PARA is down nearly 30% so far in 2024
Shares of Paramount Global (NYSE:PARA) are down 1.6% at $10.86 this morning, after the company’s largest shareholder, Shari Redstone, eliminated merger talks with Skydance Media. This comes after six months of negotiations began. The stock remains at multi-year lows and sports a 26.2% year-to-date deficit, with overhead pressure stemming from the 200-day moving average.
Meanwhile, short-term options traders have been more bullish than usual. This is per the security’s Schaeffer’s put/call open interest ratio (SOIR) of 0.25, which sits in the low 4th percentile of its annual range.
Short interest has been unwinding for months on PARA, with a 15% drop in the most recent reporting period. This accounts for 10.8% of the stock’s total available float, and a continued unwinding could push the shares higher.