Can Paramount Stock Break Downbeat Post-Earnings Pattern?

PARA carries a 38.2% year-to-date deficit

Digital Content Manager
Aug 7, 2023 at 10:00 AM
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Paramount Global (NASDAQ:PARA) will step into the confessional after today's close to report second-quarter results. After bouncing from a May 23, three-year low of $13.80, the security got stuck between the $15 and $17 range, and now carries a 38.2% year-to-date deficit. Shares are still firmly below their 80-day moving average, but are up 1.1% to trade at $15.80, at last check.

The equity hasn't fared well after earnings lately, finishing three of its last five next-day sessions lower, including a 28.4% bear gap in May that eventually culminated in those aforementioned lows. PARA averaged a 9.5% post-earnings move in the last year, regardless of direction, but this time the options pits are pricing in a near-term straddle indication of 10.2%.

The brokerage bunch leans bearish, with 15 of 21 analysts in coverage calling the stock a tepid "hold" or worse. Plus, short interest rose 7.8% in the last two reporting periods, and the 77.49 million shares sold short now make up 13.5% of PARA's available float, or one week's worth of pent-up buying power.

On the other hand, the options pits are staunchly optimistic. This is per Paramount Global stock's 50-day call/put volume ratio of 5.94 at the International Securities Exchange (ISE), Cboe Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX), which stands higher than 95% of readings from the past year. 


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