Give Paramount (NASDAQ:PARA) credit; it’s not just resting on its collective laurels and waiting for a merger to take place. No, it’s still making deals and trying to advance in the field all on its own. And its latest move proved well-received, as investors gave it nearly 1.5% extra in Thursday afternoon’s trading.
Paramount’s latest move came from a new deal that it’s offering up to any advertiser that wants it. In fact, the new deal comes free of charge with any purchase of advertising, making it a good candidate for a loss leader. The new deal is a data package that can help determine whether or not one particular commercial got a viewer to respond, which is called “attribution.” It’s a comparatively new measure, but for marketers, it’s also the exact measure they’ve most wanted. Either that or near the top of the list, anyway; knowing the effectiveness of your advertising is a huge step in determining what ads to air and at what times.
Looking Brighter
That’s not all the news Paramount brought out, and some of the latest news proved every bit as positive or even more so. The first quarter saw Paramount+ subscriptions clear the 71 million mark, which is terrific in isolation. But, given that Netflix (NASDAQ:NFLX) has just over 260 million as of late March, it’s certainly not the top of the heap. Or even close, for that matter. However, they’ve definitely made a case, and they brought in a welcome shot of cash from Super Bowl ad sales, which helped the TV Media group hit $5.2 billion.
Is Paramount Stock a Good Buy?
Turning to Wall Street, analysts have a Hold consensus rating on PARA stock based on six Buys, eight Holds, and seven Sells assigned in the past three months, as indicated by the graphic below. After a 44.88% loss in its share price over the past year, the average PARA price target of $13.29 per share implies 6.45% upside potential.
