If you needed any more proof that Paramount (NASDAQ:PARA) is in disaster mode right now, all you need is a quick look at the stock price. Indeed, the media company saw its shares slide an additional 2% in today’s trading. Shares are down under $10, trading around $9.65 as of this writing. That by itself may not sound like much, but this is the first time that Paramount shares have traded under $10 since 2019, when Viacom and CBS first merged.
Don't Miss our Black Friday Offers:
- Unlock your investing potential with TipRanks Premium - Now At 40% OFF!
- Make smarter investments with weekly expert stock picks from the Smart Investor Newsletter
Shares did dip to close to $10 during COVID-19’s strongest point when everyone wanted to stream, but production was shut down, and California looked prepared to keep things shut down forever. However, they then rebounded to nearly $90 before falling back to the current price.
The Smile Comes Back
One point that may prove helpful, though, is the return of horror phenomenon “Smile.” “Smile 2” will feature the Smile curse returning once more, this time to dog the heels of a pop star. The sequel will bring back not only Joel the cop but also the original writer and director, Parker Finn. Given that “Smile” cleared the $200 million mark back in 2022, with a budget of a comparatively meager $17 million, it’s little wonder that a cash-strapped Paramount, already planning cost cuts, is looking to go back to that well.
Is Paramount Global a Buy or Sell?
Turning to Wall Street, analysts have a Moderate Sell consensus rating on PARA stock based on two Buys, seven Holds, and eight Sells assigned in the past three months, as indicated by the graphic below. After a 37.74% loss in its share price over the past year, the average PARA price target of $11.90 per share implies 23.44% upside potential.
