iHeartMedia (NASDAQ:IHRT) Shares Gap Down – Here’s Why

Shares of iHeartMedia, Inc. (NASDAQ:IHRT) gapped down before the market opened on Friday . The stock had previously closed at $3.98, but opened at $3.67. iHeartMedia shares last traded at $3.7950, with a volume of 317,106 shares changing hands.

Analysts Set New Price Targets

A number of brokerages have recently issued reports on IHRT. The Goldman Sachs Group cut iHeartMedia from a “neutral” rating to a “sell” rating and decreased their target price for the stock from $4.00 to $3.50 in a report on Friday. Bank of America raised their target price on iHeartMedia from $3.00 to $5.00 and gave the company a “neutral” rating in a research note on Thursday, November 13th. Finally, Weiss Ratings reissued a “sell (d-)” rating on shares of iHeartMedia in a research report on Wednesday, October 8th. One analyst has rated the stock with a Buy rating, two have given a Hold rating and two have assigned a Sell rating to the company. According to data from MarketBeat, the stock has an average rating of “Reduce” and an average target price of $4.33.

iHeartMedia Trading Down 4.1%

The firm has a market cap of $573.01 million, a PE ratio of -1.47, a P/E/G ratio of 0.33 and a beta of 1.67. The company’s 50-day moving average is $4.13 and its 200 day moving average is $2.97.

iHeartMedia (NASDAQ:IHRT) last released its earnings results on Monday, November 10th. The company reported $0.63 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.01) by $0.64. iHeartMedia had a negative net margin of 10.37% and a negative return on equity of 1.63%. The company had revenue of $997.01 million during the quarter, compared to the consensus estimate of $1.07 billion. On average, research analysts predict that iHeartMedia, Inc. will post -0.13 EPS for the current fiscal year.

Institutional Investors Weigh In On iHeartMedia

Institutional investors have recently added to or reduced their stakes in the stock. MetLife Investment Management LLC increased its position in shares of iHeartMedia by 216.3% in the 1st quarter. MetLife Investment Management LLC now owns 60,369 shares of the company’s stock valued at $100,000 after buying an additional 41,282 shares in the last quarter. AQR Capital Management LLC raised its position 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 worth $3,654,000 after purchasing an additional 1,105,976 shares during the period. Jacobs Levy Equity Management Inc. lifted its holdings in shares of iHeartMedia by 139.0% during the 1st quarter. Jacobs Levy Equity Management Inc. now owns 1,049,664 shares of the company’s stock valued at $1,732,000 after purchasing an additional 610,449 shares in the last quarter. Goldman Sachs Group Inc. lifted its holdings in shares of iHeartMedia by 22.8% during the 1st quarter. Goldman Sachs Group Inc. now owns 2,872,316 shares of the company’s stock valued at $4,739,000 after purchasing an additional 532,414 shares in the last quarter. Finally, Acadian Asset Management LLC grew its position in shares of iHeartMedia by 64.3% in the 1st quarter. Acadian Asset Management LLC now owns 3,221,043 shares of the company’s stock valued at $5,309,000 after purchasing an additional 1,260,142 shares during the period. 93.89% of the stock is owned by institutional investors and hedge funds.

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.