Millennium Management LLC Purchases 198,071 Shares of iHeartMedia, Inc. (NASDAQ:IHRT)

Millennium Management LLC lifted its stake in shares of iHeartMedia, Inc. (NASDAQ:IHRT - Free Report) by 581.2% during the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 232,150 shares of the company's stock after purchasing an additional 198,071 shares during the period. Millennium Management LLC owned approximately 0.16% of iHeartMedia worth $460,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently modified their holdings of the company. SG Americas Securities LLC grew its holdings in shares of iHeartMedia by 26.6% during the fourth quarter. SG Americas Securities LLC now owns 45,648 shares of the company's stock valued at $90,000 after buying an additional 9,592 shares in the last quarter. Intech Investment Management LLC increased its holdings in shares of iHeartMedia by 99.1% in the 4th quarter. Intech Investment Management LLC now owns 48,178 shares of the company's stock valued at $95,000 after purchasing an additional 23,977 shares during the period. Virtu Financial LLC increased its holdings in shares of iHeartMedia by 93.3% in the 4th quarter. Virtu Financial LLC now owns 30,010 shares of the company's stock valued at $59,000 after purchasing an additional 14,485 shares during the period. Sei Investments Co. purchased a new stake in shares of iHeartMedia in the fourth quarter worth approximately $178,000. Finally, Prudential Financial Inc. acquired a new stake in shares of iHeartMedia during the fourth quarter worth approximately $578,000. 93.89% of the stock is owned by institutional investors and hedge funds.

iHeartMedia Stock Up 3.7%

IHRT stock traded up $0.06 during midday trading on Friday, hitting $1.66. 605,734 shares of the company traded hands, compared to its average volume of 820,584. The business has a 50 day simple moving average of $1.23 and a 200-day simple moving average of $1.76. iHeartMedia, Inc. has a twelve month low of $0.95 and a twelve month high of $2.84. The stock has a market capitalization of $245.05 million, a price-to-earnings ratio of -0.24 and a beta of 1.75.

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. Equities research analysts forecast that iHeartMedia, Inc. will post -0.13 EPS for the current year.

Insiders Place Their Bets

In other iHeartMedia news, CEO Robert W. Pittman acquired 200,000 shares of the company's stock in a transaction that occurred on Thursday, May 15th. The shares were acquired at an average price of $1.22 per share, with a total value of $244,000.00. Following the purchase, the chief executive officer now owns 4,441,389 shares of the company's stock, valued at $5,418,494.58. This represents a 4.72% increase in their position. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. In the last 90 days, insiders acquired 200,725 shares of company stock valued at $245,039. Company insiders own 8.50% of the company's stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts have issued reports on IHRT shares. The Goldman Sachs Group increased their target price on shares of iHeartMedia from $1.00 to $1.25 and gave the stock a "neutral" rating in a research report on Wednesday, May 14th. Wall Street Zen lowered iHeartMedia from a "hold" rating to a "sell" rating in a report on Thursday, May 22nd. Finally, Guggenheim lowered their target price on iHeartMedia from $5.00 to $4.50 and set a "buy" rating on the stock in a research note on Monday, March 10th. One analyst has rated the stock with a sell rating, three have assigned a hold rating and one has given a buy rating to the company's stock. According to MarketBeat, the company currently has an average rating of "Hold" and a consensus price target 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.