NEW YORK (TheStreet) -- AirMedia Group (AMCN) continued its plunge on Friday as the company, which specializes in outdoor advertising, continued to suffer from its annual earnings report released earlier in the week.
The company reported a 5% decline for the year ended in December. AirMedia reported sales of $272.3 million, which was short of analysts' estimates by $360,000, according to surveys by Thomson Reuters. Adjusted net loss was 14 cents a share, which was wider than analysts's expectations of 13 cents a share.
The stock was down 11.68% to $2.15 at 2:32 p.m. on Friday.
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TheStreet Ratings team rates AIRMEDIA GROUP INC -ADS as a "hold" with a ratings score of C. TheStreet Ratings Team has this to say about their recommendation:
"We rate AIRMEDIA GROUP INC -ADS (AMCN) a HOLD. The primary factors that have impacted our rating are mixed - some indicating strength, some showing weaknesses, with little evidence to justify the expectation of either a positive or negative performance for this stock relative to most other stocks. The company's strengths can be seen in multiple areas, such as its solid stock price performance, largely solid financial position with reasonable debt levels by most measures and notable return on equity. However, as a counter to these strengths, we also find weaknesses including unimpressive growth in net income and poor profit margins."