iHeartMedia (NASDAQ:IHRT) Trading Down 6% – Here’s Why

Shares of iHeartMedia, Inc. (NASDAQ:IHRT) fell 6% during trading on Tuesday . The company traded as low as $4.27 and last traded at $4.22. 355,035 shares traded hands during mid-day trading, a decline of 65% from the average session volume of 1,022,154 shares. The stock had previously closed at $4.49.

Analysts Set New Price Targets

Separately, Weiss Ratings reaffirmed a “sell (d-)” rating on shares of iHeartMedia in a research report on Tuesday, April 21st. Two equities research analysts have rated the stock with a Hold rating and two have issued a Sell rating to the company’s stock. According to MarketBeat.com, iHeartMedia currently has an average rating of “Reduce” and a consensus price target of $4.25.

iHeartMedia Price Performance

The firm has a 50-day moving average of $4.55 and a 200 day moving average of $3.90. The stock has a market capitalization of $638.62 million, a price-to-earnings ratio of -2.30 and a beta of 2.21.

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

Institutional Trading of iHeartMedia

A number of large investors have recently added to or reduced their stakes in IHRT. Bank of America Corp DE increased its stake in shares of iHeartMedia by 8.1% during the 1st quarter. Bank of America Corp DE now owns 251,950 shares of the company’s stock worth $736,000 after purchasing an additional 18,869 shares during the last quarter. Whitebox Advisors LLC increased its position in iHeartMedia by 220.0% during the first quarter. Whitebox Advisors LLC now owns 400,000 shares of the company’s stock worth $1,168,000 after buying an additional 275,000 shares during the last quarter. Sona Asset Management US LLC raised its stake in iHeartMedia by 15.5% in the first quarter. Sona Asset Management US LLC now owns 1,874,668 shares of the company’s stock valued at $5,474,000 after buying an additional 251,097 shares during the period. Renaissance Technologies LLC lifted its position in shares of iHeartMedia by 4.5% in the first quarter. Renaissance Technologies LLC now owns 828,729 shares of the company’s stock valued at $2,420,000 after buying an additional 35,400 shares during the last quarter. Finally, State of Wyoming boosted its stake in shares of iHeartMedia by 241.2% during the 1st quarter. State of Wyoming now owns 59,046 shares of the company’s stock worth $172,000 after acquiring an additional 41,742 shares during the period. 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.