iHeartMedia, Inc. (NASDAQ:IHRT) Given Average Recommendation of “Reduce” by Analysts

iHeartMedia, Inc. (NASDAQ:IHRT) has been given a consensus rating of “Reduce” by the five ratings firms that are currently covering the firm, Marketbeat.com reports. Two analysts have rated the stock with a sell rating, two have issued a hold rating and one has assigned a buy rating to the company. The average 1-year price target among analysts that have updated their coverage on the stock in the last year is $4.3333.

A number of research analysts have issued reports on IHRT shares. The Goldman Sachs Group cut iHeartMedia from a “neutral” rating to a “sell” rating and lowered their price objective for the company from $4.00 to $3.50 in a research note on Friday, January 9th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of iHeartMedia in a research report on Wednesday, October 8th. Finally, Bank of America increased their price objective on shares of iHeartMedia from $3.00 to $5.00 and gave the company a “neutral” rating in a research report on Thursday, November 13th.

Hedge Funds Weigh In On iHeartMedia

Hedge funds have recently added to or reduced their stakes in the company. Global Media & Entertainment Investments Ltd bought a new stake in shares of iHeartMedia in the 3rd quarter worth $52,061,800,000. AQR Capital Management LLC lifted its holdings in shares of iHeartMedia by 99.8% during the first quarter. AQR Capital Management LLC now owns 2,214,301 shares of the company’s stock valued at $3,654,000 after purchasing an additional 1,105,976 shares in the last quarter. Millennium Management LLC purchased a new stake in shares of iHeartMedia during the third quarter valued at $2,204,000. Goldman Sachs Group Inc. increased its holdings in iHeartMedia by 22.8% in the 1st quarter. Goldman Sachs Group Inc. now owns 2,872,316 shares of the company’s stock worth $4,739,000 after buying an additional 532,414 shares in the last quarter. Finally, Foursixthree Capital LP raised its position in iHeartMedia by 24.6% in the 3rd quarter. Foursixthree Capital LP now owns 2,357,590 shares of the company’s stock worth $6,766,000 after buying an additional 465,820 shares during the last quarter. 93.89% of the stock is currently owned by hedge funds and other institutional investors.

iHeartMedia Price Performance

Shares of NASDAQ IHRT opened at $3.84 on Friday. iHeartMedia has a 1 year low of $0.95 and a 1 year high of $5.44. The firm has a 50-day moving average of $4.14 and a 200 day moving average of $3.04. The stock has a market cap of $576.61 million, a P/E ratio of -1.48, a price-to-earnings-growth ratio of 0.32 and a beta of 1.67.

iHeartMedia (NASDAQ:IHRT) last announced its earnings results on Monday, November 10th. The company reported $0.63 earnings per share for the quarter, beating analysts’ consensus estimates of ($0.01) by $0.64. iHeartMedia had a negative net margin of 10.37% and a negative return on equity of 1.63%. The business had revenue of $997.01 million during the quarter, compared to the consensus estimate of $1.07 billion. Research analysts expect that iHeartMedia will post -0.13 earnings per share for the current fiscal year.

iHeartMedia Company Profile

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.