gave the company a “buy” rating in a report on Friday. Finally, Wall Street Zen downgraded shares of Gray Media from a “hold” rating to a “sell” rating in a report on Saturday, January 31st. One investment analyst has rated the stock with a Strong Buy rating, three have given a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat, Gray Media has an average rating of “Moderate Buy” and an average target price of $7.75.

Gray Media Price Performance

The business’s fifty day moving average price is $4.65 and its 200 day moving average price is $5.05. The company has a debt-to-equity ratio of 2.60, a current ratio of 0.93 and a quick ratio of 0.93. The stock has a market cap of $508.80 million, a P/E ratio of 12.14 and a beta of 0.89.

Gray Media (NYSE:GTN) last issued its quarterly earnings data on Thursday, February 26th. The company reported ($0.24) earnings per share for the quarter, topping the consensus estimate of ($0.28) by $0.04. Gray Media had a net margin of 2.81% and a return on equity of 5.50%. The company had revenue of $792.00 million for the quarter, compared to analysts’ expectations of $780.50 million. During the same quarter in the previous year, the firm posted $1.59 earnings per share. Gray Media’s revenue for the quarter was down 24.2% on a year-over-year basis. Sell-side analysts forecast that Gray Media Inc. will post 3.32 EPS for the current fiscal year.

Gray Media Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, March 31st. Stockholders of record on Friday, March 13th will be paid a $0.08 dividend. The ex-dividend date of this dividend is Friday, March 13th. This represents a $0.32 annualized dividend and a dividend yield of 6.4%. Gray Media’s dividend payout ratio is 78.05%.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently bought and sold shares of the business. Invesco Ltd. grew its stake in shares of Gray Media by 19.0% during the 4th quarter. Invesco Ltd. now owns 368,897 shares of the company’s stock worth $1,785,000 after acquiring an additional 58,790 shares during the period. Corient Private Wealth LLC bought a new stake in Gray Media in the 4th quarter worth approximately $102,000. Mercer Global Advisors Inc. ADV grew its stake in shares of Gray Media by 24.9% during the fourth quarter. Mercer Global Advisors Inc. ADV now owns 21,437 shares of the company’s stock valued at $104,000 after buying an additional 4,278 shares during the last quarter. State of Tennessee Department of Treasury lifted its position in Gray Media by 28.0% in the fourth quarter. State of Tennessee Department of Treasury now owns 74,225 shares of the company’s stock valued at $335,000 after purchasing an additional 16,258 shares during the last quarter. Finally, Mackenzie Financial Corp boosted its holdings in shares of Gray Media by 43.8% during the fourth quarter. Mackenzie Financial Corp now owns 397,750 shares of the company’s stock worth $1,933,000 after purchasing an additional 121,060 shares during the period. Hedge funds and other institutional investors own 78.64% of the company’s stock.

Gray Media Company Profile

Gray Media (NYSE:GTN) is a U.S.-based broadcasting and digital media company that owns and operates a portfolio of local television stations and associated digital platforms. The company’s core business centers on delivering local news, sports and entertainment programming through its network-affiliated broadcast outlets. In addition to traditional over-the-air distribution, Gray Media supports multi-platform video streaming and on-demand services for audiences across its markets.

Gray Media’s television stations carry network programming from major national broadcasters, including ABC, CBS, NBC, Fox and The CW, and often feature locally produced news and public affairs content.