iHeartMedia (NASDAQ:IHRT) Announces Quarterly Earnings Results

Key Points

• iHeartMedia reported a quarterly loss of ($0.54) per share, which missed analysts' expectations of ($0.28), reflecting a negative net margin of 32.95%.
• CEO Robert W. Pittman purchased 200,000 shares of the company stock at an average price of $1.22, increasing his ownership by 4.72%.
• Analysts have mixed opinions, with Goldman Sachs raising its target price to $1.25, while Wall Street Zen downgraded the stock from "hold" to "sell."

iHeartMedia (NASDAQ:IHRT - Get Free Report) released its earnings results on Monday. The company reported ($0.54) earnings per share for the quarter, missing the consensus estimate of ($0.28) by ($0.26), Zacks reports. iHeartMedia had a negative net margin of 32.95% and a negative return on equity of 2.84%.

iHeartMedia Trading Up 0.3%

Shares of iHeartMedia stock traded up $0.01 during trading hours on Monday, reaching $1.61. The stock had a trading volume of 579,540 shares, compared to its average volume of 416,527. The firm has a 50 day simple moving average of $1.81 and a two-hundred day simple moving average of $1.65. The firm has a market capitalization of $236.93 million, a price-to-earnings ratio of -0.19 and a beta of 1.86. iHeartMedia has a 1 year low of $0.95 and a 1 year high of $2.84.

Insider Activity at iHeartMedia

In related news, CEO Robert W. Pittman purchased 200,000 shares of the firm's stock in a transaction on Thursday, May 15th. The stock was purchased at an average price of $1.22 per share, for a total transaction of $244,000.00. Following the acquisition, the chief executive officer directly owned 4,441,389 shares in the company, valued at $5,418,494.58. The trade was a 4.72% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. 6.30% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On iHeartMedia

Institutional investors have recently made changes to their positions in the business. Strs Ohio bought a new stake in shares of iHeartMedia in the 1st quarter valued at approximately $186,000. AQR Capital Management LLC increased its holdings 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 acquiring an additional 1,105,976 shares during the last quarter. Geode Capital Management LLC increased its holdings in shares of iHeartMedia by 7.1% in the 2nd quarter. Geode Capital Management LLC now owns 2,822,306 shares of the company's stock valued at $4,968,000 after acquiring an additional 186,402 shares during the last quarter. Finally, Goldman Sachs Group Inc. grew its stake in iHeartMedia by 22.8% during the 1st quarter. Goldman Sachs Group Inc. now owns 2,872,316 shares of the company's stock worth $4,739,000 after buying an additional 532,414 shares during the last quarter. 93.89% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

IHRT has been the subject of several recent analyst reports. The Goldman Sachs Group boosted their target price on iHeartMedia from $1.00 to $1.25 and gave the stock a "neutral" rating in a research note on Wednesday, May 14th. Wall Street Zen lowered iHeartMedia from a "hold" rating to a "sell" rating in a report on Saturday. One research analyst has rated the stock with a sell rating, three have given a hold rating and one has given a buy rating to the stock. According to MarketBeat.com, the company has an average rating of "Hold" and a consensus target price 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.

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