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Gray Television Inc. Stock Forecast 2023: Gray Television Inc. Is Weak With -171.0% Downside

In the last trading session, 1.43 million Gray Television Inc. (NYSE:GTN) shares changed hands as the company’s beta touched 1.62. With the company’s per share price at $7.38 changed hands at -$0.2 or -2.64% during last session, the market valuation stood at $743.24M. GTN’s last price was a discount, traded about -152.71% off its 52-week high of $18.65. The share price had its 52-week low at $6.50, which suggests the last value was 11.92% up since then. When we look at Gray Television Inc.’s average trading volume, we note the 10-day average is 1.33 million shares, with the 3-month average coming to 944.28K.

Analysts gave the Gray Television Inc. (GTN) stock a consensus recommendation rating of an Overweight, calculated at a mean rating of 2.40. If we narrow down to specifics, the data shows that 2 out of 8 analysts rate the stock as a Sell, with a further 0 assigning it an Overweight rating. Of the remaining, 1 recommended GTN as a Hold, 5 felt it is a Buy and 0 rated the stock as Underweight. Gray Television Inc.’s EPS for the current quarter is expected to be -$0.35.

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Gray Television Inc. (NYSE:GTN) trade information

Instantly GTN was in red as seen at the end of in last trading. With action 0.14%, the performance over the past five days has been green. The drop to weekly highs of 8.06 on Monday, 09/18/23 subtracted -2.64% to the stock’s daily price. The company’s shares are showing year-to-date downside of -34.05%, with the 5-day performance at 0.14% in the green. However, in the 30-day time frame, Gray Television Inc. (NYSE:GTN) is -11.93% down. Looking at the short shares, we see there were 5.17 million shares sold at short interest cover period of 6.35 days.

The consensus price target for the stock as assigned by Wall Street analysts is $13.25, meaning bulls need an upside of 44.3% from its current market value. According to analyst projections, GTN’s forecast low is $5.00 with $20.00 as the target high. To hit the forecast high, the stock’s price needs a -171.0% plunge from its current level, while the stock would need to tank 32.25% for it to hit the projected low.

Gray Television Inc. (GTN) estimates and forecasts

Data shows that the Gray Television Inc. share is performing relatively much not better than most of its peers within the same industry. As can be gleaned from the statistics, the company’s share value shot -11.72% over the past 6 months, a -115.24% in annual growth rate that is considerably lower than the industry average of -20.40%. Moreover, analysts have looked to lower expectations by upgrading its fiscal year 2023 revenue estimates. The rating firms predict current quarter revenue for Gray Television Inc. will fall -134.00%, while the growth in revenue is estimated to hit -91.00% for the next quarter. Year-over-year growth is forecast to reach -10.30% down from the last financial year.

Consensus estimates given by 7 financial analysts project the company’s revenue in the current quarter to hit an average of $798.24 million. 7 analysts are of the opinion that Gray Television Inc.’s revenue for the quarter ending Dec 2023 will be $883.46 million. The company’s revenue for the corresponding quarters a year ago was $950.99 million and $1.07 billion respectively. According to analysts, the company will likely register a growth in its current quarter sales, forecast at -16.10%. The estimates for the next quarter sales put growth at -17.60%.

Looking at the company’s year-on-year earnings, data shows that the past 5-year has an earnings growth rate of 22.50%. The 2023 estimates are for Gray Television Inc. earnings to increase by 983.30%, but the outlook for the next 5-year period is at 36.90% per year.

GTN Dividends

Gray Television Inc. is expected to release its next quarterly earnings report in October. The 4.34% annual yield figure for the share gives it an annual dividend of 0.32. It is important to note, however, that the 4.34% dividend yield ratio should serve as a guide only, as you should also take into consideration many other aspects of a company’s operations and fundamentals before making any investment decision.

Gray Television Inc. (NYSE:GTN)’s Major holders

If we look at who the major shareholders are, we find that insiders hold 4.54% of Gray Television Inc. shares while 89.49% of the shares are in the hands of institutional holders. The share float percentage for the stock currently stands at 93.74%. There are 89.49% institutions holding the Gray Television Inc. stock share, with Blackrock Inc. the top institutional holder. As of Jun 29, 2023, the company held 7.51% of the shares, roughly 6.55 million GTN shares worth $51.63 million.

Dimensional Fund Advisors LP holds the second largest percentage of outstanding shares, with 5.91% or 5.16 million shares worth $40.66 million as of Jun 29, 2023.

Among Mutual Funds, the top two as of Jun 29, 2023 were Vanguard Total Stock Market Index Fund and iShares Russell 2000 ETF. With 2.62 million shares estimated at $20.67 million under it, the former controlled 3.01% of total outstanding shares. On the other hand, iShares Russell 2000 ETF held about 2.22% of the shares, roughly 1.94 million shares worth around $18.37 million.

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