iHeartMedia, Inc. (NASDAQ:IHRT) Receives $4.33 Consensus PT from Analysts

iHeartMedia, Inc. (NASDAQ:IHRT) has earned an average recommendation of “Reduce” from the five brokerages that are currently covering the stock, MarketBeat Ratings reports. Two investment analysts have rated the stock with a sell recommendation, two have given a hold recommendation and one has assigned a buy recommendation to the company. The average 12 month target price among brokerages that have issued a report on the stock in the last year is $4.3333.

Several analysts have commented on IHRT shares. The Goldman Sachs Group cut shares of iHeartMedia from a “neutral” rating to a “sell” rating and decreased their price objective for the company from $4.00 to $3.50 in a research note on Friday, January 9th. Bank of America raised their target price on shares of iHeartMedia from $3.00 to $5.00 and gave the stock a “neutral” rating in a report on Thursday, November 13th. Finally, Weiss Ratings restated a “sell (d-)” rating on shares of iHeartMedia in a research report on Thursday, January 22nd.

iHeartMedia Stock Performance

Shares of IHRT stock opened at $3.03 on Friday. iHeartMedia has a fifty-two week low of $0.95 and a fifty-two week high of $5.44. The firm has a market capitalization of $454.98 million, a PE ratio of -0.99, a P/E/G ratio of 31.06 and a beta of 1.70. The stock’s 50-day simple moving average is $3.54 and its 200-day simple moving average is $3.43.

iHeartMedia (NASDAQ:IHRT) last issued its earnings results on Monday, March 2nd. The company reported $0.04 EPS for the quarter, missing analysts’ consensus estimates of $0.10 by ($0.06). iHeartMedia had a negative net margin of 12.24% and a negative return on equity of 1.63%. The firm had revenue of $1.12 billion during the quarter, compared to analysts’ expectations of $1.10 billion. Sell-side analysts forecast that iHeartMedia will post -0.13 earnings per share for the current year.

Insider Activity

In related news, CEO Robert W. Pittman acquired 32,468 shares of the firm’s stock in a transaction dated Thursday, March 5th. The stock was acquired at an average price of $3.25 per share, with a total value of $105,521.00. Following the acquisition, the chief executive officer directly owned 6,214,937 shares in the company, valued at $20,198,545.25. This represents a 0.53% increase in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. 6.30% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

A number of large investors have recently bought and sold shares of the stock. Mirae Asset Global Investments Co. Ltd. acquired a new stake in shares of iHeartMedia during the 3rd quarter worth approximately $25,000. 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 valued at $33,000 after buying an additional 5,591 shares in the last quarter. Royal Bank of Canada increased its holdings in iHeartMedia by 67.7% in the fourth quarter. Royal Bank of Canada now owns 8,368 shares of the company’s stock valued at $36,000 after buying an additional 3,378 shares in the last quarter. CIBC Bancorp USA Inc. acquired a new position in shares of iHeartMedia in the third quarter worth about $36,000. Finally, Tower Research Capital LLC TRC grew its position in shares of iHeartMedia by 341.7% during the 2nd quarter. Tower Research Capital LLC TRC now owns 24,342 shares of the company’s stock valued at $43,000 after acquiring an additional 18,831 shares during the period. 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.