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

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

Wall Street Analysts Forecast Growth

A number of equities research analysts recently weighed in on IHRT shares. Weiss Ratings restated a “sell (d-)” rating on shares of iHeartMedia in a research report on Thursday. The Goldman Sachs Group lowered 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 research note on Friday, January 9th. Finally, Bank of America upped their price objective on iHeartMedia from $3.00 to $5.00 and gave the company a “neutral” rating in a research note on Thursday, November 13th. One equities research analyst has rated the stock with a Buy rating, two have issued a Hold rating and two have given a Sell rating to the stock. According to MarketBeat, iHeartMedia currently has an average rating of “Reduce” and a consensus price target of $4.33.

iHeartMedia Trading Down 5.5%

The business has a 50-day simple moving average of $4.07 and a 200 day simple moving average of $3.13. The stock has a market cap of $546.58 million, a P/E ratio of -1.41, a price-to-earnings-growth ratio of 0.31 and a beta of 1.67.

iHeartMedia (NASDAQ:IHRT) last issued its quarterly earnings data 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. iHeartMedia had a negative return on equity of 1.63% and a negative net margin of 10.37%.The company had revenue of $997.01 million during the quarter, compared to the consensus estimate of $1.07 billion. As a group, equities analysts expect that iHeartMedia, Inc. will post -0.13 earnings per share for the current year.

Institutional Investors Weigh In On iHeartMedia

A number of institutional investors have recently modified their holdings of the company. Wealth Enhancement Advisory Services LLC raised its stake in iHeartMedia by 20.0% during the fourth quarter. Wealth Enhancement Advisory Services LLC now owns 24,687 shares of the company’s stock worth $102,000 after buying an additional 4,118 shares during the last quarter. CIBC Bancorp USA Inc. acquired a new stake in iHeartMedia during the 3rd quarter worth about $36,000. Sona Asset Management US LLC bought a new position in shares of iHeartMedia in the 3rd quarter worth about $167,000. Quarry LP bought a new position in shares of iHeartMedia in the 3rd quarter worth about $221,000. Finally, Nomura Holdings Inc. lifted its stake in shares of iHeartMedia by 54.2% in the 3rd quarter. Nomura Holdings Inc. now owns 39,666 shares of the company’s stock valued at $114,000 after purchasing an additional 13,937 shares during the period. 93.89% of the stock is owned by institutional investors.

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.