In the latest close session, Gray Media (GTN) was down 2.43% at $4.01. This change lagged the S&P 500's 0.72% gain on the day. Meanwhile, the Dow gained 0.3%, and the Nasdaq, a tech-heavy index, added 1.12%.
Shares of the broadcast television company have appreciated by 2.49% over the course of the past month, outperforming the Consumer Discretionary sector's gain of 2.31%, and the S&P 500's loss of 0.9%.
The upcoming earnings release of Gray Media will be of great interest to investors. The company's upcoming EPS is projected at -$0.08, signifying a 80.95% increase compared to the same quarter of the previous year. Meanwhile, the Zacks Consensus Estimate for revenue is projecting net sales of $788 million, up 2.07% from the year-ago period.
For the annual period, the Zacks Consensus Estimates anticipate earnings of $1.8 per share and a revenue of $3.45 billion, signifying shifts of +263.64% and +11.6%, respectively, from the last year.
Investors should also take note of any recent adjustments to analyst estimates for Gray Media. These revisions help to show the ever-changing nature of near-term business trends. With this in mind, we can consider positive estimate revisions a sign of optimism about the business outlook.
Our research suggests that these changes in estimates have a direct relationship with upcoming stock price performance. We developed the Zacks Rank to capitalize on this phenomenon. Our system takes these estimate changes into account and delivers a clear, actionable rating model.
Ranging from #1 (Strong Buy) to #5 (Strong Sell), the Zacks Rank system has a proven, outside-audited track record of outperformance, with #1 stocks returning an average of +25% annually since 1988. Within the past 30 days, our consensus EPS projection remained stagnant. Right now, Gray Media possesses a Zacks Rank of #4 (Sell).
In terms of valuation, Gray Media is currently trading at a Forward P/E ratio of 2.28. This indicates a discount in contrast to its industry's Forward P/E of 13.93.
The Broadcast Radio and Television industry is part of the Consumer Discretionary sector. At present, this industry carries a Zacks Industry Rank of 170, placing it within the bottom 31% of over 250 industries.
The strength of our individual industry groups is measured by the Zacks Industry Rank, which is calculated based on the average Zacks Rank of the individual stocks within these groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.
Ensure to harness Zacks.com to stay updated with all these stock-shifting metrics, among others, in the next trading sessions.
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Gray Media Inc. (GTN): Free Stock Analysis Report
This article originally published on Zacks Investment Research (zacks.com).