shares of ViacomCBS Inc extended its decline on Monday and fell another 6% in afternoon trade to continue a volatile stretch

Viacom share
VIAC,
-668%
is on track for its fifth straight trading day, with declines on Monday, and the stock is down more than 56% over the period

While the stock had soared over the past year and in the twelve months leading up to the start of the stock’s declining expansion on Jan. March was up around 700%, some recent reports suggested that the most recent sharp falls were shares of Viacom and Discovery Inc
DISCA,
-160%
could reflect large block trades Archegos Capital Management LLC, led by Bill Hwang, has dumped stocks in both names, IPO Edge reported for the first time, citing unnamed sources

Viacom announced a week ago that it is planning a $ 3 billion stock offering

Several analysts downgraded Viacom stock last week, but at least two others delivered lukewarm upgrades ahead of Monday’s meeting

“The stock has been unusually volatile following its stock offering, followed by a distressed sale late last week, and it could rebound with reduced selling pressure,” wrote Alan Gould, an analyst at Loop Capital Markets who upgraded the stock To keep them yours, increased his target price from $ 43 to $ 48

“We are not in favor of buying the stock on this decline as we continue to expect that the default streaming services in most homes will be Netflix, Disney and Amazon Prime, and [Viacoms] Paramount with HBO Max, Apple.” TV, Peacock and Starz should be the fourth or fifth service in the apartment, ”he continued

“Our unchanged target of $ 70 implies a significant uptrend, but we feel market perform is more appropriate until trading volatility subsides,” he wrote, “We believe it might make sense to get more proactive when the stock is under pressure remains below our fundamental bearish scenario of $ 35 ”

Viacom stock is still up 250% over the past 12 months as the S&P 500
SPX,
-009%
has increased by 56%

Prestige dramas like Hulu’s “The Handmaid’s Tale,” HBO’s “Mare of Easttown,” and Apple’s “The Mosquito Coast,” are available for April as streaming services try to show their awards before the Emmy date on Jan. May contain

Viacom stock

World news – USA – Viacom stock prolongs the slide in price as analysts carry out lukewarm upgrades

Source: https://www.marketwatch.com/story/viacom-stock-extends-slide-as-analysts-chime-in-with-lukewarm-upgrades-11617040477