Gray Television, Inc. (NYSE:GTN) shares shot up 6.6% during trading on Friday . The company traded as high as $16.30 and last traded at $16.25. 3,539,582 shares were traded during trading, an increase of 254% from the average session volume of 1,000,339 shares. The stock had previously closed at $15.25.

A number of research firms have recently commented on GTN. Zacks Investment Research downgraded Gray Television from a “buy” rating to a “hold” rating in a research report on Wednesday, September 20th. ValuEngine upgraded Gray Television from a “buy” rating to a “strong-buy” rating in a research report on Thursday, September 21st. Jefferies Group initiated coverage on Gray Television in a research report on Thursday. They set a “buy” rating and a $18.00 target price for the company. Royal Bank of Canada restated a “buy” rating and issued a $17.00 price target on shares of Gray Television in a research report on Wednesday, September 27th. Finally, Benchmark restated a “buy” rating and issued a $21.00 price target on shares of Gray Television in a research report on Tuesday, November 7th. One equities research analyst has rated the stock with a sell rating and eight have given a buy rating to the company. The stock presently has an average rating of “Buy” and an average target price of $18.43.

The stock has a market capitalization of $1,440.00, a PE ratio of 14.23, a PEG ratio of 1.55 and a beta of 3.14. The company has a quick ratio of 3.28, a current ratio of 3.28 and a debt-to-equity ratio of 3.11.

Gray Television (NYSE:GTN) last issued its quarterly earnings results on Monday, November 6th. The company reported $0.21 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.22 by ($0.01). The company had revenue of $219.00 million during the quarter, compared to the consensus estimate of $218.78 million. Gray Television had a return on equity of 15.53% and a net margin of 14.91%. The firm’s quarterly revenue was up 7.1% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.26 earnings per share. equities research analysts predict that Gray Television, Inc. will post 1.59 earnings per share for the current fiscal year.

A number of institutional investors and hedge funds have recently modified their holdings of the stock. GSA Capital Partners LLP lifted its position in shares of Gray Television by 100.2% during the third quarter. GSA Capital Partners LLP now owns 157,082 shares of the company’s stock worth $2,466,000 after purchasing an additional 78,629 shares during the last quarter. Delphi Management Inc. MA bought a new stake in shares of Gray Television during the third quarter worth $550,000. Dana Investment Advisors Inc. bought a new stake in shares of Gray Television during the third quarter worth $2,276,000. California Public Employees Retirement System lifted its position in shares of Gray Television by 2.2% during the third quarter. California Public Employees Retirement System now owns 153,139 shares of the company’s stock worth $2,404,000 after purchasing an additional 3,339 shares during the last quarter. Finally, Granahan Investment Management Inc. MA bought a new stake in shares of Gray Television during the third quarter worth $427,000. Institutional investors own 83.57% of the company’s stock.

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About Gray Television

Gray Television, Inc is a television broadcast company. The Company owns and operates television stations and digital assets in various markets across the United States. As of February 21, 2017, the Company owned and/or operated television stations in 54 television markets broadcasting over 200 separate programming streams, including 37 affiliates of the CBS Network (CBS), 29 affiliates of the NBC Network (NBC), 20 affiliates of the ABC Network (ABC) and 15 affiliates of the FOX Network (FOX).

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