Short Interest in iHeartMedia, Inc. (NASDAQ:IHRT) Drops By 27.1%

iHeartMedia, Inc. (NASDAQ:IHRTGet Rating) was the target of a significant decline in short interest in March. As of March 31st, there was short interest totalling 3,950,000 shares, a decline of 27.1% from the March 15th total of 5,420,000 shares. Based on an average trading volume of 0 shares, the short-interest ratio is currently ∞ days.

NASDAQ IHRT traded up $0.35 during trading hours on Friday, hitting $19.25. 1,344,575 shares of the company were exchanged, compared to its average volume of 781,040. The stock has a 50-day moving average price of $19.65 and a 200 day moving average price of $20.65. iHeartMedia has a 52 week low of $18.07 and a 52 week high of $28.24. The stock has a market cap of $2.73 billion, a PE ratio of -17.66, a price-to-earnings-growth ratio of 1.71 and a beta of 1.73.

iHeartMedia (NASDAQ:IHRTGet Rating) last announced its earnings results on Wednesday, February 23rd. The company reported $0.76 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.54 by $0.22. The business had revenue of $1.06 billion for the quarter, compared to analysts’ expectations of $1.04 billion. As a group, analysts expect that iHeartMedia will post 1.61 EPS for the current year.

In other iHeartMedia news, major shareholder Media & Entertainment I. Global acquired 453,496 shares of the stock in a transaction dated Wednesday, April 13th. The shares were acquired at an average cost of $18.79 per share, for a total transaction of $8,521,189.84. Following the completion of the transaction, the insider now directly owns 12,557,692 shares of the company’s stock, valued at $235,959,032.68. The purchase was disclosed in a legal filing with the SEC, which is available at this hyperlink. 2.90% of the stock is owned by insiders.

Several large investors have recently made changes to their positions in the business. Counterpoint Mutual Funds LLC boosted its position in shares of iHeartMedia by 63.7% during the fourth 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 during the period. Principal Financial Group Inc. boosted its position in shares of iHeartMedia by 4.4% during the third quarter. Principal Financial Group Inc. now owns 15,860 shares of the company’s stock valued at $397,000 after buying an additional 664 shares during the period. Mirae Asset Global Investments Co. Ltd. boosted its position in shares of iHeartMedia by 2.9% during the fourth quarter. Mirae Asset Global Investments Co. Ltd. now owns 37,804 shares of the company’s stock valued at $795,000 after buying an additional 1,078 shares during the period. Clear Harbor Asset Management LLC boosted its position in shares of iHeartMedia by 1.8% during the third quarter. Clear Harbor Asset Management LLC now owns 68,156 shares of the company’s stock valued at $1,705,000 after buying an additional 1,235 shares during the period. Finally, Los Angeles Capital Management LLC boosted its holdings in shares of iHeartMedia by 6.3% in the fourth quarter. Los Angeles Capital Management LLC now owns 26,848 shares of the company’s stock valued at $565,000 after purchasing an additional 1,580 shares during the period. Institutional investors and hedge funds own 72.86% of the company’s stock.

Separately, Zacks Investment Research cut iHeartMedia from a “buy” rating to a “hold” rating in a report on Friday, January 14th. Two research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. Based on data from MarketBeat, iHeartMedia has an average rating of “Buy” and a consensus target price of $30.33.

iHeartMedia Company Profile (Get Rating)

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.

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