iHeartMedia (NASDAQ:IHRT) Hits New 1-Year High - Here's What Happened

Key Points

• iHeartMedia hit a new 52-week high during mid-day trading — shares traded as high as $5.55, were last quoted at $5.7760 (up ~7.3%), and the company has a market capitalization of about $876.3 million.
• Analyst sentiment is negative with a consensus rating of "Reduce" (two Holds, two Sells); Goldman Sachs recently downgraded to Sell and the consensus price target is $4.25, below the current share price.
• Fundamentals are mixed: iHeartMedia missed EPS estimates ($0.04 vs. $0.10) despite modest revenue outperformance, reported a negative net margin of –12.24%, while CEO Robert W. Pittman bought 32,468 shares at $3.25, increasing his stake.

iHeartMedia, Inc. (NASDAQ:IHRT - Get Free Report) shares reached a new 52-week high during mid-day trading on Monday . The company traded as high as $5.55 and last traded at $5.7760, with a volume of 80785 shares changing hands. The stock had previously closed at $5.42.

Wall Street Analyst Weigh In

A number of analysts have recently issued reports on IHRT shares. The Goldman Sachs Group lowered iHeartMedia from a "neutral" rating to a "sell" rating and reduced their target price for the company from $4.00 to $3.50 in a report on Friday, January 9th. Weiss Ratings restated a "sell (d-)" rating on shares of iHeartMedia in a report on Tuesday, April 21st. Two investment analysts have rated the stock with a Hold rating and two have given a Sell rating to the company's stock. According to MarketBeat.com, the company currently has a consensus rating of "Reduce" and a consensus price target of $4.25.

iHeartMedia Stock Up 7.3%

The firm has a market capitalization of $876.27 million, a price-to-earnings ratio of -1.89, a P/E/G ratio of 51.97 and a beta of 1.64. The stock's 50 day moving average price is $3.30 and its two-hundred day moving average price is $3.60.

iHeartMedia (NASDAQ:IHRT - Get Free Report) last posted its earnings results on Monday, March 2nd. The company reported $0.04 EPS for the quarter, missing the consensus estimate of $0.10 by ($0.06). The business had revenue of $1.12 billion for the quarter, compared to analyst estimates of $1.10 billion. iHeartMedia had a negative return on equity of 1.63% and a negative net margin of 12.24%.

Insider Buying and Selling

In other iHeartMedia news, CEO Robert W. Pittman bought 32,468 shares of the stock in a transaction on Thursday, March 5th. The shares were purchased at an average cost of $3.25 per share, with a total value of $105,521.00. Following the completion of the transaction, the chief executive officer directly owned 6,214,937 shares of the company's stock, valued at $20,198,545.25. This represents a 0.53% increase in their position. The purchase was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 6.30% of the stock is owned by insiders.

Hedge Funds Weigh In On iHeartMedia

Several hedge funds have recently bought and sold shares of the business. Royal Bank of Canada increased its position in iHeartMedia by 67.7% during the fourth quarter. Royal Bank of Canada now owns 8,368 shares of the company's stock worth $36,000 after buying an additional 3,378 shares during the last quarter. Wealth Enhancement Advisory Services LLC boosted its holdings in iHeartMedia by 20.0% during the fourth quarter. Wealth Enhancement Advisory Services LLC now owns 24,687 shares of the company's stock valued at $102,000 after acquiring an additional 4,118 shares during the period. Rhumbline Advisers boosted its holdings in iHeartMedia by 2.7% during the third quarter. Rhumbline Advisers now owns 172,609 shares of the company's stock valued at $495,000 after acquiring an additional 4,603 shares during the period. BNP Paribas Financial Markets boosted its holdings in iHeartMedia by 42.8% during the second quarter. BNP Paribas Financial Markets now owns 18,655 shares of the company's stock valued at $33,000 after acquiring an additional 5,591 shares during the period. Finally, The Manufacturers Life Insurance Company boosted its holdings in iHeartMedia by 15.0% during the second quarter. The Manufacturers Life Insurance Company now owns 43,613 shares of the company's stock valued at $77,000 after acquiring an additional 5,684 shares during the period. 93.89% of the stock is owned by institutional investors and hedge funds.

iHeartMedia Company Profile

iHeartMedia, Inc NASDAQ: IHRT is a leading media and entertainment company specializing in radio broadcasting, digital streaming and live events. The company operates more than 860 full-power AM and FM radio stations across the United States, delivering music, news, sports and talk programming to local markets. Through its flagship digital platform, iHeartRadio, the company provides listeners with free and subscription-based access to thousands of live radio stations, curated music playlists and on-demand podcasts.

Originally founded in 1972 as Clear Channel Communications, the business rebranded to iHeartMedia in 2014 to reflect the growing importance of its digital and event-driven offerings.

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