Paramount Skydance (NASDAQ:PSKY) Shares Gap Down – Here’s What Happened

Paramount Skydance Corporation (NASDAQ:PSKY)’s stock price gapped down before the market opened on Thursday . The stock had previously closed at $9.75, but opened at $9.25. Paramount Skydance shares last traded at $8.8950, with a volume of 4,033,663 shares trading hands.

Analyst Ratings Changes

Several analysts recently issued reports on the company. Morgan Stanley upgraded Paramount Skydance from an “underweight” rating to an “overweight” rating and increased their price target for the company from $11.00 to $14.00 in a report on Thursday, April 30th. Arete Research restated a “sell” rating and set a $2.00 price objective on shares of Paramount Skydance in a research note on Thursday. Wells Fargo & Company decreased their target price on Paramount Skydance from $8.00 to $7.00 and set an “underweight” rating for the company in a research report on Tuesday, May 5th. Guggenheim lowered their target price on Paramount Skydance from $14.00 to $12.00 and set a “neutral” rating for the company in a research note on Tuesday, May 5th. Finally, Weiss Ratings reiterated a “sell (d-)” rating on shares of Paramount Skydance in a report on Wednesday, June 24th. Two research analysts have rated the stock with a Buy rating, five have assigned a Hold rating and nine have issued a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Reduce” and an average price target of $12.00.

Paramount Skydance Trading Down 5.7%

The company has a current ratio of 1.10, a quick ratio of 1.00 and a debt-to-equity ratio of 1.16. The business’s 50-day simple moving average is $10.29 and its two-hundred day simple moving average is $10.88. The company has a market capitalization of $10.29 billion, a PE ratio of 16.15, a PEG ratio of 0.74 and a beta of 1.43.

Paramount Skydance (NASDAQ:PSKY) last announced its earnings results on Monday, May 4th. The company reported $0.23 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.15 by $0.08. Paramount Skydance had a positive return on equity of 4.58% and a negative net margin of 2.08%.The business had revenue of $7.35 billion for the quarter. During the same period in the previous year, the firm posted $0.22 earnings per share. On average, analysts predict that Paramount Skydance Corporation will post 0.55 earnings per share for the current year.

Paramount Skydance Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, July 1st. Shareholders of record on Monday, June 15th were paid a dividend of $0.05 per share. This represents a $0.20 dividend on an annualized basis and a yield of 2.2%. The ex-dividend date was Monday, June 15th. Paramount Skydance’s dividend payout ratio (DPR) is 35.09%.

Hedge Funds Weigh In On Paramount Skydance

A number of institutional investors have recently made changes to their positions in the business. Vanguard Group Inc. grew its position in shares of Paramount Skydance by 0.4% during the fourth quarter. Vanguard Group Inc. now owns 36,006,077 shares of the company’s stock worth $482,481,000 after buying an additional 132,613 shares in the last quarter. State Street Corp acquired a new stake in Paramount Skydance in the third quarter valued at $524,371,000. Invesco Ltd. raised its holdings in Paramount Skydance by 1.0% in the fourth quarter. Invesco Ltd. now owns 15,406,791 shares of the company’s stock valued at $206,451,000 after acquiring an additional 155,679 shares in the last quarter. Contrarius Group Holdings Ltd boosted its stake in Paramount Skydance by 52.9% during the 4th quarter. Contrarius Group Holdings Ltd now owns 15,088,097 shares of the company’s stock valued at $202,180,000 after acquiring an additional 5,221,622 shares during the last quarter. Finally, MTCO Ltd. boosted its stake in Paramount Skydance by 21.4% during the 2nd quarter. MTCO Ltd. now owns 7,650,000 shares of the company’s stock valued at $75,429,000 after acquiring an additional 1,350,000 shares during the last quarter. 73.00% of the stock is owned by institutional investors and hedge funds.

Paramount Skydance Company Profile

Paramount Skydance Media Group (Nasdaq: PSKY) is a media and entertainment company created through the proposed combination of Paramount Global’s filmed entertainment and streaming operations with Skydance Media, a privately held content studio. The combined business will encompass the development, production and distribution of feature films, television programming and digital content, drawing on a library of legacy Paramount Pictures franchises alongside Skydance’s blockbuster tentpoles and animation slate.