iHeartMedia, Inc. (NASDAQ:IHRT – Get Rating)’s share price hit a new 52-week low on Friday after Morgan Stanley lowered their price target on the stock from $8.00 to $5.00. Morgan Stanley currently has an underweight rating on the stock. iHeartMedia traded as low as $4.38 and last traded at $4.40, with a volume of 362129 shares. The stock had previously closed at $4.74.
IHRT has been the subject of several other reports. JPMorgan Chase & Co. cut shares of iHeartMedia from a “neutral” rating to an “underweight” rating and decreased their price objective for the stock from $10.00 to $5.00 in a research report on Wednesday, March 1st. B. Riley lowered their price objective on iHeartMedia from $22.00 to $16.00 in a research report on Wednesday, March 1st. Barrington Research cut iHeartMedia from an “outperform” rating to a “market perform” rating in a research note on Wednesday, March 1st. Finally, Wells Fargo & Company dropped their price target on iHeartMedia from $10.00 to $8.00 and set an “equal weight” rating on the stock in a research note on Wednesday, March 1st. Two investment analysts have rated the stock with a sell rating, four have issued a hold rating and one has issued a buy rating to the stock. According to MarketBeat, iHeartMedia has a consensus rating of “Hold” and a consensus price target of $9.43.
Insider Activity
In other news, insider Richard J. Bressler bought 94,518 shares of the business’s stock in a transaction that occurred on Friday, March 3rd. The shares were bought at an average cost of $5.53 per share, for a total transaction of $522,684.54. Following the acquisition, the insider now directly owns 1,606,178 shares in the company, valued at $8,882,164.34. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. In related news, CFO Michael B. Mcguinness bought 17,500 shares of the business’s stock in a transaction that occurred on Tuesday, March 7th. The shares were bought at an average price of $5.45 per share, with a total value of $95,375.00. Following the completion of the transaction, the chief financial officer now directly owns 138,535 shares in the company, valued at $755,015.75. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Richard J. Bressler purchased 94,518 shares of the stock in a transaction that occurred on Friday, March 3rd. The stock was bought at an average cost of $5.53 per share, with a total value of $522,684.54. Following the completion of the transaction, the insider now directly owns 1,606,178 shares in the company, valued at approximately $8,882,164.34. The disclosure for this purchase can be found here. Insiders bought a total of 122,018 shares of company stock worth $668,060 over the last quarter. 2.90% of the stock is currently owned by corporate insiders.
Institutional Trading of iHeartMedia
Several institutional investors have recently made changes to their positions in IHRT. Arizona State Retirement System grew its position in iHeartMedia by 4.3% in the 4th quarter. Arizona State Retirement System now owns 32,583 shares of the company’s stock worth $200,000 after purchasing an additional 1,350 shares in the last quarter. Mackenzie Financial Corp boosted its position in iHeartMedia by 3.9% in the second quarter. Mackenzie Financial Corp now owns 37,129 shares of the company’s stock worth $293,000 after purchasing an additional 1,398 shares during the last quarter. State Board of Administration of Florida Retirement System grew its stake in iHeartMedia by 6.9% in the 4th quarter. State Board of Administration of Florida Retirement System now owns 24,377 shares of the company’s stock valued at $149,000 after purchasing an additional 1,570 shares during the period. Great West Life Assurance Co. Can increased its position in shares of iHeartMedia by 19.7% during the 1st quarter. Great West Life Assurance Co. Can now owns 10,175 shares of the company’s stock valued at $204,000 after purchasing an additional 1,676 shares during the last quarter. Finally, Price T Rowe Associates Inc. MD raised its stake in shares of iHeartMedia by 2.6% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 68,599 shares of the company’s stock worth $421,000 after purchasing an additional 1,741 shares during the period. Institutional investors own 72.30% of the company’s stock.
iHeartMedia Stock Performance
The company’s 50-day moving average is $6.94 and its two-hundred day moving average is $7.64. The company has a quick ratio of 1.77, a current ratio of 1.77 and a debt-to-equity ratio of 7.91. The company has a market cap of $630.34 million, a P/E ratio of -2.66 and a beta of 1.74.
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.