iHeartMedia (NASDAQ:IHRT) Trading Down 5.5% – What’s Next?

iHeartMedia, Inc. (NASDAQ:IHRT)’s share price dropped 5.5% during mid-day trading on Wednesday . The stock traded as low as $3.76 and last traded at $3.77. Approximately 354,466 shares traded hands during mid-day trading, a decline of 64% from the average daily volume of 992,908 shares. The stock had previously closed at $3.99.

Analysts Set New Price Targets

Separately, Weiss Ratings reiterated a “sell (d-)” rating on shares of iHeartMedia in a report on Tuesday, April 21st. Two 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, the stock has a consensus rating of “Reduce” and a consensus price target of $4.25.

iHeartMedia Stock Down 6.3%

The stock has a market capitalization of $565.31 million, a P/E ratio of -2.03 and a beta of 2.21. The business has a fifty day moving average price of $4.49 and a 200-day moving average price of $3.89.

iHeartMedia (NASDAQ:IHRT) last issued its 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 business had revenue of $884.20 million during the quarter, compared to analysts’ expectations 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 expect that iHeartMedia, Inc. will post -0.06 earnings per share for the current fiscal year.

Hedge Funds Weigh In On iHeartMedia

Several hedge funds and other institutional investors have recently modified their holdings of the company. BNP Paribas Financial Markets boosted its stake in shares of iHeartMedia by 42.8% in the 2nd quarter. BNP Paribas Financial Markets now owns 18,655 shares of the company’s stock worth $33,000 after buying an additional 5,591 shares during the last quarter. Y Intercept Hong Kong Ltd purchased a new stake in iHeartMedia during the first quarter valued at $36,000. Royal Bank of Canada increased its position in iHeartMedia by 67.7% during the fourth quarter. Royal Bank of Canada now owns 8,368 shares of the company’s stock valued at $36,000 after acquiring an additional 3,378 shares during the last quarter. CIBC Bancorp USA Inc. bought a new position in iHeartMedia in the third quarter valued at about $36,000. Finally, Tower Research Capital LLC TRC lifted its holdings in iHeartMedia by 341.7% in the second quarter. Tower Research Capital LLC TRC now owns 24,342 shares of the company’s stock valued at $43,000 after acquiring an additional 18,831 shares during the period. 93.89% of the stock is owned by institutional investors.

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.