iHeartMedia (NASDAQ:IHRT) Stock Price Down 4.8% – Time to Sell?

iHeartMedia, Inc. (NASDAQ:IHRT) dropped 4.8% during mid-day trading on Friday . The company traded as low as $3.68 and last traded at $3.6650. Approximately 30,785 shares traded hands during trading, a decline of 94% from the average daily volume of 497,982 shares. The stock had previously closed at $3.85.

Wall Street Analyst Weigh In

IHRT has been the subject of a number of recent analyst reports. Weiss Ratings restated a “sell (d-)” rating on shares of iHeartMedia in a research note on Wednesday, October 8th. Bank of America raised their price target on shares of iHeartMedia from $3.00 to $5.00 and gave the stock a “neutral” rating in a research report on Thursday, November 13th. Finally, The Goldman Sachs Group cut shares of iHeartMedia from a “neutral” rating to a “sell” rating and cut their price target for the company from $4.00 to $3.50 in a report on Friday, January 9th. One analyst has rated the stock with a Buy rating, two have assigned a Hold rating and two have assigned a Sell rating to the company’s stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Reduce” and an average target price of $4.33.

iHeartMedia Trading Down 4.8%

The company has a 50-day moving average of $4.07 and a 200-day moving average of $3.11. The firm has a market capitalization of $550.34 million, a price-to-earnings ratio of -1.42, a price-to-earnings-growth ratio of 0.32 and a beta of 1.67.

iHeartMedia (NASDAQ:IHRT) last issued its earnings results on Monday, November 10th. The company reported $0.63 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.01) by $0.64. The firm had revenue of $997.01 million for the quarter, compared to analysts’ expectations of $1.07 billion. iHeartMedia had a negative net margin of 10.37% and a negative return on equity of 1.63%. On average, research analysts forecast that iHeartMedia, Inc. will post -0.13 earnings per share for the current year.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of IHRT. Mirae Asset Global Investments Co. Ltd. purchased a new stake in iHeartMedia in the 3rd quarter worth about $25,000. CIBC Bancorp USA Inc. acquired a new position in shares of iHeartMedia in the 3rd quarter valued at about $36,000. Russell Investments Group Ltd. lifted its position in shares of iHeartMedia by 757.0% in the third quarter. Russell Investments Group Ltd. now owns 15,923 shares of the company’s stock worth $46,000 after purchasing an additional 14,065 shares in the last quarter. BNP Paribas Financial Markets boosted its holdings in shares of iHeartMedia by 42.8% during the second quarter. BNP Paribas Financial Markets now owns 18,655 shares of the company’s stock worth $33,000 after purchasing an additional 5,591 shares during the period. Finally, SG Americas Securities LLC acquired a new stake in shares of iHeartMedia during the third quarter worth approximately $55,000. 93.89% of the stock is owned by institutional investors and hedge funds.

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.