Brokerages Set iHeartMedia, Inc. (NASDAQ:IHRT) PT at $2.92

Key Points

• iHeartMedia has received an average recommendation of "Hold" from five brokerage firms, with four recommending a hold and one a buy.
• CEO Robert W. Pittman recently purchased 117,371 shares of the company stock, indicating a 2.64% increase in his ownership.
• Despite a revenue of $933.65 million in the latest quarter, iHeartMedia reported an earnings per share of ($0.54), missing analyst estimates.

Shares of iHeartMedia, Inc. (NASDAQ:IHRT - Get Free Report) have been given an average rating of "Hold" by the five ratings firms that are currently covering the stock, Marketbeat reports. Four research analysts have rated the stock with a hold recommendation and one has given a buy recommendation to the company. The average 1 year price target among brokerages that have issued a report on the stock in the last year is $2.9167.

Several equities research analysts recently weighed in on the stock. Wall Street Zen raised shares of iHeartMedia from a "sell" rating to a "hold" rating in a research report on Sunday, August 17th. Zacks Research raised shares of iHeartMedia from a "strong sell" rating to a "hold" rating in a research report on Friday, August 15th.

iHeartMedia Stock Up 10.4%

Shares of iHeartMedia stock traded up $0.27 during trading on Friday, reaching $2.86. The company's stock had a trading volume of 1,628,163 shares, compared to its average volume of 713,720. The business's 50-day moving average price is $2.08 and its 200-day moving average price is $1.66. The firm has a market cap of $429.40 million, a PE ratio of -1.18 and a beta of 1.87. iHeartMedia has a 52 week low of $0.95 and a 52 week high of $3.00.

iHeartMedia (NASDAQ:IHRT - Get Free Report) last announced its earnings results on Monday, August 11th. The company reported ($0.54) earnings per share (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 the consensus estimate of $912.35 million. iHeartMedia had a negative net margin of 9.68% and a negative return on equity of 2.84%. Equities analysts predict that iHeartMedia will post -0.13 earnings per share for the current year.

Insiders Place Their Bets

In other news, CEO Robert W. Pittman acquired 117,371 shares of the business's stock in a transaction that occurred on Thursday, August 14th. The stock was acquired at an average price of $2.19 per share, with a total value of $257,042.49. Following the completion of the transaction, the chief executive officer directly owned 4,558,760 shares of the company's stock, valued at $9,983,684.40. This trade represents a 2.64% increase in their position. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. 6.30% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On iHeartMedia

Several institutional investors and hedge funds have recently bought and sold shares of the company. Northern Trust Corp raised its stake in iHeartMedia by 8.2% during the fourth quarter. Northern Trust Corp now owns 991,602 shares of the company's stock worth $1,963,000 after acquiring an additional 75,171 shares in the last quarter. Ameriprise Financial Inc. raised its stake in iHeartMedia by 141.8% during the fourth quarter. Ameriprise Financial Inc. now owns 238,906 shares of the company's stock worth $473,000 after acquiring an additional 140,104 shares in the last quarter. BNP Paribas Financial Markets acquired a new position in iHeartMedia during the fourth quarter worth about $33,000. Bank of America Corp DE raised its stake in iHeartMedia by 28.5% during the fourth quarter. Bank of America Corp DE now owns 155,506 shares of the company's stock worth $308,000 after acquiring an additional 34,487 shares in the last quarter. Finally, Cubist Systematic Strategies LLC acquired a new position in iHeartMedia during the fourth quarter worth about $119,000. Institutional investors own 93.89% of the company's stock.

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.