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Gray Television (GTN) Stock Sinks As Market Gains: Here's Why
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Gray Television (GTN - Free Report) ended the recent trading session at $4.56, demonstrating a -0.87% swing from the preceding day's closing price. This move lagged the S&P 500's daily gain of 0.07%. Elsewhere, the Dow saw a downswing of 0.13%, while the tech-heavy Nasdaq appreciated by 0.14%.
Coming into today, shares of the broadcast television company had lost 16.52% in the past month. In that same time, the Consumer Discretionary sector lost 2.27%, while the S&P 500 gained 4.34%.
Market participants will be closely following the financial results of Gray Television in its upcoming release. The company plans to announce its earnings on August 8, 2024. It is anticipated that the company will report an EPS of $0.10, marking a 200% rise compared to the same quarter of the previous year. At the same time, our most recent consensus estimate is projecting a revenue of $834 million, reflecting a 2.58% rise from the equivalent quarter last year.
For the annual period, the Zacks Consensus Estimates anticipate earnings of $5.15 per share and a revenue of $3.88 billion, signifying shifts of +470.5% and +18.38%, respectively, from the last year.
Additionally, investors should keep an eye on any recent revisions to analyst forecasts for Gray Television. These revisions typically reflect the latest short-term business trends, which can change frequently. Therefore, positive revisions in estimates convey analysts' confidence in the company's business performance and profit potential.
Research indicates that these estimate revisions are directly correlated with near-term share price momentum. To exploit this, we've formed the Zacks Rank, a quantitative model that includes these estimate changes and presents a viable rating system.
The Zacks Rank system, spanning from #1 (Strong Buy) to #5 (Strong Sell), boasts an impressive track record of outperformance, audited externally, with #1 ranked stocks yielding an average annual return of +25% since 1988. Over the past month, there's been a 1.81% fall in the Zacks Consensus EPS estimate. Gray Television is holding a Zacks Rank of #3 (Hold) right now.
With respect to valuation, Gray Television is currently being traded at a Forward P/E ratio of 0.89. This represents a discount compared to its industry's average Forward P/E of 7.71.
It's also important to note that GTN currently trades at a PEG ratio of 0.09. The PEG ratio is akin to the commonly utilized P/E ratio, but this measure also incorporates the company's anticipated earnings growth rate. As of the close of trade yesterday, the Broadcast Radio and Television industry held an average PEG ratio of 1.06.
The Broadcast Radio and Television industry is part of the Consumer Discretionary sector. With its current Zacks Industry Rank of 174, this industry ranks in the bottom 31% of all industries, numbering over 250.
The Zacks Industry Rank gauges the strength of our industry groups by measuring the average Zacks Rank of the individual stocks within the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.
You can find more information on all of these metrics, and much more, on Zacks.com.
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Gray Television (GTN) Stock Sinks As Market Gains: Here's Why
Gray Television (GTN - Free Report) ended the recent trading session at $4.56, demonstrating a -0.87% swing from the preceding day's closing price. This move lagged the S&P 500's daily gain of 0.07%. Elsewhere, the Dow saw a downswing of 0.13%, while the tech-heavy Nasdaq appreciated by 0.14%.
Coming into today, shares of the broadcast television company had lost 16.52% in the past month. In that same time, the Consumer Discretionary sector lost 2.27%, while the S&P 500 gained 4.34%.
Market participants will be closely following the financial results of Gray Television in its upcoming release. The company plans to announce its earnings on August 8, 2024. It is anticipated that the company will report an EPS of $0.10, marking a 200% rise compared to the same quarter of the previous year. At the same time, our most recent consensus estimate is projecting a revenue of $834 million, reflecting a 2.58% rise from the equivalent quarter last year.
For the annual period, the Zacks Consensus Estimates anticipate earnings of $5.15 per share and a revenue of $3.88 billion, signifying shifts of +470.5% and +18.38%, respectively, from the last year.
Additionally, investors should keep an eye on any recent revisions to analyst forecasts for Gray Television. These revisions typically reflect the latest short-term business trends, which can change frequently. Therefore, positive revisions in estimates convey analysts' confidence in the company's business performance and profit potential.
Research indicates that these estimate revisions are directly correlated with near-term share price momentum. To exploit this, we've formed the Zacks Rank, a quantitative model that includes these estimate changes and presents a viable rating system.
The Zacks Rank system, spanning from #1 (Strong Buy) to #5 (Strong Sell), boasts an impressive track record of outperformance, audited externally, with #1 ranked stocks yielding an average annual return of +25% since 1988. Over the past month, there's been a 1.81% fall in the Zacks Consensus EPS estimate. Gray Television is holding a Zacks Rank of #3 (Hold) right now.
With respect to valuation, Gray Television is currently being traded at a Forward P/E ratio of 0.89. This represents a discount compared to its industry's average Forward P/E of 7.71.
It's also important to note that GTN currently trades at a PEG ratio of 0.09. The PEG ratio is akin to the commonly utilized P/E ratio, but this measure also incorporates the company's anticipated earnings growth rate. As of the close of trade yesterday, the Broadcast Radio and Television industry held an average PEG ratio of 1.06.
The Broadcast Radio and Television industry is part of the Consumer Discretionary sector. With its current Zacks Industry Rank of 174, this industry ranks in the bottom 31% of all industries, numbering over 250.
The Zacks Industry Rank gauges the strength of our industry groups by measuring the average Zacks Rank of the individual stocks within the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.
You can find more information on all of these metrics, and much more, on Zacks.com.