iHeartMedia, Inc. (NASDAQ:IHRT) CEO Robert W. Pittman Acquires 117,371 Shares

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 bought 117,371 shares of the business's stock in a transaction dated Thursday, August 14th. The shares were purchased at an average cost of $2.19 per share, with a total value of $257,042.49. Following the completion of the acquisition, the chief executive officer owned 4,558,760 shares in the company, valued at approximately $9,983,684.40. This represents a 2.64% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link.

iHeartMedia Trading Up 2.0%

Shares of iHeartMedia stock traded up $0.05 during trading on Monday, reaching $2.30. The company's stock had a trading volume of 825,096 shares, compared to its average volume of 778,081. The company has a 50-day moving average price of $1.86 and a two-hundred day moving average price of $1.65. The firm has a market cap of $338.79 million, a PE ratio of -0.94 and a beta of 1.86. iHeartMedia, Inc. has a fifty-two week low of $0.95 and a fifty-two week high of $2.84.

iHeartMedia (NASDAQ:IHRT - Get Free Report) last announced 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). The business had revenue of $933.65 million during the quarter, compared to analyst estimates of $912.35 million. iHeartMedia had a negative net margin of 9.68% and a negative return on equity of 2.84%. On average, analysts predict that iHeartMedia, Inc. will post -0.13 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently issued reports on the stock. The Goldman Sachs Group upped their price objective on shares of iHeartMedia from $1.00 to $1.25 and gave the company a "neutral" rating in a report on Wednesday, May 14th. Wall Street Zen raised shares of iHeartMedia from a "sell" rating to a "hold" rating in a research report on Sunday. Four equities research analysts have rated the stock with a hold rating and one has given a buy rating to the company's stock. According to data from MarketBeat, iHeartMedia has an average rating of "Hold" and an average price target of $2.92.

Institutional Inflows and Outflows

A number of institutional investors have recently modified their holdings of IHRT. Acadian Asset Management LLC increased its stake in iHeartMedia by 64.3% in the 1st quarter. Acadian Asset Management LLC now owns 3,221,043 shares of the company's stock valued at $5,309,000 after buying an additional 1,260,142 shares during the period. AQR Capital Management LLC increased its stake in 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 buying an additional 1,105,976 shares during the period. Deutsche Bank AG increased its stake 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 buying an additional 789,170 shares during the period. Jacobs Levy Equity Management Inc. increased its stake 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 buying an additional 610,449 shares during the period. Finally, Helix Partners Management LP increased its stake 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 buying an additional 566,163 shares during the period. Institutional investors and hedge funds own 93.89% of the company's stock.

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.

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