iHeartMedia (NASDAQ:IHRT) Stock Price Down 6% – What’s Next?

iHeartMedia, Inc. (NASDAQ:IHRT) was down 6% during mid-day trading on Tuesday . The company traded as low as $4.27 and last traded at $4.22. 355,035 shares changed hands during trading, a decline of 65% from the average daily volume of 1,022,154 shares. The stock had previously closed at $4.49.

Analyst Ratings Changes

Separately, Weiss Ratings reiterated a “sell (d-)” rating on shares of iHeartMedia in a report on Tuesday, April 21st. Two investment analysts have rated the stock with a Hold rating and two have assigned a Sell rating to the stock. According to MarketBeat, the company presently has a consensus rating of “Reduce” and a consensus target price of $4.25.

iHeartMedia Price Performance

The company has a market cap of $638.62 million, a price-to-earnings ratio of -2.30 and a beta of 2.21. The stock has a 50-day moving average price of $4.55 and a 200 day moving average price of $3.90.

iHeartMedia (NASDAQ:IHRT) last posted its earnings results on Monday, May 11th. The company reported ($0.61) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.49) by ($0.12). iHeartMedia had a negative return on equity of 1.63% and a negative net margin of 7.28%.The business had revenue of $884.20 million for the quarter, compared to the consensus estimate of $871.50 million. Sell-side analysts expect that iHeartMedia, Inc. will post -0.06 EPS for the current fiscal year.

Hedge Funds Weigh In On iHeartMedia

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Royal Bank of Canada raised its stake in shares of iHeartMedia by 67.7% in 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. Xponance LLC acquired a new stake in iHeartMedia in the 4th quarter valued at approximately $46,000. Captrust Financial Advisors bought a new stake in iHeartMedia in the 4th quarter valued at approximately $47,000. Y Intercept Hong Kong Ltd acquired a new position in iHeartMedia during the 1st quarter worth approximately $36,000. Finally, Mercer Global Advisors Inc. ADV bought a new position in shares of iHeartMedia during the 4th quarter worth approximately $52,000. 93.89% of the stock is owned by institutional investors and hedge funds.

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.