iHeartMedia (NASDAQ:IHRT) Reaches New 12-Month Low Following Analyst Downgrade

Shares of iHeartMedia, Inc. (NASDAQ:IHRT – Get Rating) reached a new 52-week low during trading 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 changing hands. The stock had previously closed at $4.74.

Several other analysts have also commented on IHRT. B. Riley decreased their price target on shares of iHeartMedia from $22.00 to $16.00 in a research report on Wednesday, March 1st. Barrington Research downgraded shares of iHeartMedia from an “outperform” rating to a “market perform” rating in a report on Wednesday, March 1st. Wells Fargo & Company cut their price objective on shares of iHeartMedia from $10.00 to $8.00 and set an “equal weight” rating on the stock in a report on Wednesday, March 1st. Finally, JPMorgan Chase & Co. downgraded shares of iHeartMedia from a “neutral” rating to an “underweight” rating and cut their price objective for the company from $10.00 to $5.00 in a report on Wednesday, March 1st. Two investment analysts have rated the stock with a sell rating, four have assigned a hold rating and one has assigned a buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has an average rating of “Hold” and an average price target of $9.43.

Insider Buying and Selling

In other iHeartMedia news, insider Richard J. Bressler purchased 94,518 shares of the business’s stock in a transaction that occurred on Friday, March 3rd. The shares were bought at an average price of $5.53 per share, for a total transaction of $522,684.54. Following the acquisition, the insider now owns 1,606,178 shares in the company, valued at $8,882,164.34. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. In other iHeartMedia news, CFO Michael B. Mcguinness purchased 10,000 shares of the business’s stock in a transaction that occurred on Friday, March 10th. The shares were bought at an average price of $5.00 per share, for a total transaction of $50,000.00. Following the acquisition, the chief financial officer now owns 148,535 shares in the company, valued at $742,675. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, insider Richard J. Bressler acquired 94,518 shares of the stock in a transaction on Friday, March 3rd. The stock was bought at an average price of $5.53 per share, for a total transaction of $522,684.54. Following the transaction, the insider now owns 1,606,178 shares in the company, valued at approximately $8,882,164.34. The disclosure for this purchase can be found here. In the last quarter, insiders have acquired 122,018 shares of company stock worth $668,060. 2.90% of the stock is owned by company insiders.

Institutional Investors Weigh In On iHeartMedia

Several hedge funds have recently bought and sold shares of IHRT. BNP Paribas Arbitrage SNC purchased a new stake in iHeartMedia in the 3rd quarter worth approximately $27,104,000. Federated Hermes Inc. boosted its position in iHeartMedia by 121.9% in the 2nd quarter. Federated Hermes Inc. now owns 2,225,578 shares of the company’s stock worth $17,560,000 after purchasing an additional 1,222,741 shares in the last quarter. Vanguard Group Inc. boosted its position in iHeartMedia by 10.1% in the 1st quarter. Vanguard Group Inc. now owns 10,432,614 shares of the company’s stock worth $197,489,000 after purchasing an additional 956,001 shares in the last quarter. Douglas Lane & Associates LLC boosted its position in iHeartMedia by 24.2% in the 4th quarter. Douglas Lane & Associates LLC now owns 3,729,320 shares of the company’s stock worth $22,861,000 after purchasing an additional 726,157 shares in the last quarter. Finally, Norges Bank purchased a new stake in iHeartMedia in the 4th quarter worth approximately $4,172,000. Hedge funds and other institutional investors own 72.30% of the company’s stock.

iHeartMedia Trading Down 9.1 %

The company has a current ratio of 1.77, a quick ratio of 1.77 and a debt-to-equity ratio of 7.91. The company has a 50-day simple moving average of $6.89 and a 200 day simple moving average of $7.61. The firm has a market cap of $617.45 million, a PE ratio of -2.42 and a beta of 1.74.

iHeartMedia Company Profile

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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.