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

iHeartMedia, Inc. (NASDAQ:IHRT) shares gapped down before the market opened on Tuesday . The stock had previously closed at $4.57, but opened at $4.07. iHeartMedia shares last traded at $4.2450, with a volume of 558,521 shares.

Analyst Ratings Changes

A number of equities research analysts have weighed in on IHRT shares. Wall Street Zen raised iHeartMedia from a “sell” rating to a “hold” rating in a research report on Sunday, August 17th. Weiss Ratings restated a “sell (d-)” rating on shares of iHeartMedia in a report on Wednesday, October 8th. Finally, Zacks Research upgraded shares of iHeartMedia from a “strong sell” rating to a “hold” rating in a report on Friday, August 15th. One equities research analyst has rated the stock with a Buy rating, four have given a Hold rating and one has issued a Sell rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus target price of $2.92.

iHeartMedia Stock Down 3.4%

The firm has a market capitalization of $662.88 million, a PE ratio of -1.82 and a beta of 1.94. The company’s 50-day simple moving average is $2.98 and its 200 day simple moving average is $2.15.

iHeartMedia (NASDAQ:IHRT) last posted its quarterly earnings data on Monday, August 11th. The company reported ($0.54) EPS for the quarter, missing the consensus estimate of ($0.28) by ($0.26). The company had revenue of $933.65 million for the quarter, compared to analysts’ expectations of $912.35 million. On average, sell-side analysts forecast that iHeartMedia, Inc. will post -0.13 earnings per share for the current fiscal year.

Insider Activity

In other iHeartMedia news, CEO Robert W. Pittman acquired 117,371 shares of the firm’s stock in a transaction dated Thursday, August 14th. The stock was purchased at an average price of $2.19 per share, for a total transaction of $257,042.49. Following the acquisition, the chief executive officer owned 4,558,760 shares in the company, valued at approximately $9,983,684.40. This trade represents a 2.64% increase in their position. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Insiders own 8.50% of the company’s stock.

Institutional Investors Weigh In On iHeartMedia

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Mirae Asset Global Investments Co. Ltd. purchased a new stake in shares of iHeartMedia during the third quarter worth about $25,000. US Bancorp DE boosted its stake in iHeartMedia by 224.0% in the 1st quarter. US Bancorp DE now owns 16,402 shares of the company’s stock worth $27,000 after purchasing an additional 11,339 shares in the last quarter. BNP Paribas Financial Markets grew its position in iHeartMedia by 42.8% during the 2nd quarter. BNP Paribas Financial Markets now owns 18,655 shares of the company’s stock worth $33,000 after purchasing an additional 5,591 shares during the last quarter. SG Americas Securities LLC acquired a new position in iHeartMedia during the 3rd quarter valued at approximately $55,000. Finally, Connor Clark & Lunn Investment Management Ltd. purchased a new position in shares of iHeartMedia in the first quarter worth $32,000. 93.89% of the stock is currently owned by hedge funds and other institutional investors.

iHeartMedia Company Profile

iHeartMedia, Inc operates as an audio media company in the United States and internationally. It operates through three segments: Multiplatform Group, Digital Audio Group, and Audio & Media Services Group. The Multiplatform Group segment offers broadcast radio stations, sponsorship and events, and live and virtual events; and operates Premiere Networks, a national radio network that produces, distributes, or represents syndicated radio programs and services to radio station affiliates.