Jacobs Levy Equity Management Inc. Acquires New Shares in iHeartMedia, Inc. (NASDAQ:IHRT)

Jacobs Levy Equity Management Inc. bought a new stake in iHeartMedia, Inc. (NASDAQ:IHRT - Free Report) in the fourth quarter, according to its most recent Form 13F filing with the SEC. The institutional investor bought 439,215 shares of the company's stock, valued at approximately $870,000. Jacobs Levy Equity Management Inc. owned 0.30% of iHeartMedia as of its most recent SEC filing.

Other hedge funds have also recently added to or reduced their stakes in the company. BNP Paribas Financial Markets acquired a new stake in shares of iHeartMedia in the fourth quarter valued at approximately $33,000. Algert Global LLC purchased a new stake in iHeartMedia in the 4th quarter valued at $50,000. Virtu Financial LLC boosted its stake in iHeartMedia by 93.3% during the 4th quarter. Virtu Financial LLC now owns 30,010 shares of the company's stock worth $59,000 after purchasing an additional 14,485 shares during the period. Ethic Inc. acquired a new stake in iHeartMedia during the 4th quarter worth $64,000. Finally, Susquehanna Fundamental Investments LLC purchased a new position in iHeartMedia during the 4th quarter worth $70,000. Hedge funds and other institutional investors own 93.89% of the company's stock.

iHeartMedia Stock Up 7.0%

NASDAQ:IHRT traded up $0.09 during midday trading on Tuesday, reaching $1.37. The stock had a trading volume of 793,174 shares, compared to its average volume of 906,384. The stock has a market cap of $201.64 million, a P/E ratio of -0.20 and a beta of 1.72. The firm has a fifty day simple moving average of $1.28 and a two-hundred day simple moving average of $1.85. iHeartMedia, Inc. has a 12-month low of $0.81 and a 12-month high of $2.84.

iHeartMedia (NASDAQ:IHRT - Get Free Report) last issued its earnings results on Monday, May 12th. The company reported ($0.63) earnings per share for the quarter, missing the consensus estimate of ($0.47) by ($0.16). The firm had revenue of $807.10 million for the quarter, compared to analyst estimates of $790.17 million. On average, sell-side analysts anticipate that iHeartMedia, Inc. will post -0.13 earnings per share for the current fiscal year.

Insider Buying and Selling at iHeartMedia

In other iHeartMedia news, CEO Robert W. Pittman acquired 200,000 shares of the business's stock in a transaction on Thursday, May 15th. The stock was purchased at an average price of $1.22 per share, for a total transaction of $244,000.00. Following the completion of the transaction, the chief executive officer now owns 4,441,389 shares of the company's stock, valued at $5,418,494.58. The trade was a 4.72% increase in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Richard J. Bressler purchased 100,000 shares of the stock in a transaction dated Friday, March 7th. The shares were bought at an average cost of $1.79 per share, for a total transaction of $179,000.00. Following the completion of the purchase, the insider now owns 3,617,764 shares in the company, valued at approximately $6,475,797.56. This trade represents a 2.84% increase in their ownership of the stock. The disclosure for this purchase can be found here. In the last 90 days, insiders have acquired 500,000 shares of company stock valued at $743,000. 8.50% of the stock is owned by corporate insiders.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently commented on the stock. Guggenheim reduced their target price on shares of iHeartMedia from $5.00 to $4.50 and set a "buy" rating for the company in a report on Monday, March 10th. The Goldman Sachs Group upped their price objective on iHeartMedia from $1.00 to $1.25 and gave the company a "neutral" rating in a research note on Wednesday, May 14th.

About iHeartMedia

iHeartMedia, Inc operates as an audio media company in the United States and internationally. 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 events, and live and virtual events; and operates Premiere Networks, a national radio network that produces, distributes, or represents syndicated radio programs and services to radio station affiliates.