iHeartMedia (NASDAQ:IHRT) Stock Price Down 6.7% – Should You Sell?

iHeartMedia, Inc. (NASDAQ:IHRT) shares were down 6.7% on Friday . The company traded as low as $3.89 and last traded at $3.90. Approximately 21,933 shares changed hands during mid-day trading, a decline of 97% from the average daily volume of 712,495 shares. The stock had previously closed at $4.18.

Analyst Ratings Changes

A number of research firms recently issued reports on IHRT. The Goldman Sachs Group lowered iHeartMedia from a “neutral” rating to a “sell” rating and lowered their target price for the stock from $4.00 to $3.50 in a report on Friday, January 9th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of iHeartMedia in a report on Tuesday. Two analysts have rated the stock with a Hold rating and two have given a Sell rating to the company. According to MarketBeat, the stock has a consensus rating of “Reduce” and an average price target of $4.25.

iHeartMedia Stock Up 0.6%

The business’s 50 day simple moving average is $3.26 and its 200 day simple moving average is $3.57. The company has a market capitalization of $607.83 million, a PE ratio of -1.31, a price-to-earnings-growth ratio of 40.08 and a beta of 1.64.

iHeartMedia (NASDAQ:IHRT) last released its quarterly earnings results on Monday, March 2nd. The company reported $0.04 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.10 by ($0.06). The firm had revenue of $1.12 billion for the quarter, compared to analyst estimates of $1.10 billion. iHeartMedia had a negative net margin of 12.24% and a negative return on equity of 1.63%.

Insider Transactions at iHeartMedia

In other iHeartMedia news, CEO Robert W. Pittman bought 16,349 shares of iHeartMedia stock in a transaction dated Monday, March 9th. The stock was bought at an average price of $2.97 per share, for a total transaction of $48,556.53. Following the completion of the acquisition, the chief executive officer directly owned 6,231,286 shares of the company’s stock, valued at approximately $18,506,919.42. This trade represents a 0.26% increase in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 8.50% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On iHeartMedia

Several hedge funds have recently bought and sold shares of IHRT. Krilogy Financial LLC acquired a new position in shares of iHeartMedia in the 1st quarter valued at about $157,000. Diversified Trust Co purchased a new position in iHeartMedia during the first quarter valued at approximately $44,000. Purpose Unlimited Inc. acquired a new position in iHeartMedia in the 4th quarter valued at approximately $5,283,000. Virtu Financial LLC purchased a new stake in iHeartMedia in the 4th quarter worth approximately $78,000. Finally, Mercer Global Advisors Inc. ADV acquired a new stake in shares of iHeartMedia during the 4th quarter valued at $52,000. 93.89% of the stock is owned by hedge funds and other 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.