iHeartMedia (NASDAQ:IHRT) Sees Large Volume Increase – Still a Buy?

iHeartMedia, Inc. (NASDAQ:IHRT) saw strong trading volume on Wednesday . 1,378,707 shares were traded during mid-day trading, an increase of 52% from the previous session’s volume of 908,719 shares.The stock last traded at $4.4040 and had previously closed at $3.99.

Wall Street Analysts Forecast Growth

IHRT has been the subject of a number of recent research reports. Weiss Ratings reiterated a “sell (d-)” rating on shares of iHeartMedia in a research note on Wednesday, October 8th. Zacks Research upgraded iHeartMedia from a “strong sell” rating to a “hold” rating in a report on Friday, August 15th. Finally, Wall Street Zen raised shares of iHeartMedia from a “sell” rating to a “hold” rating in a research report on Sunday, August 17th. One equities research analyst has rated the stock with a Buy rating, four have assigned a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat, iHeartMedia currently has an average rating of “Hold” and a consensus target price of $2.92.

iHeartMedia Stock Down 1.5%

The business’s 50 day moving average is $2.93 and its 200-day moving average is $2.11. The firm has a market cap of $695.16 million, a P/E ratio of -1.91 and a beta of 1.94.

iHeartMedia (NASDAQ:IHRT) last posted its quarterly earnings data on Monday, August 11th. The company reported ($0.54) EPS for the quarter, missing analysts’ consensus estimates of ($0.28) by ($0.26). The business had revenue of $933.65 million for the quarter, compared to analysts’ expectations of $912.35 million. As a group, equities analysts predict that iHeartMedia, Inc. will post -0.13 earnings per share for the current year.

Insiders Place Their Bets

In other news, CEO Robert W. Pittman acquired 117,371 shares of the business’s stock in a transaction on Thursday, August 14th. The shares were purchased at an average price of $2.19 per share, for a total transaction of $257,042.49. Following the completion of the purchase, the chief executive officer directly owned 4,558,760 shares of the company’s stock, valued at $9,983,684.40. This represents a 2.64% increase in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. 8.50% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On iHeartMedia

Several large investors have recently added to or reduced their stakes in IHRT. Mirae Asset Global Investments Co. Ltd. acquired a new position in shares of iHeartMedia during the third quarter valued at $25,000. US Bancorp DE lifted its position in iHeartMedia by 224.0% in the 1st quarter. US Bancorp DE now owns 16,402 shares of the company’s stock valued at $27,000 after purchasing an additional 11,339 shares during the last quarter. BNP Paribas Financial Markets boosted its stake in iHeartMedia by 42.8% during the 2nd quarter. BNP Paribas Financial Markets now owns 18,655 shares of the company’s stock valued at $33,000 after purchasing an additional 5,591 shares during the period. SG Americas Securities LLC bought a new position in iHeartMedia in the 3rd quarter worth about $55,000. Finally, Connor Clark & Lunn Investment Management Ltd. bought a new position in iHeartMedia in the 1st quarter worth about $32,000. 93.89% of the stock is owned by institutional investors and hedge funds.

About iHeartMedia

iHeartMedia, Inc operates as an audio media company in the United States and internationally. 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 events, and live and virtual events; and operates Premiere Networks, a national radio network that produces, distributes, or represents syndicated radio programs and services to radio station affiliates.