Streaming video continues to take a larger and larger portion of our viewing time. A recent Nielsen report says it accounts for 26% of TV viewing now. Broadcasting company Gray Television, which operates in 94 markets nationally, is a one-stop-shop for viewing. It offers network broadcast shows, television production, digital and over-the-top streaming. On Thursday, the stock Relative Strength Rating for Gray Television (GTN) jumped into a new percentile, rising to 82, up from 79 the day before.
The 82 RS Rating means Gray Television stock is outperforming 82% of all stocks, regardless of industry group. The bump up is significant because market research shows that the best stocks typically have an 80 or better RS Rating as they launch their biggest runs.
Gray Television Buying Meredith Stations
On June 18, Gray Television announced a new sports and entertainment group.
“One of the great strengths of Gray Television is the passionate communities we represent through the broad array of content we produce and distribute across many different platforms,” said co-CEO Pat LaPlatney. “This initiative showcases our unique programming to marketers through high-impact sponsorships and will help us serve our customers more effectively.”
And on June 3, Gray announced an amended agreement to buy local stations from Meredith Corp. (MDP) in a deal valued at $2.83 billion.
Among other key ratings, Atlanta-based Gray Television boasts a 92 Composite Rating.
IBD’s Composite Rating combines five separate proprietary ratings of fundamental and technical performance into one easy-to-use rating. The best growth stocks have a Composite Rating of 90 or better.
Additionally, its EPS Rating is a competitive 81, while its Accumulation/Distribution Rating is an outstanding A- on an A+ to E scale with A+ tops. The A/D Rating, updated daily, tracks institutional buying (accumulation) and selling (distribution) over the last 13 weeks. An A- rating for Gray Television stock indicates strong buying by big funds.
In terms of fundamentals, Grey Television reported a 26% drop in EPS last quarter, to 34 cents, on a 2% gain in revenue to $544 million. However, the EPS dip came on the heels of 136% and 148% growth the two prior quarters.
TV Group Peers
Gray Television is now considered extended and out of buy range after clearing a 21.32 buy point in a second-stage cup without handle. See if the stock forms a new pattern or follow-on buying opportunity like a three-weeks tight or pullback to the 50-day or 10-week moving average.
When you’re researching the best stocks to buy and watch, be sure to pay attention to relative price strength.
This exclusive rating from Investor’s Business Daily measures market leadership with a 1 (worst) to 99 (best) score. The rating shows how a stock’s price movement over the last 52 weeks stacks up against all the other stocks in our database.
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