Traders Purchase High Volume of Put Options on Gray Television (GTN)
Gray Television, Inc. (NYSE:GTN) saw unusually large options trading activity on Thursday. Stock investors bought 1,530 put options on the company. This represents an increase of approximately 2,900% compared to the average volume of 51 put options.
In other news, EVP Kevin Paul Latek sold 97,634 shares of Gray Television stock in a transaction on Thursday, December 21st. The shares were sold at an average price of $16.96, for a total transaction of $1,655,872.64. Following the transaction, the executive vice president now owns 219,706 shares in the company, valued at $3,726,213.76. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. 12.00% of the stock is currently owned by insiders.
A number of hedge funds have recently added to or reduced their stakes in GTN. SG Americas Securities LLC acquired a new position in Gray Television in the third quarter valued at $163,000. Macquarie Group Ltd. acquired a new position in Gray Television in the third quarter valued at $166,000. Stifel Financial Corp acquired a new position in Gray Television in the third quarter valued at $175,000. Tower Research Capital LLC TRC lifted its holdings in Gray Television by 77.8% in the fourth quarter. Tower Research Capital LLC TRC now owns 10,758 shares of the company’s stock valued at $180,000 after buying an additional 4,706 shares during the period. Finally, Advisor Group Inc. lifted its holdings in Gray Television by 109.3% in the third quarter. Advisor Group Inc. now owns 11,932 shares of the company’s stock valued at $187,000 after buying an additional 6,232 shares during the period. Institutional investors and hedge funds own 68.12% of the company’s stock.
A number of equities analysts have recently commented on GTN shares. ValuEngine upgraded shares of Gray Television from a “hold” rating to a “buy” rating in a report on Friday, February 2nd. Guggenheim set a $21.00 price target on shares of Gray Television and gave the stock a “buy” rating in a report on Monday, January 22nd. Zacks Investment Research upgraded shares of Gray Television from a “hold” rating to a “buy” rating and set a $17.00 price target on the stock in a report on Wednesday, November 8th. Benchmark reiterated a “buy” rating and set a $21.00 price target on shares of Gray Television in a report on Tuesday, November 7th. Finally, Jefferies Group started coverage on shares of Gray Television in a report on Thursday, December 14th. They set a “buy” rating and a $18.00 price target on the stock. One analyst has rated the stock with a sell rating and eight have assigned a buy rating to the stock. The stock presently has an average rating of “Buy” and a consensus target price of $18.57.
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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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