iHeartMedia (NASDAQ:IHRT) Hits New 52-Week High - Here's Why

Key Points

• iHeartMedia stock reached a new 52-week high of $3.39 with a recent trading volume of 146,683 shares, indicating positive market momentum.
• Analysts have a consensus rating of "Hold" for iHeartMedia, with one Buy rating, four Hold ratings, and one Sell rating, alongside a target price of $2.92.
• CEO Robert W. Pittman increased his stake in iHeartMedia by purchasing over 117,000 shares, reflecting confidence in the company's future prospects.

iHeartMedia, Inc. (NASDAQ:IHRT - Get Free Report) hit a new 52-week high on Thursday . The company traded as high as $3.39 and last traded at $3.37, with a volume of 146683 shares. The stock had previously closed at $3.27.

Analyst Upgrades and Downgrades

A number of equities analysts have recently commented on the stock. Wall Street Zen upgraded shares of iHeartMedia from a "sell" rating to a "hold" rating in a research note on Sunday, August 17th. Weiss Ratings restated a "sell (d-)" rating on shares of iHeartMedia in a research note on Wednesday, October 8th. Finally, Zacks Research upgraded shares of iHeartMedia from a "strong sell" rating to a "hold" rating in a research note on Friday, August 15th. One investment analyst has rated the stock with a Buy rating, four have assigned a Hold rating and one has given a Sell rating to the company's stock. According to MarketBeat, the company has a consensus rating of "Hold" and a consensus target price of $2.92.

iHeartMedia Trading Up 3.0%

The stock's 50 day moving average price is $2.61 and its 200 day moving average price is $1.89. The company has a market capitalization of $505.67 million, a price-to-earnings ratio of -1.39 and a beta of 1.91.

iHeartMedia (NASDAQ:IHRT - Get Free Report) last issued 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 firm had revenue of $933.65 million for the quarter, compared to the consensus estimate of $912.35 million. On average, research analysts expect that iHeartMedia, Inc. will post -0.13 earnings per share for the current year.

Insider Activity

In other news, CEO Robert W. Pittman bought 117,371 shares of the company's stock in a transaction dated Thursday, August 14th. The shares were bought at an average cost of $2.19 per share, with a total value of $257,042.49. Following the acquisition, the chief executive officer owned 4,558,760 shares in the company, valued at $9,983,684.40. This trade represents a 2.64% increase in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Insiders own 8.50% of the company's stock.

Institutional Investors Weigh In On iHeartMedia

A number of institutional investors and hedge funds have recently modified their holdings of the company. Acadian Asset Management LLC raised its holdings in shares of iHeartMedia by 2.7% in the 2nd quarter. Acadian Asset Management LLC now owns 3,307,000 shares of the company's stock valued at $5,815,000 after purchasing an additional 85,957 shares during the period. Goldman Sachs Group Inc. raised its holdings in iHeartMedia by 22.8% in the 1st quarter. Goldman Sachs Group Inc. now owns 2,872,316 shares of the company's stock valued at $4,739,000 after acquiring an additional 532,414 shares during the period. Geode Capital Management LLC raised its holdings in 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 period. Charles Schwab Investment Management Inc. raised its holdings in iHeartMedia by 22.4% in the 1st quarter. Charles Schwab Investment Management Inc. now owns 2,258,206 shares of the company's stock valued at $3,726,000 after acquiring an additional 412,769 shares during the period. Finally, AQR Capital Management LLC raised its holdings 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 acquiring an additional 1,105,976 shares during the period. 93.89% of the stock is owned by institutional investors.

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.

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