iHeartMedia (NASDAQ:IHRT) was downgraded by Zacks Investment Research from a "hold" rating to a "sell" rating in a research report issued to clients and investors on Wednesday, Zacks.com reports.
According to Zacks, "iHeartMedia Inc. is a media and entertainment company. It specializes in radio, digital, outdoor, mobile, live events, social and on-demand entertainment and information services for advertisers. iHeartMedia Inc. is based in New York. "
Several other research analysts have also recently weighed in on the company. The Goldman Sachs Group began coverage on iHeartMedia in a research report on Thursday, July 15th. They set a "buy" rating and a $32.00 price objective on the stock. JPMorgan Chase & Co. upgraded iHeartMedia from a "neutral" rating to an "overweight" rating and increased their price objective for the stock from $17.00 to $29.00 in a research report on Monday, May 10th. Morgan Stanley increased their price objective on iHeartMedia from $22.00 to $23.00 and gave the stock an "equal weight" rating in a research report on Thursday, July 8th. B. Riley reiterated a "buy" rating and set a $35.00 price objective (up previously from $30.00) on shares of iHeartMedia in a research report on Tuesday, June 29th. Finally, Wolfe Research upgraded iHeartMedia from a "peer perform" rating to an "outperform" rating and set a $24.00 price objective on the stock in a research report on Thursday, March 25th. One research analyst has rated the stock with a sell rating, one has given a hold rating and seven have issued a buy rating to the company's stock. The company presently has an average rating of "Buy" and a consensus price target of $26.67.
iHeartMedia stock traded up $0.88 during mid-day trading on Wednesday, hitting $25.49. 1,175,854 shares of the company's stock traded hands, compared to its average volume of 1,139,807. The company has a 50 day moving average of $24.73. iHeartMedia has a fifty-two week low of $7.41 and a fifty-two week high of $28.24. The stock has a market capitalization of $3.59 billion, a PE ratio of -7.97 and a beta of 2.30.
iHeartMedia (NASDAQ:IHRT) last announced its quarterly earnings results on Thursday, May 6th. The company reported ($1.39) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.50) by ($0.89). The business had revenue of $706.67 million during the quarter, compared to analyst estimates of $689.00 million. As a group, sell-side analysts forecast that iHeartMedia will post -0.72 earnings per share for the current fiscal year.
In other iHeartMedia news, CFO Michael B. Mcguinness sold 20,000 shares of iHeartMedia stock in a transaction dated Friday, May 14th. The stock was sold at an average price of $22.45, for a total value of $449,000.00. Following the transaction, the chief financial officer now owns 18,630 shares in the company, valued at $418,243.50. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. 1.80% of the stock is currently owned by company insiders.
Several institutional investors have recently bought and sold shares of the stock. Gabelli Funds LLC increased its holdings in iHeartMedia by 1.3% in the first quarter. Gabelli Funds LLC now owns 38,000 shares of the company's stock worth $690,000 after purchasing an additional 500 shares in the last quarter. Prudential Financial Inc. grew its holdings in iHeartMedia by 4.0% during the first quarter. Prudential Financial Inc. now owns 37,100 shares of the company's stock worth $673,000 after buying an additional 1,410 shares in the last quarter. Acadian Asset Management LLC grew its holdings in iHeartMedia by 2,139.4% during the first quarter. Acadian Asset Management LLC now owns 1,478 shares of the company's stock worth $27,000 after buying an additional 1,412 shares in the last quarter. Great West Life Assurance Co. Can grew its holdings in iHeartMedia by 38.4% during the first quarter. Great West Life Assurance Co. Can now owns 5,440 shares of the company's stock worth $98,000 after buying an additional 1,510 shares in the last quarter. Finally, Public Employees Retirement System of Ohio grew its holdings in iHeartMedia by 25.8% during the fourth quarter. Public Employees Retirement System of Ohio now owns 9,084 shares of the company's stock worth $118,000 after buying an additional 1,863 shares in the last quarter. 67.60% of the stock is currently owned by institutional investors.
iHeartMedia Company Profile
iHeartMedia, Inc operates as a media and entertainment company worldwide. It operates through two segments, Audio, and Audio & Media Services. The Audio segment offers broadcast radio, digital, mobile, podcasts, social, program syndication, traffic, weather, news and sports data distribution, and on-demand entertainment, as well as live events, including mobile platforms and products; and operates Premiere Networks, a national radio network that produces, distributes, or represents approximately 120 syndicated radio programs and services to approximately 6,500 radio station affiliates.
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