iHeartMedia (NASDAQ:IHRT) Shares Down 7.7% – Here’s What Happened

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

Wall Street Analysts Forecast Growth

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

iHeartMedia Stock Performance

The stock’s fifty day moving average price is $3.77 and its 200-day moving average price is $3.80. The firm has a market cap of $726.54 million, a PE ratio of -2.62, a P/E/G ratio of 46.50 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 (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 analysts’ expectations of $871.50 million. iHeartMedia had a negative net margin of 7.28% and a negative return on equity of 1.63%.

Insiders Place Their Bets

In other news, CEO Robert W. Pittman purchased 16,349 shares of the company’s stock in a transaction dated Monday, March 9th. The stock was acquired at an average price of $2.97 per share, for a total transaction of $48,556.53. Following the completion of the transaction, the chief executive officer directly owned 6,231,286 shares in the company, valued at $18,506,919.42. This represents a 0.26% increase in their position. The acquisition was disclosed in a filing with the SEC, which is available through this link. Company insiders own 10.20% of the company’s stock.

Hedge Funds Weigh In On iHeartMedia

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Global Media & Entertainment Investments Ltd purchased a new position in shares of iHeartMedia during the 3rd quarter worth approximately $52,061,800,000. Sona Asset Management US LLC raised its holdings in shares of iHeartMedia by 2,693.8% in the fourth quarter. Sona Asset Management US LLC now owns 1,623,571 shares of the company’s stock worth $6,754,000 after acquiring an additional 1,565,457 shares during the last quarter. Purpose Unlimited Inc. purchased a new stake in shares of iHeartMedia in the fourth quarter valued at $5,283,000. AQR Capital Management LLC boosted its stake in shares of iHeartMedia by 99.8% during the first quarter. AQR Capital Management LLC now owns 2,214,301 shares of the company’s stock valued at $3,654,000 after acquiring an additional 1,105,976 shares during the last quarter. Finally, Millennium Management LLC purchased a new stake in iHeartMedia during the 3rd quarter worth about $2,204,000. Institutional investors and hedge funds 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.