iHeartMedia (NASDAQ:IHRT) Trading Down 5% – Time to Sell?

iHeartMedia, Inc. (NASDAQ:IHRT)’s stock price fell 5% during trading on Tuesday . The company traded as low as $3.88 and last traded at $3.7530. Approximately 148,059 shares traded hands during mid-day trading, a decline of 85% from the average session volume of 978,004 shares. The stock had previously closed at $3.95.

Analysts Set New Price Targets

IHRT has been the topic of several recent research reports. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of iHeartMedia in a research report on Friday. 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 research note on Tuesday, July 7th. Two research analysts have rated the stock with a Hold rating and two have assigned a Sell rating to the stock. According to MarketBeat, the stock currently has a consensus rating of “Reduce” and a consensus target price of $4.25.

iHeartMedia Stock Performance

The business’s 50 day moving average is $4.24 and its 200 day moving average is $3.86. The company has a market capitalization of $565.30 million, a price-to-earnings ratio of -2.03 and a beta of 2.19.

iHeartMedia (NASDAQ:IHRT) last posted its quarterly earnings data on Monday, May 11th. The company reported ($0.61) EPS for the quarter, missing the consensus estimate of ($0.49) by ($0.12). The firm had revenue of $884.20 million for the quarter, compared to analyst estimates of $871.50 million. Sell-side analysts predict that iHeartMedia, Inc. will post -0.06 EPS for the current year.

Hedge Funds Weigh In On iHeartMedia

Several hedge funds and other institutional investors have recently bought and sold shares of IHRT. GSA Capital Partners LLP raised its holdings in iHeartMedia by 513.5% in the 4th quarter. GSA Capital Partners LLP now owns 229,839 shares of the company’s stock worth $956,000 after purchasing an additional 192,378 shares during the period. Purpose Unlimited Inc. acquired a new stake in iHeartMedia in the fourth quarter valued at approximately $5,283,000. Melqart Asset Management UK Ltd purchased a new stake in shares of iHeartMedia in the fourth quarter valued at approximately $2,199,000. CWM LLC increased its position in shares of iHeartMedia by 22.2% in the fourth quarter. CWM LLC now owns 41,364 shares of the company’s stock valued at $172,000 after buying an additional 7,511 shares in the last quarter. Finally, Wealth Enhancement Advisory Services LLC raised its stake in shares of iHeartMedia by 20.0% during the 4th 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 during the period. Institutional investors and hedge funds own 93.89% of the company’s stock.

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.