iHeartMedia, Inc. (NASDAQ:IHRT – Get Free Report) shares were down 5.6% on Friday . The company traded as low as $4.63 and last traded at $4.6050. Approximately 480,633 shares were traded during mid-day trading, a decline of 49% from the average daily volume of 939,270 shares. The stock had previously closed at $4.88.
Wall Street Analyst Weigh In
Separately, Weiss Ratings reissued 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 given a Sell rating to the company. According to MarketBeat, iHeartMedia has an average rating of “Reduce” and a consensus price target of $4.25.
View Our Latest Report on IHRT
iHeartMedia Stock Down 9.6%
iHeartMedia (NASDAQ:IHRT – Get Free Report) last announced its earnings results on Monday, May 11th. The company reported ($0.61) EPS for the quarter, missing analysts’ consensus estimates of ($0.49) by ($0.12). iHeartMedia had a negative net margin of 7.28% and a negative return on equity of 1.63%. The business had revenue of $884.20 million during the quarter, compared to analysts’ expectations of $871.50 million. On average, analysts anticipate that iHeartMedia, Inc. will post -0.06 earnings per share for the current year.
Insider Activity at iHeartMedia
In other iHeartMedia news, CEO Robert W. Pittman bought 16,349 shares of iHeartMedia stock in a transaction dated Monday, March 9th. The stock was acquired at an average cost of $2.97 per share, with a total value of $48,556.53. Following the completion of the acquisition, the chief executive officer owned 6,231,286 shares of the company’s stock, valued at approximately $18,506,919.42. This represents a 0.26% increase in their ownership of the stock. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders own 10.20% of the company’s stock.
Institutional Investors Weigh In On iHeartMedia
Institutional investors and hedge funds have recently made changes to their positions in the business. Mirae Asset Global Investments Co. Ltd. purchased a new stake in shares of iHeartMedia in the third quarter valued at about $25,000. BNP Paribas Financial Markets raised its holdings 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 valued at $33,000 after buying an additional 5,591 shares during the last quarter. Y Intercept Hong Kong Ltd acquired a new position in shares of iHeartMedia during the first quarter worth about $36,000. Royal Bank of Canada increased its stake 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 worth $36,000 after acquiring an additional 3,378 shares during the period. Finally, CIBC Bancorp USA Inc. acquired a new position in shares of iHeartMedia during the third quarter worth about $36,000. 93.89% of the stock is owned by hedge funds and other institutional investors.
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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