Zacks Research Downgrades Townsquare Media (NYSE:TSQ) to Strong Sell

Townsquare Media (NYSE:TSQ) was downgraded by stock analysts at Zacks Research from a “hold” rating to a “strong sell” rating in a research report issued on Monday,Zacks.com reports.

A number of other equities analysts have also commented on the company. Weiss Ratings upgraded Townsquare Media from a “sell (d)” rating to a “sell (d+)” rating in a research note on Monday. Barrington Research reiterated an “outperform” rating and set a $10.00 price target on shares of Townsquare Media in a report on Monday, May 11th. Finally, Wall Street Zen raised Townsquare Media from a “hold” rating to a “buy” rating in a research report on Saturday, May 16th. One investment analyst has rated the stock with a Buy rating and two have issued a Sell rating to the company. According to data from MarketBeat, Townsquare Media currently has a consensus rating of “Reduce” and a consensus target price of $10.00.

Townsquare Media Trading Up 0.4%

NYSE:TSQ opened at $6.78 on Monday. Townsquare Media has a 1 year low of $4.30 and a 1 year high of $9.31. The firm’s fifty day simple moving average is $6.61 and its 200 day simple moving average is $6.37. The firm has a market capitalization of $115.89 million, a PE ratio of -15.76, a PEG ratio of 2.68 and a beta of 1.20.

Townsquare Media (NYSE:TSQ) last announced its earnings results on Monday, May 11th. The company reported ($0.16) EPS for the quarter, missing the consensus estimate of ($0.12) by ($0.04). Townsquare Media had a negative return on equity of 7.41% and a negative net margin of 1.59%.The firm had revenue of $96.10 million during the quarter, compared to the consensus estimate of $96.46 million. As a group, analysts anticipate that Townsquare Media will post 0.21 EPS for the current fiscal year.

Insiders Place Their Bets

In other Townsquare Media news, COO Erik Hellum sold 35,000 shares of Townsquare Media stock in a transaction on Tuesday, June 9th. The shares were sold at an average price of $6.44, for a total transaction of $225,400.00. Following the sale, the chief operating officer owned 914,542 shares in the company, valued at $5,889,650.48. The trade was a 3.69% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, CAO Robert L. Worshek sold 34,299 shares of the business’s stock in a transaction on Thursday, May 28th. The shares were sold at an average price of $6.62, for a total transaction of $227,059.38. Following the completion of the sale, the chief accounting officer directly owned 142,722 shares in the company, valued at $944,819.64. This trade represents a 19.38% decrease in their position. The disclosure for this sale is available in the SEC filing. Corporate insiders own 30.30% of the company’s stock.

Institutional Trading of Townsquare Media

Institutional investors have recently made changes to their positions in the business. Goldman Sachs Group Inc. raised its position in Townsquare Media by 52.7% in the first quarter. Goldman Sachs Group Inc. now owns 271,693 shares of the company’s stock worth $2,212,000 after purchasing an additional 93,753 shares in the last quarter. Rhumbline Advisers boosted its holdings in Townsquare Media by 23.2% during the first quarter. Rhumbline Advisers now owns 18,036 shares of the company’s stock valued at $147,000 after purchasing an additional 3,393 shares in the last quarter. Arrowstreet Capital Limited Partnership acquired a new stake in Townsquare Media during the second quarter valued at approximately $240,000. Marshall Wace LLP grew its stake in shares of Townsquare Media by 63.1% in the 2nd quarter. Marshall Wace LLP now owns 82,107 shares of the company’s stock valued at $649,000 after purchasing an additional 31,773 shares during the period. Finally, Gabelli Funds LLC grew its stake in shares of Townsquare Media by 4.9% in the 2nd quarter. Gabelli Funds LLC now owns 57,500 shares of the company’s stock valued at $455,000 after purchasing an additional 2,700 shares during the period. 71.69% of the stock is currently owned by institutional investors and hedge funds.

About Townsquare Media

Townsquare Media, Inc (NYSE: TSQ) is a diversified media and entertainment company that operates primarily in small and mid-sized markets across the United States. The company owns and manages over 300 local radio stations that deliver music, news, sports and community programming to listeners. In addition to its core broadcasting business, Townsquare Media provides digital marketing solutions and advertising services through its proprietary platforms and specialized agencies, helping local businesses connect with consumers via targeted online campaigns.

Founded in 2010 and headquartered in Purchase, New York, Townsquare Media has grown its footprint through strategic acquisitions and the development of a broad digital portfolio.