iHeartMedia (NASDAQ:IHRT) Stock Price Down 7.3% – What’s Next?

iHeartMedia, Inc. (NASDAQ:IHRT) was down 7.3% during mid-day trading on Friday. The company traded as low as $1.6150 and last traded at $1.64. 435,256 shares traded hands during mid-day trading, a decline of 45% from the average session volume of 787,884 shares. The stock had previously closed at $1.77.

Wall Street Analyst Weigh In

Several equities analysts have commented on the stock. Bank of America dropped their price target on shares of iHeartMedia from $6.00 to $5.00 and set a “neutral” rating for the company in a research note on Tuesday, July 7th. Weiss Ratings reissued a “sell (d-)” rating on shares of iHeartMedia in a research note on Thursday. One equities research analyst has rated the stock with a Hold rating and two have issued a Sell rating to the company’s stock. According to data from MarketBeat, the company currently has an average rating of “Sell” and an average target price of $4.25.

iHeartMedia Stock Performance

The company has a market cap of $253.86 million, a price-to-earnings ratio of -0.90 and a beta of 2.28. The company has a 50-day simple moving average of $2.50 and a 200-day simple moving average of $3.59.

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of the business. Douglas Lane & Associates LLC grew its holdings in iHeartMedia by 1.1% in the third quarter. Douglas Lane & Associates LLC now owns 3,811,866 shares of the company’s stock valued at $8,005,000 after purchasing an additional 42,787 shares during the period. Squarepoint Ops LLC acquired a new position in iHeartMedia during the second quarter worth approximately $199,000. Bank of New York Mellon Corp purchased a new position in iHeartMedia during the second quarter worth approximately $1,628,000. Bank of America Corp DE boosted its holdings in shares of iHeartMedia by 8.1% in the 1st quarter. Bank of America Corp DE now owns 251,950 shares of the company’s stock valued at $736,000 after purchasing an additional 18,869 shares during the last quarter. Finally, Whitebox Advisors LLC grew its stake in shares of iHeartMedia by 220.0% during the 1st quarter. Whitebox Advisors LLC now owns 400,000 shares of the company’s stock valued at $1,168,000 after buying an additional 275,000 shares during the period. 93.89% of the stock is currently owned by institutional investors and hedge funds.

About iHeartMedia

iHeartMedia, Inc is a U.S.-based audio media and entertainment company that operates broadcast radio stations, digital audio services, podcasts and audio advertising platforms. Its radio business reaches audiences across a broad range of music, news, talk, sports and entertainment programming, while its digital offerings extend that content beyond traditional terrestrial broadcasting.

The company operates the iHeartRadio platform, which provides live and on-demand radio, podcasts, music streaming, personalized stations and other digital audio content through mobile applications, connected devices and online channels.