Shares of iHeartMedia, Inc. (NASDAQ:IHRT – Get Free Report) traded up 9.6% during mid-day trading on Monday . The company traded as high as $5.12 and last traded at $5.24. 369,625 shares were traded during trading, a decline of 60% from the average session volume of 921,436 shares. The stock had previously closed at $4.78.
Analyst Upgrades and Downgrades
Separately, Weiss Ratings reaffirmed a “sell (d-)” rating on shares of iHeartMedia in a research note on Tuesday, April 21st. Two research analysts have rated the stock with a Hold rating and two have assigned a Sell rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of “Reduce” and a consensus price target of $4.25.
Check Out Our Latest Analysis on IHRT
iHeartMedia Trading Up 10.4%
iHeartMedia (NASDAQ:IHRT – Get Free Report) last posted its quarterly earnings results on Monday, May 11th. The company reported ($0.61) EPS for the quarter, missing the consensus estimate of ($0.49) by ($0.12). iHeartMedia had a negative return on equity of 1.63% and a negative net margin of 7.28%.The company had revenue of $884.20 million for the quarter, compared to analyst estimates of $871.50 million. On average, analysts anticipate that iHeartMedia, Inc. will post -0.06 EPS for the current year.
Insider Activity
In related news, CEO Robert W. Pittman purchased 16,349 shares of the stock in a transaction dated Monday, March 9th. The shares were acquired at an average cost of $2.97 per share, for a total transaction of $48,556.53. Following the acquisition, the chief executive officer directly owned 6,231,286 shares in the company, valued at approximately $18,506,919.42. The trade was a 0.26% increase in their position. The purchase was disclosed in a document filed with the SEC, which can be accessed through the SEC website. 10.20% of the stock is owned by company insiders.
Institutional Inflows and Outflows
Several hedge funds have recently bought and sold shares of IHRT. Royal Bank of Canada raised its stake in shares of iHeartMedia by 67.7% during the 4th quarter. Royal Bank of Canada now owns 8,368 shares of the company’s stock worth $36,000 after purchasing an additional 3,378 shares in the last quarter. Wealth Enhancement Advisory Services LLC grew its stake in shares of iHeartMedia by 20.0% in the 4th quarter. Wealth Enhancement Advisory Services LLC now owns 24,687 shares of the company’s stock valued at $102,000 after buying an additional 4,118 shares in the last quarter. Rhumbline Advisers grew its stake in shares of iHeartMedia by 2.7% in the 3rd quarter. Rhumbline Advisers now owns 172,609 shares of the company’s stock valued at $495,000 after buying an additional 4,603 shares in the last quarter. BNP Paribas Financial Markets increased its holdings in iHeartMedia by 42.8% in the second quarter. BNP Paribas Financial Markets now owns 18,655 shares of the company’s stock worth $33,000 after buying an additional 5,591 shares during the last quarter. Finally, The Manufacturers Life Insurance Company raised its position in iHeartMedia by 15.0% during the second quarter. The Manufacturers Life Insurance Company now owns 43,613 shares of the company’s stock valued at $77,000 after acquiring an additional 5,684 shares in the last quarter. 93.89% of the stock is owned by institutional investors and hedge funds.
About iHeartMedia
iHeartMedia, Inc (NASDAQ: IHRT) is a leading media and entertainment company specializing in radio broadcasting, digital streaming and live events. The company operates more than 860 full-power AM and FM radio stations across the United States, delivering music, news, sports and talk programming to local markets. Through its flagship digital platform, iHeartRadio, the company provides listeners with free and subscription-based access to thousands of live radio stations, curated music playlists and on-demand podcasts.
Originally founded in 1972 as Clear Channel Communications, the business rebranded to iHeartMedia in 2014 to reflect the growing importance of its digital and event-driven offerings.
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