iHeartMedia, Inc. (NASDAQ:IHRT – Get Rating) was the recipient of a large decrease in short interest during the month of October. As of October 31st, there was short interest totalling 5,290,000 shares, a decrease of 12.1% from the October 15th total of 6,020,000 shares. Based on an average daily volume of 787,700 shares, the short-interest ratio is presently 6.7 days.
Analyst Upgrades and Downgrades
IHRT has been the subject of a number of recent analyst reports. Barrington Research cut their price objective on iHeartMedia to $13.00 in a research report on Tuesday. The Goldman Sachs Group cut shares of iHeartMedia from a “buy” rating to a “neutral” rating and cut their target price for the stock from $15.00 to $9.00 in a research note on Wednesday, August 10th. Morgan Stanley decreased their price target on shares of iHeartMedia from $10.00 to $8.00 and set an “underweight” rating on the stock in a research note on Friday, October 14th. B. Riley lifted their price objective on iHeartMedia from $22.00 to $23.00 and gave the stock a “buy” rating in a report on Friday, October 14th. Finally, TheStreet cut iHeartMedia from a “c-” rating to a “d+” rating in a report on Tuesday, July 26th. One equities research analyst has rated the stock with a sell rating, four have assigned a hold rating and two have assigned a buy rating to the stock. Based on data from MarketBeat, iHeartMedia has an average rating of “Hold” and a consensus target price of $13.00.
iHeartMedia Price Performance
Shares of iHeartMedia stock traded down $0.74 on Wednesday, hitting $7.97. 754,606 shares of the company were exchanged, compared to its average volume of 824,158. The stock has a market capitalization of $1.14 billion, a price-to-earnings ratio of -5.11 and a beta of 1.64. The company has a 50-day moving average price of $8.48 and a 200 day moving average price of $9.26. iHeartMedia has a 1-year low of $6.43 and a 1-year high of $23.43. The company has a quick ratio of 1.90, a current ratio of 1.90 and a debt-to-equity ratio of 9.37.
Insider Activity
In other news, CEO Robert W. Pittman purchased 14,144 shares of the stock in a transaction on Thursday, November 10th. The stock was bought at an average price of $7.22 per share, with a total value of $102,119.68. Following the transaction, the chief executive officer now owns 1,788,777 shares in the company, valued at approximately $12,914,969.94. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Company insiders own 2.90% of the company’s stock.
Institutional Inflows and Outflows
Large investors have recently added to or reduced their stakes in the business. Hohimer Wealth Management LLC increased 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 during the last quarter. Victory Capital Management Inc. increased its position in shares of iHeartMedia by 35.6% during the first quarter. Victory Capital Management Inc. now owns 61,520 shares of the company’s stock valued at $984,000 after acquiring an additional 16,140 shares during the last quarter. Russell Investments Group Ltd. raised its stake in shares of iHeartMedia by 51.3% in the 1st quarter. Russell Investments Group Ltd. now owns 29,981 shares of the company’s stock valued at $566,000 after acquiring an additional 10,167 shares during the period. New York State Common Retirement Fund lifted its holdings in shares of iHeartMedia by 370.8% in the 1st quarter. New York State Common Retirement Fund now owns 380,053 shares of the company’s stock worth $7,194,000 after acquiring an additional 299,327 shares during the last quarter. Finally, Los Angeles Capital Management LLC boosted its position in shares of iHeartMedia by 38.1% during the 1st quarter. Los Angeles Capital Management LLC now owns 37,088 shares of the company’s stock worth $702,000 after purchasing an additional 10,240 shares during the period. 73.33% of the stock is currently owned by institutional investors and hedge funds.
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.