iHeartMedia (NASDAQ:IHRT) Stock Price Down 7.3% – Should You Sell?

iHeartMedia, Inc. (NASDAQ:IHRT)’s share price dropped 7.3% on Friday. The stock traded as low as $1.6150 and last traded at $1.64. 435,256 shares changed hands during trading, a decline of 45% from the average session volume of 787,884 shares. The stock had previously closed at $1.77.

Wall Street Analysts Forecast Growth

A number of analysts have recently weighed in on the stock. Bank of America reduced their price target on shares of iHeartMedia from $6.00 to $5.00 and set a “neutral” rating for the company in a research note on Tuesday, July 7th. Weiss Ratings reiterated a “sell (d-)” rating on shares of iHeartMedia in a research note on Thursday. One investment analyst has rated the stock with a Hold rating and two have issued a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock presently has an average rating of “Sell” and an average target price of $4.25.

iHeartMedia Trading Down 7.3%

The company has a market cap of $253.86 million, a P/E ratio of -0.90 and a beta of 2.28. The company’s 50-day moving average price is $2.50 and its two-hundred day moving average price is $3.59.

Institutional Trading of iHeartMedia

Several hedge funds and other institutional investors have recently modified their holdings of IHRT. Y Intercept Hong Kong Ltd acquired a new position in iHeartMedia during the first quarter valued at $36,000. Diversified Trust Co purchased a new stake in iHeartMedia in the 1st quarter worth about $44,000. Bank of America Corp DE boosted its position in iHeartMedia by 8.1% during the 1st quarter. Bank of America Corp DE now owns 251,950 shares of the company’s stock worth $736,000 after acquiring an additional 18,869 shares during the period. Renaissance Technologies LLC boosted its position in iHeartMedia by 4.5% during the 1st quarter. Renaissance Technologies LLC now owns 828,729 shares of the company’s stock worth $2,420,000 after acquiring an additional 35,400 shares during the period. Finally, State of Wyoming grew its stake in iHeartMedia by 241.2% during the 1st quarter. State of Wyoming now owns 59,046 shares of the company’s stock valued at $172,000 after acquiring an additional 41,742 shares in the last quarter. Institutional investors and hedge funds own 93.89% of the company’s stock.

iHeartMedia Company Profile

iHeartMedia, Inc is a U.S.-based audio media and entertainment company that operates broadcast radio stations, digital audio services, podcasts and audio advertising platforms. Its radio business reaches audiences across a broad range of music, news, talk, sports and entertainment programming, while its digital offerings extend that content beyond traditional terrestrial broadcasting.

The company operates the iHeartRadio platform, which provides live and on-demand radio, podcasts, music streaming, personalized stations and other digital audio content through mobile applications, connected devices and online channels.