Townsquare Media Inc. (NYSE:TSQ) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a research report issued to clients and investors on Thursday.
According to Zacks, “Townsquare Media, Inc. is a local media and entertainment company. It owns and operates radio, digital and live event properties in small to mid-sized markets across the country. Townsquare Media specializes in creating and distributing original entertainment, music and lifestyle content. Its assets include radio stations, local companion websites, and a streaming radio App called radioPup for iOS and Android, and live events. The Company owns FM and AM radio stations in markets in Colorado, Illinois, Indiana, Kentucky, Louisiana, Michigan, Minnesota, New York, and Texas. Townsquare Media, Inc. is based in United States. “
Separately, Jefferies Group dropped their target price on shares of Townsquare Media from $12.00 to $10.00 and set a “buy” rating for the company in a report on Friday, August 5th. One investment analyst has rated the stock with a sell rating, one has issued a hold rating and three have assigned a buy rating to the company. The stock has an average rating of “Hold” and a consensus target price of $12.00.
Shares of Townsquare Media (NYSE:TSQ) opened at 9.64 on Thursday. Townsquare Media has a one year low of $7.30 and a one year high of $12.05. The stock’s 50 day moving average price is $9.40 and its 200 day moving average price is $9.29. The stock has a market cap of $177.32 million, a price-to-earnings ratio of 13.71 and a beta of 1.70.
Townsquare Media (NYSE:TSQ) last posted its earnings results on Thursday, August 4th. The company reported $0.20 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $0.23 by $0.03. Townsquare Media had a net margin of 4.84% and a return on equity of 4.26%. The company earned $137.20 million during the quarter, compared to analyst estimates of $140.08 million. Analysts forecast that Townsquare Media will post $1.11 earnings per share for the current year.
In other Townsquare Media news, Chairman Steven Price purchased 50,000 shares of the company’s stock in a transaction on Tuesday, August 16th. The stock was acquired at an average price of $7.20 per share, for a total transaction of $360,000.00. Following the completion of the purchase, the chairman now directly owns 60,737 shares in the company, valued at approximately $437,306.40. The purchase was disclosed in a filing with the SEC, which is available through this link. 26.20% of the stock is currently owned by company insiders.
Several institutional investors have recently bought and sold shares of TSQ. BlackRock Institutional Trust Company N.A. increased its position in Townsquare Media by 1.8% in the first quarter. BlackRock Institutional Trust Company N.A. now owns 120,257 shares of the company’s stock valued at $1,348,000 after buying an additional 2,149 shares during the period. Spark Investment Management LLC acquired a new position in Townsquare Media during the first quarter valued at approximately $152,000. State Street Corp increased its position in Townsquare Media by 2.4% in the first quarter. State Street Corp now owns 85,463 shares of the company’s stock valued at $955,000 after buying an additional 2,036 shares during the period. Renaissance Technologies LLC acquired a new position in Townsquare Media during the first quarter valued at approximately $126,000. Finally, Skylands Capital LLC increased its position in Townsquare Media by 21.7% in the second quarter. Skylands Capital LLC now owns 142,600 shares of the company’s stock valued at $1,125,000 after buying an additional 25,400 shares during the period. Institutional investors and hedge funds own 68.71% of the company’s stock.
About Townsquare Media
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.
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