iHeartMedia (NASDAQ:IHRT) Trading Down 5.5% – Here’s What Happened

iHeartMedia, Inc. (NASDAQ:IHRT) was down 5.5% during trading on Wednesday . The stock traded as low as $3.76 and last traded at $3.77. Approximately 354,466 shares were traded during trading, a decline of 64% from the average session volume of 992,908 shares. The stock had previously closed at $3.99.

Wall Street Analyst Weigh In

Separately, Weiss Ratings reiterated a “sell (d-)” rating on shares of iHeartMedia in a report on Tuesday, April 21st. Two investment analysts have rated the stock with a Hold rating and two have given a Sell rating to the company. According to MarketBeat, the stock presently has an average rating of “Reduce” and an average price target of $4.25.

iHeartMedia Price Performance

The stock has a 50-day simple moving average of $4.50 and a 200 day simple moving average of $3.89. The company has a market capitalization of $542.63 million, a PE ratio of -1.95 and a beta of 2.21.

iHeartMedia (NASDAQ:IHRT) last announced its quarterly earnings results on Monday, May 11th. The company reported ($0.61) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.49) by ($0.12). The firm had revenue of $884.20 million during the quarter, compared to analysts’ expectations of $871.50 million. iHeartMedia had a negative net margin of 7.28% and a negative return on equity of 1.63%. As a group, research analysts predict that iHeartMedia, Inc. will post -0.06 EPS for the current fiscal year.

Hedge Funds Weigh In On iHeartMedia

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. BNP Paribas Financial Markets lifted its holdings in shares of iHeartMedia by 42.8% in the second quarter. BNP Paribas Financial Markets now owns 18,655 shares of the company’s stock valued at $33,000 after purchasing an additional 5,591 shares in the last quarter. Y Intercept Hong Kong Ltd acquired a new position in shares of iHeartMedia during the 1st quarter worth approximately $36,000. Royal Bank of Canada raised its position in shares of iHeartMedia by 67.7% during the 4th quarter. Royal Bank of Canada now owns 8,368 shares of the company’s stock worth $36,000 after purchasing an additional 3,378 shares during the last quarter. CIBC Bancorp USA Inc. purchased a new stake in iHeartMedia in the 3rd quarter valued at approximately $36,000. Finally, Tower Research Capital LLC TRC lifted its stake in iHeartMedia by 341.7% in the 2nd quarter. Tower Research Capital LLC TRC now owns 24,342 shares of the company’s stock valued at $43,000 after buying an additional 18,831 shares in the last quarter. Institutional investors and hedge funds own 93.89% of the company’s stock.

iHeartMedia Company Profile

iHeartMedia, Inc (NASDAQ: IHRT) is a leading media and entertainment company specializing in radio broadcasting, digital streaming and live events. The company operates more than 860 full-power AM and FM radio stations across the United States, delivering music, news, sports and talk programming to local markets. Through its flagship digital platform, iHeartRadio, the company provides listeners with free and subscription-based access to thousands of live radio stations, curated music playlists and on-demand podcasts.

Originally founded in 1972 as Clear Channel Communications, the business rebranded to iHeartMedia in 2014 to reflect the growing importance of its digital and event-driven offerings.