Traders Buy High Volume of Put Options on Gray Television (GTN)

Gray Television, Inc. (NYSE:GTN) saw some unusual options trading on Thursday. Stock traders acquired 1,530 put options on the company. This is an increase of 2,900% compared to the typical daily volume of 51 put options.

Gray Television (GTN) opened at $15.15 on Tuesday. Gray Television has a one year low of $11.70 and a one year high of $17.80. The company has a quick ratio of 3.28, a current ratio of 3.28 and a debt-to-equity ratio of 3.11. The stock has a market cap of $1,340.00, a P/E ratio of 8.32, a PEG ratio of 1.96 and a beta of 2.46.

A number of equities research analysts have weighed in on GTN shares. Zacks Investment Research raised Gray Television from a “hold” rating to a “buy” rating and set a $17.00 price objective on the stock in a report on Wednesday, November 8th. Guggenheim initiated coverage on shares of Gray Television in a research note on Wednesday, October 18th. They issued a “buy” rating and a $20.00 target price for the company. ValuEngine cut shares of Gray Television from a “strong-buy” rating to a “buy” rating in a research note on Thursday, November 30th. Benchmark reiterated a “buy” rating and issued a $21.00 target price on shares of Gray Television in a research note on Tuesday, November 7th. Finally, Jefferies Group initiated coverage on shares of Gray Television in a research note on Thursday, December 14th. They issued a “buy” rating and a $18.00 target price for the company. One investment analyst has rated the stock with a sell rating and eight have issued a buy rating to the company. Gray Television presently has an average rating of “Buy” and a consensus price target of $18.57.

In other Gray Television news, EVP Kevin Paul Latek sold 97,634 shares of Gray Television stock in a transaction that occurred on Thursday, December 21st. The stock was sold at an average price of $16.96, for a total transaction of $1,655,872.64. Following the sale, the executive vice president now directly owns 219,706 shares of the company’s stock, valued at $3,726,213.76. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. 12.00% of the stock is currently owned by insiders.

Large investors have recently bought and sold shares of the company. SG Americas Securities LLC bought a new position in shares of Gray Television in the third quarter valued at approximately $163,000. Macquarie Group Ltd. bought a new position in shares of Gray Television in the third quarter valued at approximately $166,000. Stifel Financial Corp bought a new position in shares of Gray Television in the third quarter valued at approximately $175,000. Tower Research Capital LLC TRC raised its stake in shares of Gray Television by 77.8% in the fourth quarter. Tower Research Capital LLC TRC now owns 10,758 shares of the company’s stock valued at $180,000 after acquiring an additional 4,706 shares during the last quarter. Finally, Advisor Group Inc. raised its position in Gray Television by 109.3% in the 3rd quarter. Advisor Group Inc. now owns 11,932 shares of the company’s stock worth $187,000 after purchasing an additional 6,232 shares during the last quarter. Institutional investors own 68.37% of the company’s stock.

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Gray Television Company Profile

Gray Television, Inc is a television broadcast company. The Company owns and operates television stations and digital assets in various markets across the United States. As of February 21, 2017, the Company owned and/or operated television stations in 54 television markets broadcasting over 200 separate programming streams, including 37 affiliates of the CBS Network (CBS), 29 affiliates of the NBC Network (NBC), 20 affiliates of the ABC Network (ABC) and 15 affiliates of the FOX Network (FOX).

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