Robert W. Pittman Purchases 117,371 Shares of iHeartMedia (NASDAQ:IHRT) Stock

Key Points

• CEO Robert W. Pittman of iHeartMedia acquired 117,371 shares at an average cost of $2.19 per share, increasing his total ownership in the company to 4,558,760 shares, valued around $9.98 million.
• iHeartMedia's stock recently traded at $2.30, reflecting a 2.0% increase, while the company reported a loss of ($0.54) EPS for the latest quarter, missing analysts' expectations.
• Analysts have recently raised price targets for iHeartMedia, with Goldman Sachs increasing their objective from $1.00 to $1.25, rating the stock as "neutral," while maintaining an average price target of $2.92.

iHeartMedia, Inc. (NASDAQ:IHRT - Get Free Report) CEO Robert W. Pittman acquired 117,371 shares of the firm's stock in a transaction on Thursday, August 14th. The stock was purchased at an average price of $2.19 per share, with a total value of $257,042.49. Following the acquisition, the chief executive officer owned 4,558,760 shares of the company's stock, valued at $9,983,684.40. This represents a 2.64% increase in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link.

iHeartMedia Trading Up 6.3%

IHRT traded up $0.14 during trading on Friday, reaching $2.37. The stock had a trading volume of 1,174,548 shares, compared to its average volume of 1,019,419. The stock's 50 day moving average is $1.92 and its two-hundred day moving average is $1.66. The company has a market capitalization of $349.86 million, a price-to-earnings ratio of -0.98 and a beta of 1.86. iHeartMedia, Inc. has a one year low of $0.95 and a one year high of $2.84.

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 analysts' consensus estimates 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 company had revenue of $933.65 million during the quarter, compared to analysts' expectations of $912.35 million. On average, equities research analysts predict that iHeartMedia, Inc. will post -0.13 earnings per share for the current year.

Hedge Funds Weigh In On iHeartMedia

Several large investors have recently modified their holdings of IHRT. Acadian Asset Management LLC increased its position in shares of iHeartMedia by 64.3% during the 1st quarter. Acadian Asset Management LLC now owns 3,221,043 shares of the company's stock valued at $5,309,000 after purchasing an additional 1,260,142 shares during the last quarter. AQR Capital Management LLC increased its position in shares of iHeartMedia by 99.8% during 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 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 acquiring an additional 789,170 shares during the last quarter. Jacobs Levy Equity Management Inc. grew its position in 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 acquiring an additional 610,449 shares during the last quarter. Finally, Helix Partners Management LP grew its position in 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 acquiring an additional 566,163 shares during the last quarter. Institutional investors own 93.89% of the company's stock.

Analyst Upgrades and Downgrades

IHRT has been the topic of several recent analyst reports. Zacks Research raised iHeartMedia from a "strong sell" rating to a "hold" rating in a research report on Friday, August 15th. 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 report on Wednesday, May 14th. Finally, Wall Street Zen raised iHeartMedia from a "sell" rating to a "hold" rating in a research note on Sunday, August 17th. One equities research analyst has rated the stock with a Buy rating and four have given a Hold rating to the company's stock. According to MarketBeat.com, the company presently has an average rating of "Hold" and an average price target of $2.92.

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.