iHeartMedia, Inc. $IHRT Shares Sold by Aristeia Capital L.L.C.

Key Points

• Aristeia Capital L.L.C. sold 783,404 shares of iHeartMedia, reducing its holdings by 33.2%. They now own 1,576,784 shares, valued at approximately $2.6 million.
• iHeartMedia reported a loss of $0.54 earnings per share for the quarter, missing analysts' estimates, while achieving revenue of $933.65 million.
• Institutional investors now hold 93.89% of iHeartMedia's stock, indicating a strong institutional interest in the company as several funds increased their stakes.

Aristeia Capital L.L.C. cut its position in iHeartMedia, Inc. (NASDAQ:IHRT - Free Report) by 33.2% during the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 1,576,784 shares of the company's stock after selling 783,404 shares during the period. Aristeia Capital L.L.C. owned 1.07% of iHeartMedia worth $2,602,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other large investors also recently modified their holdings of IHRT. AQR Capital Management LLC increased its position in shares of iHeartMedia by 99.8% in the 1st 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 during the last quarter. Deutsche Bank AG grew its position in shares of iHeartMedia by 25.9% in the 4th quarter. Deutsche Bank AG now owns 3,830,745 shares of the company's stock valued at $7,585,000 after buying an additional 789,170 shares during the last quarter. Jacobs Levy Equity Management Inc. grew its position in shares of iHeartMedia by 139.0% in the 1st quarter. Jacobs Levy Equity Management Inc. now owns 1,049,664 shares of the company's stock valued at $1,732,000 after buying an additional 610,449 shares during the last quarter. Helix Partners Management LP grew its position in shares of iHeartMedia by 123.1% in the 1st quarter. Helix Partners Management LP now owns 1,026,163 shares of the company's stock valued at $1,693,000 after buying an additional 566,163 shares during the last quarter. Finally, Goldman Sachs Group Inc. grew its position in shares of iHeartMedia by 22.8% in the 1st quarter. Goldman Sachs Group Inc. now owns 2,872,316 shares of the company's stock valued at $4,739,000 after buying an additional 532,414 shares during the last quarter. 93.89% of the stock is owned by hedge funds and other institutional investors.

iHeartMedia Stock Up 9.3%

NASDAQ:IHRT traded up $0.22 during trading hours on Friday, reaching $2.59. 1,343,917 shares of the company's stock were exchanged, compared to its average volume of 703,366. iHeartMedia, Inc. has a 1-year low of $0.95 and a 1-year high of $2.84. The firm has a market capitalization of $388.87 million, a price-to-earnings ratio of -1.07 and a beta of 1.87. The company has a 50-day moving average of $2.06 and a 200 day moving average of $1.66.

iHeartMedia (NASDAQ:IHRT - Get Free Report) last released its earnings results on Monday, August 11th. The company reported ($0.54) EPS for the quarter, missing the consensus estimate of ($0.28) by ($0.26). iHeartMedia had a negative return on equity of 2.84% and a negative net margin of 9.68%.The firm had revenue of $933.65 million during the quarter, compared to analyst estimates of $912.35 million. Research analysts forecast that iHeartMedia, Inc. will post -0.13 EPS for the current fiscal year.

Insider Activity at iHeartMedia

In related news, CEO Robert W. Pittman acquired 117,371 shares of iHeartMedia stock in a transaction that occurred on Thursday, August 14th. The stock was purchased at an average price of $2.19 per share, for a total transaction of $257,042.49. Following the completion of the purchase, the chief executive officer directly owned 4,558,760 shares of the company's stock, valued at approximately $9,983,684.40. This trade represents a 2.64% increase in their ownership of the stock. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. 8.50% of the stock is owned by company insiders.

Analyst Ratings Changes

A number of research analysts recently commented on IHRT shares. Zacks Research raised shares of iHeartMedia from a "strong sell" rating to a "hold" rating in a research report on Friday, August 15th. Wall Street Zen raised shares of iHeartMedia from a "sell" rating to a "hold" rating in a research report on Sunday, August 17th. One research analyst has rated the stock with a Buy rating and four have given a Hold rating to the stock. According to data from MarketBeat, iHeartMedia has a consensus rating of "Hold" and an average target price of $2.92.

iHeartMedia Company Profile

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.