For many, Paramount’s (PARA) Paramount+ is kind of an afterthought among streaming platforms as it often falters in terms of sheer quantity. However, things are turning around a bit as the content that can be found on Paramount+ is actually quite popular. Meanwhile, Paramount itself is on the rise, up fractionally in Tuesday afternoon’s trading.
Interestingly, Paramount+ is having a field day. One of its latest releases, A Quiet Place; Day One, is currently number one on iTunes and Fandango. Moreover, Paramount movies are currently three out of the top five movies on Netflix (NFLX). Two Jack Reacher titles hold the number one and five slots, while the current number two is Saving Bikini Bottom: The Sandy Cheeks Movie.
Although these results are based on iTunes and Netflix views, it implies that Paramount might actually have high-quality content on its own platform that has yet to be discovered. That could be enough to get viewers to give Paramount+ a shot.
Free Trials and Rediscovered Content
And speaking of giving Paramount+ a shot, CNET reported that viewers could get a free month’s trial of Paramount+ by using promo code OGGMPZR3YBW at checkout. It’s a good way to draw in interest and potentially improve its subscriber base. That code turns the one-week trial into a one-month trial at no charge, giving people that much longer to check out what it offers.
And there’s actually quite a bit; reports note that the Jenna Ortega and Tommy Lee Jones thriller Finestkind is seeing new life on Paramount+. While Rotten Tomatoes could only give this a 29%, Paramount+ viewers ate it up, sending the title to the number two spot on the platform. If it can get a reputation for doing that regularly, it might well find itself in a comparable position to Netflix, which has given old shows and movies new life before.
Is Paramount a Good Stock to Buy Now?
Turning to Wall Street, analysts have a Moderate Sell consensus rating on PARA stock based on three Buys, seven Holds, and 10 Sells assigned in the past three months, as indicated by the graphic below. After a 33.58% loss in its share price over the past year, the average PARA price target of $12.07 per share implies 14.19% upside potential.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
