Hype Stock of the Day - Paramount Global (PARA)
Paramount Global, formally Viacom CBS, is one of the largest producers of media and entertainment in the world. Following its rebranding, this trending stock has enjoyed a huge increase in mentions. HypeIndex analysis shows a 76.47% hype boost. The name change wasn’t the result of a merger or new acquisition, simply rebranding as Paramount became the centerpiece of the entertainment conglomerate's offerings. Currently, the share price for Paramount Global is trading at $30.70, down 5.1% YTD.
Positive Hype
Between September and December 2021, Paramount+ gained an impressive 9.4 million viewers, the company’s single biggest period of growth.
Amid the pandemic, Paramount (ViacomCBS at the time) refocused its efforts on the streaming sector. With the industry growing quickly, this move could pay off massively down the line.
Pluto TV, another of Paramount’s streaming platforms, grew to serve more than 54.4 million viewers in 2021, doubling its 2020 numbers.
Paramount+ has grown to serve somewhere in the region of 47 million users.
Despite earnings slowing, Paramount is offering a dividend yield of 2.6%.
Following ViacomCBS’s rebranding, its stock price fell, leaving plenty of room for growth once investors grow accustomed to the changes.
Negative Hype
Following ViacomCBS's rebranding to Paramount, the entertainment giant's stock price fell sharply, declining by more than 22%.
Paramount’s Q4 operating income of $0.26 per share missed analyst estimates of between $0.43-$0.76 by a wide margin.
Hype Stock of the Day Conclusion
Following ViacomCBS’s rebranding to Paramount Global, mentions were up sharply. Possibly indicating a reversal is on the horizon following a sharp decline in share price. With its streaming services growing rapidly, Paramount+ seems prepared to take a fair amount of market share away from industry-leaders Netflix and Disney+ over the next few months. Once investors gain confidence in the new direction of the entertainment mogul, we should see buyer sentiment move bullish. You can find even more hyped stocks and cryptocurrencies with a HypeIndex premium subscription.
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