Shares of Townsquare Media Inc. (NYSE:TSQ) dropped 5.1% on Thursday . The stock traded as low as $9.22 and last traded at $9.25, with a volume of 69,319 shares changing hands. The stock had previously closed at $9.75.

TSQ has been the subject of several research reports. Zacks Investment Research raised Townsquare Media from a “sell” rating to a “hold” rating in a report on Tuesday, August 9th. Macquarie downgraded Townsquare Media from an “outperform” rating to a “neutral” rating and reduced their target price for the company from $12.00 to $9.00 in a report on Monday, May 23rd. Finally, Jefferies Group reduced their target price on Townsquare Media from $12.00 to $10.00 and set a “buy” rating for the company in a report on Friday, August 5th. Two investment analysts have rated the stock with a hold rating and three have given a buy rating to the company. The stock presently has an average rating of “Buy” and a consensus price target of $12.00.

The company’s 50 day moving average is $8.70 and its 200-day moving average is $9.48. The company has a market capitalization of $171.25 million and a PE ratio of 13.24.

Townsquare Media (NYSE:TSQ) last released its quarterly earnings data on Thursday, August 4th. The company reported $0.20 EPS for the quarter, missing the consensus estimate of $0.23 by $0.03. The business earned $137.20 million during the quarter, compared to the consensus estimate of $140.08 million. On average, analysts predict that Townsquare Media Inc. will post $1.11 earnings per share for the current year.

In related news, Chairman Steven Price acquired 50,000 shares of the business’s stock in a transaction on Tuesday, August 16th. The shares were bought at an average cost of $7.20 per share, with a total value of $360,000.00. Following the completion of the transaction, the chairman now directly owns 60,737 shares of the company’s stock, valued at approximately $437,306.40. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink.

Townsquare Media, Inc is a media, entertainment and digital marketing solutions company principally focused on small and mid-sized markets across the United States. The Company operates through two segments: Local Advertising and Live Events. The Company’s Local Advertising segment offers broadcast, digital and mobile advertising within its local markets.