iHeartMedia (NASDAQ:IHRT) Issues Quarterly Earnings Results

iHeartMedia (NASDAQ:IHRT - Get Free Report) released its earnings results on Monday. The company reported ($0.63) EPS for the quarter, missing the consensus estimate of ($0.47) by ($0.16), Zacks reports.

iHeartMedia Stock Performance

Shares of NASDAQ:IHRT traded up $0.03 during midday trading on Monday, reaching $1.29. 1,025,585 shares of the company's stock traded hands, compared to its average volume of 921,571. The company has a market cap of $189.86 million, a price-to-earnings ratio of -0.19 and a beta of 1.72. iHeartMedia has a one year low of $0.81 and a one year high of $2.84. The stock has a 50 day moving average of $1.34 and a 200 day moving average of $1.88.

Insider Activity

In other news, insider Richard J. Bressler bought 100,000 shares of the stock in a transaction on Friday, March 7th. The shares were bought at an average price of $1.79 per share, with a total value of $179,000.00. Following the completion of the acquisition, the insider now owns 3,617,764 shares in the company, valued at $6,475,797.56. The trade was a 2.84% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CEO Robert W. Pittman acquired 200,000 shares of the firm's stock in a transaction dated Tuesday, March 4th. The stock was bought at an average cost of $1.60 per share, for a total transaction of $320,000.00. Following the purchase, the chief executive officer now directly owns 4,241,389 shares of the company's stock, valued at approximately $6,786,222.40. This trade represents a 4.95% increase in their ownership of the stock. The disclosure for this purchase can be found here. Corporate insiders own 8.50% of the company's stock.

Wall Street Analysts Forecast Growth

Separately, Guggenheim dropped their target price on iHeartMedia from $5.00 to $4.50 and set a "buy" rating on the stock in a report on Monday, March 10th.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.