Gray Media (GTN) closed the most recent trading day at $4.32, moving +0.23% from the previous trading session. This move lagged the S&P 500's daily gain of 0.55%. Elsewhere, the Dow saw an upswing of 1.01%, while the tech-heavy Nasdaq depreciated by 0.14%.
Heading into today, shares of the broadcast television company had gained 14.63% over the past month, outpacing the Consumer Discretionary sector's loss of 7.91% and the S&P 500's loss of 6.22% in that time.
Market participants will be closely following the financial results of Gray Media in its upcoming release. On that day, Gray Media is projected to report earnings of -$0.48 per share, which would represent a year-over-year decline of 160.76%. Meanwhile, our latest consensus estimate is calling for revenue of $772 million, down 6.2% from the prior-year quarter.
For the full year, the Zacks Consensus Estimates project earnings of -$0.27 per share and a revenue of $3.21 billion, demonstrating changes of -108.04% and -12.05%, respectively, from the preceding year.
Furthermore, it would be beneficial for investors to monitor any recent shifts in analyst projections for Gray Media. These recent revisions tend to reflect the evolving nature of short-term business trends. Consequently, upward revisions in estimates express analysts' positivity towards the company's business operations and its ability to generate profits.
Our research shows that these estimate changes are directly correlated with near-term stock prices. To utilize this, we have created the Zacks Rank, a proprietary model that integrates these estimate changes and provides a functional rating system.
The Zacks Rank system, stretching from #1 (Strong Buy) to #5 (Strong Sell), has a noteworthy track record of outperforming, validated by third-party audits, with stocks rated #1 producing an average annual return of +25% since the year 1988. Over the last 30 days, the Zacks Consensus EPS estimate has moved 3.57% higher. Gray Media is holding a Zacks Rank of #2 (Buy) right now.
The Broadcast Radio and Television industry is part of the Consumer Discretionary sector. With its current Zacks Industry Rank of 68, this industry ranks in the top 28% 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.
Remember to apply Zacks.com to follow these and more stock-moving metrics during the upcoming trading sessions.
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Gray Media Inc. (GTN): Free Stock Analysis ReportThis article originally published on Zacks Investment Research (zacks.com).
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