iHeartMedia (NASDAQ:IHRT) Stock Price Down 6.1% – Should You Sell?

Shares of iHeartMedia, Inc. (NASDAQ:IHRT) were down 6.1% during trading on Tuesday . The stock traded as low as $3.80 and last traded at $3.7730. 291,185 shares were traded during mid-day trading, a decline of 71% from the average session volume of 998,851 shares. The stock had previously closed at $4.02.

Analyst Ratings Changes

Several equities research analysts have recently issued reports on the company. Bank of America decreased their price objective on iHeartMedia from $6.00 to $5.00 and set a “neutral” rating on the stock in a report on Tuesday, July 7th. Weiss Ratings reiterated a “sell (d-)” rating on shares of iHeartMedia in a research report on Tuesday, April 21st. Two analysts have rated the stock with a Hold rating and two have issued a Sell rating to the company’s stock. According to MarketBeat, the company presently has a consensus rating of “Reduce” and an average price target of $4.25.

iHeartMedia Trading Up 3.9%

The firm has a market capitalization of $597.05 million, a PE ratio of -2.15 and a beta of 2.19. The firm has a 50-day moving average of $4.35 and a two-hundred day moving average of $3.87.

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

Institutional Inflows and Outflows

Hedge funds have recently bought and sold shares of the business. BNP Paribas Financial Markets grew its stake in iHeartMedia by 42.8% during the second quarter. BNP Paribas Financial Markets now owns 18,655 shares of the company’s stock worth $33,000 after buying an additional 5,591 shares during the period. Y Intercept Hong Kong Ltd acquired a new position in shares of iHeartMedia during the 1st quarter valued at $36,000. Royal Bank of Canada lifted its holdings in shares of iHeartMedia by 67.7% during the 4th quarter. Royal Bank of Canada now owns 8,368 shares of the company’s stock valued at $36,000 after acquiring an additional 3,378 shares in the last quarter. CIBC Bancorp USA Inc. purchased a new stake in iHeartMedia during the 3rd quarter worth $36,000. Finally, Tower Research Capital LLC TRC boosted its position in iHeartMedia by 341.7% during the 2nd quarter. Tower Research Capital LLC TRC now owns 24,342 shares of the company’s stock worth $43,000 after purchasing an additional 18,831 shares during the period. Hedge funds and other institutional investors own 93.89% of the company’s stock.

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.