iHeartMedia (NASDAQ:IHRT) Releases Quarterly Earnings Results, Misses Estimates By $0.26 EPS

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) posted its quarterly earnings data 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 9.68% and a negative return on equity of 2.84%. The business had revenue of $933.65 million during the quarter, compared to the consensus estimate of $912.35 million.

iHeartMedia Price Performance

Shares of NASDAQ:IHRT traded up $0.09 during midday trading on Friday, reaching $2.35. The company's stock had a trading volume of 153,797 shares, compared to its average volume of 772,156. iHeartMedia has a fifty-two week low of $0.95 and a fifty-two week high of $2.84. The company has a market capitalization of $346.17 million, a P/E ratio of -0.99 and a beta of 1.86. The business's fifty day simple moving average is $1.85 and its 200-day simple moving average is $1.66.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently weighed in on the company. The Goldman Sachs Group increased their price objective on iHeartMedia from $1.00 to $1.25 and gave the company a "neutral" rating in a research report on Wednesday, May 14th. Wall Street Zen cut iHeartMedia from a "hold" rating to a "sell" rating in a research report on Saturday, August 9th. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating and one has given a buy rating to the company. According to data from MarketBeat, iHeartMedia currently has an average rating of "Hold" and a consensus target price of $2.92.

Institutional Trading of iHeartMedia

A number of hedge funds and other institutional investors have recently made changes to their positions in the business. Geode Capital Management LLC increased its position in iHeartMedia by 7.1% in the second quarter. Geode Capital Management LLC now owns 2,822,306 shares of the company's stock worth $4,968,000 after purchasing an additional 186,402 shares during the period. Goldman Sachs Group Inc. increased its position in iHeartMedia by 22.8% in the first quarter. Goldman Sachs Group Inc. now owns 2,872,316 shares of the company's stock worth $4,739,000 after purchasing an additional 532,414 shares during the period. AQR Capital Management LLC increased its position in iHeartMedia by 99.8% in the first quarter. AQR Capital Management LLC now owns 2,214,301 shares of the company's stock worth $3,654,000 after purchasing an additional 1,105,976 shares during the period. Bank of America Corp DE grew its position in shares of iHeartMedia by 15.1% during the 2nd quarter. Bank of America Corp DE now owns 215,715 shares of the company's stock worth $380,000 after buying an additional 28,297 shares during the period. Finally, Rhumbline Advisers grew its position in shares of iHeartMedia by 7.1% during the 2nd quarter. Rhumbline Advisers now owns 168,006 shares of the company's stock worth $296,000 after buying an additional 11,101 shares during the period. 93.89% of the stock is currently owned by institutional investors and hedge funds.

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.