iHeartMedia (NASDAQ:IHRT) Shares Down 6.1% – Here’s What Happened

iHeartMedia, Inc. (NASDAQ:IHRT) shares dropped 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 trading, a decline of 71% from the average session volume of 998,851 shares. The stock had previously closed at $4.02.

Wall Street Analysts Forecast Growth

A number of brokerages have commented on IHRT. Bank of America decreased their price objective on iHeartMedia from $6.00 to $5.00 and set a “neutral” rating for the company in a report on Tuesday, July 7th. Weiss Ratings reiterated a “sell (d-)” rating on shares of iHeartMedia in a research note on Tuesday, April 21st. Two research analysts have rated the stock with a Hold rating and two have given a Sell rating to the stock. According to MarketBeat, iHeartMedia currently has a consensus rating of “Reduce” and an average target price of $4.25.

iHeartMedia Stock Performance

The company has a market cap of $573.61 million, a P/E ratio of -2.06 and a beta of 2.19. The firm has a 50 day moving average price of $4.43 and a two-hundred day moving average price of $3.88.

iHeartMedia (NASDAQ:IHRT) last issued its quarterly earnings results on Monday, May 11th. The company reported ($0.61) EPS 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. On average, sell-side analysts predict that iHeartMedia, Inc. will post -0.06 EPS for the current fiscal year.

Institutional Trading of iHeartMedia

Several hedge funds and other institutional investors have recently bought and sold shares of the stock. Royal Bank of Canada increased its position in 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 purchasing an additional 3,378 shares during the period. Wealth Enhancement Advisory Services LLC raised its stake in iHeartMedia by 20.0% in the fourth quarter. Wealth Enhancement Advisory Services LLC now owns 24,687 shares of the company’s stock worth $102,000 after buying an additional 4,118 shares in the last quarter. BNP Paribas Financial Markets lifted its holdings in iHeartMedia by 42.8% in 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. The Manufacturers Life Insurance Company boosted its position in iHeartMedia by 15.0% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 43,613 shares of the company’s stock valued at $77,000 after acquiring an additional 5,684 shares in the last quarter. Finally, Cerity Partners LLC grew its holdings in shares of iHeartMedia by 26.5% during the 4th quarter. Cerity Partners LLC now owns 29,527 shares of the company’s stock worth $123,000 after acquiring an additional 6,186 shares during the period. Institutional investors 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.