iHeartMedia, Inc. (NASDAQ:IHRT – Get Free Report) traded down 6.2% during mid-day trading on Tuesday following a weaker than expected earnings announcement. The company traded as low as $3.51 and last traded at $3.48. 176,842 shares traded hands during mid-day trading, a decline of 81% from the average daily volume of 939,803 shares. The stock had previously closed at $3.71.
The company reported ($0.41) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.28) by ($0.13). The firm had revenue of $977.24 million for the quarter, compared to analyst estimates of $970.15 million.
Analysts Set New Price Targets
A number of analysts have commented on IHRT shares. Bank of America dropped their price target on shares of iHeartMedia from $6.00 to $5.00 and set a “neutral” rating on the stock in a research report on Tuesday, July 7th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of iHeartMedia in a report on Friday, July 17th. Two equities research analysts have rated the stock with a Hold rating and two have issued a Sell rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of “Reduce” and a consensus target price of $4.25.
Hedge Funds Weigh In On iHeartMedia
A number of large investors have recently made changes to their positions in the business. Royal Bank of Canada grew its position in 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 purchasing an additional 3,378 shares in the last quarter. Xponance LLC purchased a new stake in iHeartMedia in the 4th quarter worth approximately $46,000. Captrust Financial Advisors acquired a new stake in shares of iHeartMedia during the 4th quarter valued at $47,000. Y Intercept Hong Kong Ltd acquired a new stake in shares of iHeartMedia during the 1st quarter valued at $36,000. Finally, Mercer Global Advisors Inc. ADV purchased a new position in shares of iHeartMedia during the 4th quarter valued at $52,000. Institutional investors and hedge funds own 93.89% of the company’s stock.
iHeartMedia Trading Down 8.6%
The firm has a market capitalization of $512.40 million, a PE ratio of -1.88 and a beta of 2.21. The firm’s fifty day moving average price is $3.92 and its 200 day moving average price is $3.83.
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.
Featured Stories
- Five stocks we like better than iHeartMedia
- Oklo’s Revenue Transition Gives Bulls a New Reason to Watch
- Rocket Lab’s Record Quarter Still Left Investors Waiting on Neutron
- AMD’s Helios Launch Could Create Winners Beyond AMD Stock
- Meta’s Muse Glimmer Release Reframes Its AI Spending Bet
Receive News & Ratings for iHeartMedia Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for iHeartMedia and related companies with MarketBeat.com's FREE daily email newsletter.
