iHeartMedia (NASDAQ:IHRT) Trading 10.7% Higher - Still a Buy?

Key Points

• iHeartMedia shares rose 10.7% to about $3.97 in mid-day trading, although trading volume was 63% below the average.
• Analysts remain cautious: the stock has a consensus “Reduce” rating, with two Holds and two Sells, and an average price target of $4.25.
• The company missed quarterly earnings expectations, reporting a loss of $0.61 per share versus the expected $0.49 loss, despite revenue of $884.2 million exceeding forecasts.

iHeartMedia, Inc. (NASDAQ:IHRT - Get Free Report)'s stock price traded up 10.7% during mid-day trading on Monday . The company traded as high as $3.96 and last traded at $3.9740. Approximately 360,011 shares changed hands during trading, a decline of 63% from the average daily volume of 960,549 shares. The stock had previously closed at $3.59.

Wall Street Analysts Forecast Growth

A number of equities research analysts have weighed in on IHRT shares. Weiss Ratings reiterated a "sell (d-)" rating on shares of iHeartMedia in a research note on Friday, July 17th. Bank of America lowered their target price on shares of iHeartMedia from $6.00 to $5.00 and set a "neutral" rating on the stock in a research report on Tuesday, July 7th. Two equities research analysts have rated the stock with a Hold rating and two have issued a Sell rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of "Reduce" and an average price target of $4.25.

iHeartMedia Stock Up 10.6%

The stock has a market cap of $600.38 million, a PE ratio of -2.17 and a beta of 2.19. The stock has a fifty day moving average of $4.02 and a 200-day moving average of $3.83.

iHeartMedia (NASDAQ:IHRT - Get Free Report) last posted its quarterly earnings data on Monday, May 11th. The company reported ($0.61) EPS for the quarter, missing the consensus estimate of ($0.49) by ($0.12). The business had revenue of $884.20 million during the quarter, compared to analysts' expectations of $871.50 million. Equities research analysts forecast that iHeartMedia, Inc. will post -0.06 earnings per share for the current fiscal year.

Institutional Investors Weigh In On iHeartMedia

Several hedge funds have recently modified their holdings of the stock. Sona Asset Management US LLC increased its position in iHeartMedia by 2,693.8% during the 4th quarter. Sona Asset Management US LLC now owns 1,623,571 shares of the company's stock worth $6,754,000 after purchasing an additional 1,565,457 shares during the period. Purpose Unlimited Inc. acquired a new stake in shares of iHeartMedia in the 4th quarter valued at approximately $5,283,000. AQR Capital Management LLC lifted 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 buying an additional 1,105,976 shares during the period. Millennium Management LLC purchased a new stake in shares of iHeartMedia in the third quarter valued at approximately $2,204,000. Finally, Charles Schwab Investment Management Inc. grew its holdings in iHeartMedia by 12.4% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 6,713,611 shares of the company's stock worth $27,929,000 after acquiring an additional 741,736 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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