iHeartMedia, Inc. (NASDAQ:IHRT – Get Free Report) shares saw unusually-high trading volume on Tuesday . Approximately 693,119 shares were traded during mid-day trading, a decline of 22% from the previous session’s volume of 883,771 shares.The stock last traded at $4.7890 and had previously closed at $5.49.
Wall Street Analyst Weigh In
Separately, Weiss Ratings reiterated a “sell (d-)” rating on shares of iHeartMedia in a research note on Tuesday, April 21st. Two research analysts have rated the stock with a Hold rating and two have assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, the company presently has an average rating of “Reduce” and an average price target of $4.25.
Get Our Latest Stock Analysis on iHeartMedia
iHeartMedia Price Performance
iHeartMedia (NASDAQ:IHRT – Get Free Report) last posted its quarterly earnings data on Monday, May 11th. The company reported ($0.61) earnings per share for the quarter, missing the consensus estimate of ($0.49) by ($0.12). iHeartMedia had a negative net margin of 12.24% and a negative return on equity of 1.63%. The business had revenue of $884.20 million for the quarter, compared to the consensus estimate of $871.50 million.
Insider Activity at iHeartMedia
In related news, CEO Robert W. Pittman acquired 16,349 shares of the business’s stock in a transaction dated Monday, March 9th. The stock was bought at an average price of $2.97 per share, for a total transaction of $48,556.53. Following the transaction, the chief executive officer owned 6,231,286 shares of the company’s stock, valued at approximately $18,506,919.42. The trade was a 0.26% increase in their ownership of the stock. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Company insiders own 10.20% of the company’s stock.
Institutional Trading of iHeartMedia
Institutional investors and hedge funds have recently bought and sold shares of the stock. Mirae Asset Global Investments Co. Ltd. purchased a new stake in iHeartMedia during the third quarter valued at about $25,000. BNP Paribas Financial Markets increased its position in shares of iHeartMedia by 42.8% in the second quarter. BNP Paribas Financial Markets now owns 18,655 shares of the company’s stock worth $33,000 after acquiring an additional 5,591 shares in the last quarter. Y Intercept Hong Kong Ltd acquired a new stake in shares of iHeartMedia during the first quarter valued at approximately $36,000. Royal Bank of Canada raised its holdings in shares of iHeartMedia by 67.7% during the fourth quarter. Royal Bank of Canada now owns 8,368 shares of the company’s stock valued at $36,000 after acquiring an additional 3,378 shares during the period. Finally, CIBC Bancorp USA Inc. purchased a new stake in shares of iHeartMedia in the 3rd quarter valued at approximately $36,000. 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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