Insider Buying: iHeartMedia, Inc. (NASDAQ:IHRT) CEO Purchases 200,000 Shares of Stock

iHeartMedia, Inc. (NASDAQ:IHRT) CEO Robert W. Pittman purchased 200,000 shares of the business’s stock in a transaction dated Thursday, May 15th. The stock was bought at an average price of $1.22 per share, for a total transaction of $244,000.00. Following the completion of the acquisition, the chief executive officer now directly owns 4,441,389 shares in the company, valued at approximately $5,418,494.58. This trade represents a 4.72% increase in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink.

iHeartMedia Price Performance

Shares of NASDAQ IHRT traded up $0.03 during midday trading on Monday, hitting $1.27. The company’s stock had a trading volume of 252,375 shares, compared to its average volume of 786,917. The firm has a market capitalization of $187.51 million, a price-to-earnings ratio of -0.19 and a beta of 1.72. The business’s fifty day simple moving average is $1.29 and its two-hundred day simple moving average is $1.86. iHeartMedia, Inc. has a 1 year low of $0.81 and a 1 year high of $2.84.

iHeartMedia (NASDAQ:IHRT) last issued its earnings results on Monday, May 12th. The company reported ($0.63) EPS for the quarter, missing analysts’ consensus estimates of ($0.47) by ($0.16). The company had revenue of $807.10 million for the quarter, compared to analysts’ expectations of $790.17 million. Analysts anticipate that iHeartMedia, Inc. will post -0.13 EPS for the current fiscal year.

Hedge Funds Weigh In On iHeartMedia

Several institutional investors have recently bought and sold shares of the company. Mariner LLC increased its holdings in iHeartMedia by 4.5% in the fourth quarter. Mariner LLC now owns 122,374 shares of the company’s stock valued at $242,000 after buying an additional 5,269 shares in the last quarter. SG Americas Securities LLC lifted its position in iHeartMedia by 26.6% during the fourth quarter. SG Americas Securities LLC now owns 45,648 shares of the company’s stock worth $90,000 after buying an additional 9,592 shares during the period. ProShare Advisors LLC grew its holdings in iHeartMedia by 51.5% in the fourth quarter. ProShare Advisors LLC now owns 29,588 shares of the company’s stock valued at $59,000 after purchasing an additional 10,061 shares during the period. US Bancorp DE increased its holdings in shares of iHeartMedia by 224.0% during the 1st quarter. US Bancorp DE now owns 16,402 shares of the company’s stock worth $27,000 after buying an additional 11,339 shares during the last quarter. Finally, Bank of New York Mellon Corp grew its holdings in shares of iHeartMedia by 4.6% during the 1st quarter. Bank of New York Mellon Corp now owns 305,760 shares of the company’s stock worth $505,000 after purchasing an additional 13,414 shares during the period. 93.89% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several analysts have commented on IHRT shares. The Goldman Sachs Group lifted their price objective on shares of iHeartMedia from $1.00 to $1.25 and gave the company a “neutral” rating in a research note on Wednesday, May 14th. Guggenheim decreased their target price on shares of iHeartMedia from $5.00 to $4.50 and set a “buy” rating for the company in a research report on Monday, March 10th.

iHeartMedia Company Profile

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.