iHeartMedia, Inc. (NASDAQ:IHRT – Get Rating) reached a new 52-week low during mid-day trading on Friday after B. Riley lowered their price target on the stock from $40.00 to $36.00. The stock traded as low as $14.35 and last traded at $14.36, with a volume of 3702 shares. The stock had previously closed at $16.02.
Separately, Zacks Investment Research downgraded shares of iHeartMedia from a “buy” rating to a “hold” rating in a report on Friday, January 14th. Two analysts have rated the stock with a hold rating and four have given a buy rating to the company’s stock. According to MarketBeat, the stock presently has a consensus rating of “Buy” and an average price target of $29.83.
In related news, major shareholder Media & Entertainment I. Global purchased 17,342 shares of iHeartMedia stock in a transaction on Wednesday, April 27th. The stock was purchased at an average cost of $15.58 per share, with a total value of $270,188.36. Following the acquisition, the insider now directly owns 14,349,342 shares in the company, valued at $223,562,748.36. The acquisition was disclosed in a legal filing with the SEC, which is available at this link. Also, major shareholder Media & Entertainment I. Global acquired 619,937 shares of the company’s stock in a transaction dated Monday, April 25th. The stock was acquired at an average price of $17.74 per share, with a total value of $10,997,682.38. Following the purchase, the insider now owns 14,027,075 shares in the company, valued at approximately $248,840,310.50. The disclosure for this purchase can be found here. Over the last three months, insiders acquired 1,824,576 shares of company stock valued at $31,670,077. Insiders own 2.90% of the company’s stock.
Hedge funds have recently made changes to their positions in the company. Counterpoint Mutual Funds LLC raised its stake in shares of iHeartMedia by 63.7% in the 4th quarter. Counterpoint Mutual Funds LLC now owns 1,341 shares of the company’s stock valued at $28,000 after buying an additional 522 shares in the last quarter. Northwestern Mutual Wealth Management Co. acquired a new position in shares of iHeartMedia in the 4th quarter valued at $50,000. Pinebridge Investments L.P. acquired a new position in shares of iHeartMedia in the 3rd quarter valued at $53,000. O Shaughnessy Asset Management LLC raised its stake in shares of iHeartMedia by 11,084.6% in the 3rd quarter. O Shaughnessy Asset Management LLC now owns 2,908 shares of the company’s stock valued at $73,000 after buying an additional 2,882 shares in the last quarter. Finally, Point72 Hong Kong Ltd acquired a new position in shares of iHeartMedia in the 3rd quarter valued at $96,000. Institutional investors own 80.20% of the company’s stock.
The firm has a market cap of $1.99 billion, a price-to-earnings ratio of -12.84, a PEG ratio of 1.47 and a beta of 1.73. The business’s 50-day moving average is $18.80 and its 200-day moving average is $19.93.
iHeartMedia (NASDAQ:IHRT – Get Rating) last posted its quarterly earnings data on Wednesday, February 23rd. The company reported $0.76 earnings per share for the quarter, topping the consensus estimate of $0.54 by $0.22. The firm had revenue of $1.06 billion for the quarter, compared to analyst estimates of $1.04 billion. Analysts predict that iHeartMedia, Inc. will post 1.59 earnings per share for the current fiscal year.
About iHeartMedia (NASDAQ:IHRT)
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.
