iHeartMedia (NASDAQ:IHRT) Shares Down 7.7% – Should You Sell?

iHeartMedia, Inc. (NASDAQ:IHRT)’s share price dropped 7.7% on Thursday . The stock traded as low as $4.84 and last traded at $4.81. Approximately 833,865 shares traded hands during trading, a decline of 9% from the average daily volume of 921,087 shares. The stock had previously closed at $5.21.

Analyst Ratings Changes

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

iHeartMedia Trading Up 0.4%

The stock has a market capitalization of $720.06 million, a P/E ratio of -2.60, a P/E/G ratio of 5.04 and a beta of 2.33. The firm’s fifty day moving average is $3.84 and its 200-day moving average is $3.82.

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

Insider Transactions at iHeartMedia

In related news, CEO Robert W. Pittman bought 32,468 shares of the company’s stock in a transaction on Thursday, March 5th. The stock was bought at an average cost of $3.25 per share, with a total value of $105,521.00. Following the completion of the purchase, the chief executive officer owned 6,214,937 shares in the company, valued at approximately $20,198,545.25. The trade was a 0.53% increase in their position. The acquisition was disclosed in a legal filing with the SEC, which is available through the SEC website. 10.20% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On iHeartMedia

A number of institutional investors have recently modified their holdings of the stock. Royal Bank of Canada raised its stake in shares of iHeartMedia by 67.7% in the fourth 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 last quarter. Wealth Enhancement Advisory Services LLC raised its stake in shares of iHeartMedia by 20.0% in the fourth quarter. Wealth Enhancement Advisory Services LLC now owns 24,687 shares of the company’s stock worth $102,000 after acquiring an additional 4,118 shares during the last quarter. Rhumbline Advisers raised its stake in shares of iHeartMedia by 2.7% in the third quarter. Rhumbline Advisers now owns 172,609 shares of the company’s stock worth $495,000 after acquiring an additional 4,603 shares during the last quarter. BNP Paribas Financial Markets raised its stake 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 worth $33,000 after acquiring an additional 5,591 shares during the last quarter. Finally, The Manufacturers Life Insurance Company raised its stake in shares of iHeartMedia by 15.0% in the second quarter. The Manufacturers Life Insurance Company now owns 43,613 shares of the company’s stock worth $77,000 after acquiring an additional 5,684 shares during the last quarter. 93.89% of the stock is owned by institutional investors.

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.