iHeartMedia (NASDAQ:IHRT) Shares Down 6.1% - Here's Why

Key Points

• iHeartMedia shares fell 6.1% in midday trading, touching a low of $3.80 after closing at $4.02 the previous session. Trading volume was well below average, with 291,185 shares changing hands versus the typical 998,851.
• Analysts remain cautious on the stock: Bank of America cut its price target to $5.00 from $6.00 and kept a neutral rating, while MarketBeat data shows an overall “Reduce” consensus and an average target of $4.25.
• iHeartMedia’s latest earnings showed a larger-than-expected loss of $0.61 per share, though revenue of $884.2 million came in above estimates. The company also has a market cap of about $573.6 million and remains heavily owned by institutional investors.

Shares of iHeartMedia, Inc. (NASDAQ:IHRT - Get Free Report) dropped 6.1% during mid-day trading on Tuesday . The stock traded as low as $3.80 and last traded at $3.7730. 291,185 shares changed hands 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 equities analysts have commented on IHRT shares. Bank of America decreased their price objective on shares of iHeartMedia from $6.00 to $5.00 and set a "neutral" rating for the company in a report on Tuesday, July 7th. Weiss Ratings restated a "sell (d-)" rating on shares of iHeartMedia in a research report on Tuesday, April 21st. Two investment analysts have rated the stock with a Hold rating and two have issued a Sell rating to the company's stock. Based on data from MarketBeat, the company currently has a consensus rating of "Reduce" and an average price target of $4.25.

iHeartMedia Price Performance

The company has a market capitalization of $573.61 million, a P/E ratio of -2.06 and a beta of 2.19. The company has a fifty day moving average price of $4.43 and a 200 day moving average price of $3.88.

iHeartMedia (NASDAQ:IHRT - Get Free Report) last posted its quarterly earnings data on Monday, May 11th. The company reported ($0.61) earnings per share (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 the consensus estimate of $871.50 million. On average, equities research analysts predict that iHeartMedia, Inc. will post -0.06 earnings per share for the current fiscal year.

Institutional Trading of iHeartMedia

Several hedge funds and other institutional investors have recently bought and sold shares of IHRT. Foursixthree Capital LP increased its position in shares of iHeartMedia by 24.6% in the third quarter. Foursixthree Capital LP now owns 2,357,590 shares of the company's stock worth $6,766,000 after purchasing an additional 465,820 shares during the period. GSA Capital Partners LLP lifted its position in iHeartMedia by 513.5% during the fourth 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 during the fourth quarter worth about $5,283,000. Melqart Asset Management UK Ltd bought a new position in iHeartMedia in the 4th quarter valued at about $2,199,000. Finally, Wealth Enhancement Advisory Services LLC raised its position in shares of iHeartMedia by 20.0% in the 4th quarter. Wealth Enhancement Advisory Services LLC now owns 24,687 shares of the company's stock valued at $102,000 after buying an additional 4,118 shares in the last quarter. Institutional investors and hedge funds 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.

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