iHeartMedia (NASDAQ:IHRT) Sees Strong Trading Volume – Here’s What Happened

iHeartMedia, Inc. (NASDAQ:IHRT) saw an uptick in trading volume on Tuesday . 693,119 shares traded hands during trading, a decline of 22% from the previous session’s volume of 883,771 shares.The stock last traded at $4.7890 and had previously closed at $5.49.

Analyst Upgrades and Downgrades

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

iHeartMedia Stock Performance

The firm has a fifty day simple moving average of $3.70 and a 200-day simple moving average of $3.78. The company has a market capitalization of $716.29 million, a PE ratio of -1.55, a P/E/G ratio of 54.46 and a beta of 2.33.

iHeartMedia (NASDAQ:IHRT) last issued its earnings results on Monday, May 11th. The company reported ($0.61) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.49) by ($0.12). The business had revenue of $884.20 million for the quarter, compared to analyst estimates of $871.50 million. iHeartMedia had a negative return on equity of 1.63% and a negative net margin of 12.24%.

Insider Buying and Selling at iHeartMedia

In other news, CEO Robert W. Pittman acquired 16,349 shares of the business’s stock in a transaction that occurred on Monday, March 9th. The shares were purchased at an average cost of $2.97 per share, for a total transaction of $48,556.53. Following the transaction, the chief executive officer directly owned 6,231,286 shares in the company, valued at $18,506,919.42. This trade represents a 0.26% increase in their position. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. 10.20% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On iHeartMedia

Several hedge funds and other institutional investors have recently made changes to their positions in the business. Mirae Asset Global Investments Co. Ltd. bought a new stake in iHeartMedia during the 3rd quarter valued at $25,000. BNP Paribas Financial Markets increased its holdings in shares of iHeartMedia by 42.8% during the second 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 during the period. Y Intercept Hong Kong Ltd bought a new stake in shares of iHeartMedia during the first quarter valued at about $36,000. Royal Bank of Canada lifted its holdings in 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 purchasing an additional 3,378 shares during the period. Finally, CIBC Bancorp USA Inc. bought a new position in iHeartMedia in the 3rd quarter valued at about $36,000. 93.89% of the stock is currently owned by institutional investors and hedge funds.

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.