New York Times stock slips after Berkshire stake, digital growth

The New York Times Co. share price retreated from a year-to-date high of $87.18 to about $75 after Berkshire Hathaway disclosed a stake in the company in February. The decline followed profit-taking in the weeks after the disclosure.

In the first quarter, digital-only subscriptions increased 16.1%. Total subscription revenue rose 11.3%, above the company’s guidance range of 9% to 11%. Digital advertising revenue grew 31%, while advertising and affiliate revenue and licensing and other revenue rose 17% and 7.8%, respectively.

Audience metrics show scale: the company reported 605 million total visits in June, up 1% from prior measurements.

The stock trades at a forward price-to-earnings ratio near 28, compared with a communication services sector average of about 15. The forward PEG ratio is about 1.58 versus an expected sector figure near 1.23. Analyst price targets include roughly $80 from UBS and Bank of America, $82 from JPMorgan and $95 from Deutsche Bank.

Technical analysis shows a pullback from April’s highs toward the 200-day moving average, with the daily chart forming a pattern some traders describe as a bullish flag. Short-term upside levels cited by technical traders include the prior high near $87 and an $84 level corresponding to a 38.2% Fibonacci extension.

Analysts and market participants point to ongoing political coverage, the midterm election calendar and potential legal developments involving former President Donald Trump as factors for sustained audience engagement. A prediction market indicates about a 66% probability of impeachment proceedings before the end of his term.

The company, founded roughly 175 years ago, has shifted its revenue mix toward digital products and emphasized subscription and digital advertising growth in recent reports.

Investors will monitor upcoming earnings and subscription metrics. Digital revenue trends, web traffic figures, analyst price targets and technical indicators are likely to be focal points for market participants in assessing the stock’s near-term performance.