iHeartMedia (NASDAQ:IHRT) Shares Down 6.2% After Earnings Miss

iHeartMedia, Inc. (NASDAQ:IHRT) shares were down 6.2% during mid-day trading on Tuesday following a weaker than expected earnings announcement. The stock traded as low as $3.51 and last traded at $3.48. Approximately 176,842 shares were traded during 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 for the quarter, missing the consensus estimate of ($0.28) by ($0.13). The business had revenue of $977.24 million during the quarter, compared to the consensus estimate of $970.15 million.

Analyst Ratings Changes

A number of equities analysts recently commented on the company. Bank of America dropped their price objective on iHeartMedia from $6.00 to $5.00 and set a “neutral” rating on the stock in a report on Tuesday, July 7th. Weiss Ratings reissued a “sell (d-)” rating on shares of iHeartMedia in a research report on Friday, July 17th. Two research analysts have rated the stock with a Hold rating and two have given a Sell rating to the company’s stock. According to data from MarketBeat, iHeartMedia currently has a consensus rating of “Reduce” and a consensus target price of $4.25.

Institutional Inflows and Outflows

A number of large investors have recently made changes to their positions in the stock. BNP Paribas Financial Markets lifted its position in 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 purchasing an additional 5,591 shares during the period. Y Intercept Hong Kong Ltd acquired a new position in shares of iHeartMedia in the 1st quarter worth approximately $36,000. Royal Bank of Canada increased its stake in shares of iHeartMedia by 67.7% in the fourth quarter. Royal Bank of Canada now owns 8,368 shares of the company’s stock valued at $36,000 after buying an additional 3,378 shares in the last quarter. CIBC Bancorp USA Inc. acquired a new stake in iHeartMedia in the 3rd quarter valued at about $36,000. Finally, Tower Research Capital LLC TRC increased its holdings in shares of iHeartMedia by 341.7% in the second quarter. Tower Research Capital LLC TRC now owns 24,342 shares of the company’s stock valued at $43,000 after purchasing an additional 18,831 shares in the last quarter. Institutional investors and hedge funds own 93.89% of the company’s stock.

iHeartMedia Trading Down 8.6%

The company has a market capitalization of $512.40 million, a price-to-earnings ratio of -1.88 and a beta of 2.21. The company has a 50 day moving average price of $3.92 and a 200 day moving average price of $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.