Billionaire Ken Griffin Is Selling These 5 Stocks In 2022

2. Paramount Global (NASDAQ:PARA)

Number Of Hedge Fund Holders: 40

Paramount Global (NASDAQ:PARA) operates as an American multinational mass media and entertainment conglomerate corporation that produces and distributes entertainment content through studios, networks, streaming services, live events, and merchandise.

On June 2, Wolfe Research analyst Peter Supino downgraded Paramount Global (NASDAQ:PARA) to Underperform from Outperform with a price target of $24, down from $49, as he assumed coverage of the stock. According to the analyst, Paramount Global (NASDAQ:PARA) was late to streaming with a broad-based DTC service, and is “playing catch-up” to gain share in an increasingly competitive landscape while its content is perceived as a tier below the top players.

On May 3, Paramount Global (NASDAQ:PARA) released its earnings report for the fiscal first quarter of 2022, with earnings per share of $0.60 surpassing market estimates by $0.08. On the other hand, revenue for the quarter fell short of estimates by $57.96 million.

At the end of the first quarter of 2022, 40 hedge funds in the database of Insider Monkey held stakes worth $3.4 billion in Paramount Global (NASDAQ:PARA), compared to 64 in the previous quarter worth $1 billion. Michael Weinstock’s Monarch Alternative Capital is one of the leading stakeholders in Paramount Global (NASDAQ:PARA), with over 12.2 million stakes worth approximately $133 million.