Paramount Global (NASDAQ:PARAA) Sees Significant Drop in Short Interest

Paramount Global (NASDAQ:PARAA) was the recipient of a large drop in short interest in the month of December. As of December 31st, there was short interest totalling 409,200 shares, a drop of 19.8% from the December 15th total of 510,200 shares. Based on an average daily volume of 40,600 shares, the short-interest ratio is presently 10.1 days. Approximately 4.6% of the shares of the stock are short sold.

Hedge Funds Weigh In On Paramount Global

Hedge funds and other institutional investors have recently made changes to their positions in the business. Bank of New York Mellon Corp grew its stake in shares of Paramount Global by 13.1% in the second quarter. Bank of New York Mellon Corp now owns 28,315 shares of the company’s stock worth $520,000 after acquiring an additional 3,281 shares during the last quarter. Dimensional Fund Advisors LP grew its position in Paramount Global by 4.6% during the 2nd quarter. Dimensional Fund Advisors LP now owns 143,261 shares of the company’s stock valued at $2,633,000 after purchasing an additional 6,309 shares during the last quarter. Squarepoint Ops LLC increased its stake in Paramount Global by 120.0% during the 2nd quarter. Squarepoint Ops LLC now owns 46,749 shares of the company’s stock valued at $859,000 after purchasing an additional 25,504 shares in the last quarter. Mark Asset Management LP bought a new position in shares of Paramount Global in the second quarter worth approximately $3,351,000. Finally, Gladius Capital Management LP bought a new stake in shares of Paramount Global during the third quarter valued at approximately $233,000. Institutional investors own 5.98% of the company’s stock.

Paramount Global Price Performance

PARAA traded up $0.01 during trading on Friday, reaching $22.53. The stock had a trading volume of 290 shares, compared to its average volume of 38,350. The business has a 50-day moving average of $22.57 and a 200-day moving average of $22.22. Paramount Global has a one year low of $16.59 and a one year high of $26.34. The company has a debt-to-equity ratio of 0.85, a quick ratio of 1.10 and a current ratio of 1.27. The stock has a market cap of $15.02 billion, a PE ratio of -2.74 and a beta of 1.63.

About Paramount Global

Paramount Global operates as a media, streaming, and entertainment company worldwide. It operates through TV Media, Direct-to-Consumer, and Filmed Entertainment segments. The TV Media segment operates CBS Television Network, a domestic broadcast television network; CBS Stations, a television station; and international free-to-air networks comprising Network 10, Channel 5, Telefe, and Chilevisión; domestic premium and basic cable networks, such as Paramount+ with Showtime, MTV, Comedy Central, Paramount Network, The Smithsonian Channel, Nickelodeon, BET Media Group, and CBS Sports Network; and international extensions of these brands.