iHeartMedia, Inc. (NASDAQ:IHRT – Get Rating)’s share price traded up 9.9% during trading on Monday after B. Riley raised their price target on the stock from $22.00 to $23.00. B. Riley currently has a buy rating on the stock. iHeartMedia traded as high as $8.54 and last traded at $8.54. 21,325 shares were traded during mid-day trading, a decline of 97% from the average session volume of 808,194 shares. The stock had previously closed at $7.77.
Several other equities analysts have also issued reports on IHRT. Wells Fargo & Company lowered iHeartMedia from an “overweight” rating to an “equal weight” rating and dropped their price objective for the stock from $23.00 to $9.00 in a report on Friday, July 8th. Bank of America downgraded iHeartMedia from a “buy” rating to a “neutral” rating and dropped their price target for the stock from $30.00 to $10.00 in a research note on Friday, June 24th. The Goldman Sachs Group cut iHeartMedia from a “buy” rating to a “neutral” rating and reduced their price objective for the company from $15.00 to $9.00 in a research note on Wednesday, August 10th. TheStreet lowered shares of iHeartMedia from a “c-” rating to a “d+” rating in a research report on Tuesday, July 26th. Finally, Morgan Stanley reduced their price target on shares of iHeartMedia from $10.00 to $8.00 and set an “underweight” rating for the company in a research report on Friday. One research analyst has rated the stock with a sell rating, four have issued a hold rating and one has given a buy rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Hold” and an average price target of $13.00.
Insider Activity
In related news, CEO Robert W. Pittman purchased 54,112 shares of the firm’s stock in a transaction that occurred on Wednesday, August 10th. The stock was purchased at an average cost of $9.31 per share, with a total value of $503,782.72. Following the completion of the acquisition, the chief executive officer now directly owns 1,774,633 shares in the company, valued at $16,521,833.23. The acquisition was disclosed in a document filed with the SEC, which is accessible through this link. Corporate insiders own 2.90% of the company’s stock.
Institutional Investors Weigh In On iHeartMedia
A number of hedge funds have recently added to or reduced their stakes in IHRT. Douglas Lane & Associates LLC raised its stake in shares of iHeartMedia by 24.4% during the 1st quarter. Douglas Lane & Associates LLC now owns 2,322,129 shares of the company’s stock worth $43,958,000 after buying an additional 455,001 shares in the last quarter. Bailard Inc. purchased a new position in iHeartMedia in the first quarter worth $445,000. Counterpoint Mutual Funds LLC lifted its holdings in iHeartMedia by 242.3% in the first quarter. Counterpoint Mutual Funds LLC now owns 4,590 shares of the company’s stock valued at $87,000 after acquiring an additional 3,249 shares during the period. Hohimer Wealth Management LLC boosted its position in shares of iHeartMedia by 5.3% during the 1st quarter. Hohimer Wealth Management LLC now owns 97,014 shares of the company’s stock worth $1,836,000 after purchasing an additional 4,873 shares in the last quarter. Finally, Victory Capital Management Inc. grew its stake in shares of iHeartMedia by 35.6% during the 1st quarter. Victory Capital Management Inc. now owns 61,520 shares of the company’s stock worth $984,000 after purchasing an additional 16,140 shares during the period. Institutional investors and hedge funds own 73.33% of the company’s stock.
iHeartMedia Price Performance
The company has a debt-to-equity ratio of 6.30, a quick ratio of 1.81 and a current ratio of 1.81. The stock’s fifty day moving average price is $8.98 and its 200-day moving average price is $10.86. The firm has a market cap of $1.21 billion, a PE ratio of 15.35, a P/E/G ratio of 1.60 and a beta of 1.63.
iHeartMedia (NASDAQ:IHRT – Get Rating) last issued its earnings results on Thursday, August 4th. The company reported $0.10 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.08 by $0.02. iHeartMedia had a net margin of 2.13% and a return on equity of 10.61%. The company had revenue of $954.01 million during the quarter, compared to analysts’ expectations of $952.24 million. As a group, equities analysts forecast that iHeartMedia, Inc. will post 0.7 EPS for the current fiscal year.
iHeartMedia Company Profile
iHeartMedia, Inc operates as a media and entertainment company worldwide. It operates through three segments: Multiplatform Group, Digital Audio Group, and Audio & Media Services Group. The Multiplatform Group segment offers broadcast radio stations, sponsorship, and live and virtual events; and operates Premiere Networks, a national radio network that produces, distributes, or represents approximately 120 syndicated radio programs and services to approximately 6,400 radio station affiliates.