Wells Fargo & Company Increases Gray Media (NYSE:GTN) Price Target to $6.00

Gray Media (NYSE:GTN) had its price target boosted by investment analysts at Wells Fargo & Company from $5.50 to $6.00 in a report released on Monday,Benzinga reports. The firm currently has an “equal weight” rating on the stock. Wells Fargo & Company‘s price target indicates a potential upside of 11.84% from the company’s current price.

A number of other brokerages have also weighed in on GTN. Zacks Research upgraded Gray Media from a “hold” rating to a “strong-buy” rating in a research note on Wednesday, January 28th. Wall Street Zen raised Gray Media from a “sell” rating to a “hold” rating in a report on Saturday. Weiss Ratings restated a “sell (d+)” rating on shares of Gray Media in a research note on Monday, December 29th. Finally, Benchmark raised their price target on shares of Gray Media from $10.00 to $12.00 and gave the stock a “buy” rating in a research report on Friday. 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. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $7.88.

Gray Media Stock Performance

Shares of GTN traded up $0.18 during trading hours on Monday, hitting $5.37. The company had a trading volume of 455,746 shares, compared to its average volume of 1,404,789. The business has a fifty day moving average of $4.65 and a 200-day moving average of $5.04. The company has a quick ratio of 1.27, a current ratio of 1.27 and a debt-to-equity ratio of 2.66. The firm has a market cap of $547.70 million, a price-to-earnings ratio of -3.77 and a beta of 0.89. Gray Media has a 12 month low of $3.13 and a 12 month high of $6.30.

Gray Media (NYSE:GTN) last announced its quarterly earnings results on Thursday, February 26th. The company reported ($0.24) EPS for the quarter, beating analysts’ consensus estimates of ($0.28) by $0.04. The business had revenue of $792.00 million for the quarter, compared to analyst estimates of $780.50 million. Gray Media had a negative net margin of 2.75% and a negative return on equity of 2.51%. Gray Media’s quarterly revenue was down 24.2% on a year-over-year basis. During the same quarter in the prior year, the business earned $1.59 EPS. Equities analysts anticipate that Gray Media will post 3.32 EPS for the current fiscal year.

Hedge Funds Weigh In On Gray Media

Several hedge funds and other institutional investors have recently made changes to their positions in the company. Acadian Asset Management LLC bought a new stake in shares of Gray Media during the 1st quarter worth approximately $28,000. Merit Financial Group LLC acquired a new position in Gray Media during the third quarter valued at approximately $59,000. CANADA LIFE ASSURANCE Co lifted its stake in Gray Media by 68.2% during the fourth quarter. CANADA LIFE ASSURANCE Co now owns 10,401 shares of the company’s stock worth $50,000 after purchasing an additional 4,217 shares during the last quarter. M&T Bank Corp acquired a new stake in shares of Gray Media in the 4th quarter valued at $51,000. Finally, Wealth Alliance LLC acquired a new stake in shares of Gray Media in the 3rd quarter valued at $63,000. 78.64% of the stock is currently owned by institutional investors and hedge funds.

About Gray Media

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.