iHeartMedia (NASDAQ:IHRT) Shares Down 5.6% – Here’s What Happened

iHeartMedia, Inc. (NASDAQ:IHRT) shares dropped 5.6% on Friday . The company traded as low as $4.63 and last traded at $4.6050. Approximately 480,633 shares changed hands during trading, a decline of 49% from the average daily volume of 939,270 shares. The stock had previously closed at $4.88.

Analyst Upgrades and Downgrades

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

iHeartMedia Price Performance

The stock has a 50-day moving average price of $3.98 and a 200-day moving average price of $3.87. The company has a market capitalization of $669.59 million, a P/E ratio of -2.45 and a beta of 2.33.

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

Insider Activity at iHeartMedia

In other news, CEO Robert W. Pittman acquired 16,349 shares of the firm’s stock in a transaction dated Monday, March 9th. The stock was bought at an average cost of $2.97 per share, for a total transaction of $48,556.53. Following the completion of the transaction, the chief executive officer directly owned 6,231,286 shares in the company, valued at $18,506,919.42. This represents a 0.26% increase in their position. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Corporate insiders own 10.20% of the company’s stock.

Institutional Trading of iHeartMedia

A number of institutional investors have recently bought and sold shares of the company. Royal Bank of Canada grew its holdings in 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 acquiring an additional 3,378 shares during the period. Wealth Enhancement Advisory Services LLC lifted its stake in shares of iHeartMedia by 20.0% in the 4th quarter. Wealth Enhancement Advisory Services LLC now owns 24,687 shares of the company’s stock valued at $102,000 after purchasing an additional 4,118 shares during the period. Rhumbline Advisers lifted its stake in shares of iHeartMedia by 2.7% in the 3rd quarter. Rhumbline Advisers now owns 172,609 shares of the company’s stock valued at $495,000 after purchasing an additional 4,603 shares during the period. BNP Paribas Financial Markets boosted its position in shares of iHeartMedia by 42.8% during the 2nd 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. Finally, The Manufacturers Life Insurance Company boosted its position in shares of iHeartMedia by 15.0% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 43,613 shares of the company’s stock valued at $77,000 after purchasing an additional 5,684 shares in the last quarter. Institutional investors own 93.89% of the company’s stock.

About iHeartMedia

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.