iHeartMedia (NASDAQ:IHRT) Stock Price Down 6% – What’s Next?

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

Analyst Ratings Changes

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

iHeartMedia Stock Up 0.6%

The company has a market capitalization of $661.73 million, a P/E ratio of -2.35 and a beta of 2.19. The business has a fifty day moving average price of $4.56 and a 200 day moving average price of $3.89.

iHeartMedia (NASDAQ:IHRT) last announced its earnings results 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 during the quarter, compared to analyst estimates of $871.50 million. As a group, equities analysts forecast that iHeartMedia, Inc. will post -0.06 earnings per share for the current year.

Institutional Trading of iHeartMedia

A number of institutional investors have recently made changes to their positions in IHRT. Royal Bank of Canada grew its position in iHeartMedia by 67.7% in the fourth quarter. Royal Bank of Canada now owns 8,368 shares of the company’s stock valued at $36,000 after purchasing an additional 3,378 shares in the last quarter. Wealth Enhancement Advisory Services LLC lifted its position in iHeartMedia by 20.0% during the 4th quarter. Wealth Enhancement Advisory Services LLC now owns 24,687 shares of the company’s stock worth $102,000 after buying an additional 4,118 shares in the last quarter. Rhumbline Advisers boosted its stake in shares of iHeartMedia by 2.7% during the 3rd quarter. Rhumbline Advisers now owns 172,609 shares of the company’s stock worth $495,000 after buying an additional 4,603 shares during the last quarter. BNP Paribas Financial Markets grew its holdings 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 valued at $33,000 after acquiring an additional 5,591 shares in the last quarter. Finally, The Manufacturers Life Insurance Company increased its position 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 valued at $77,000 after acquiring an additional 5,684 shares during the last quarter. Institutional investors 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.