S&P 500   4,662.85
DOW   35,911.81
QQQ   380.01
S&P 500   4,662.85
DOW   35,911.81
QQQ   380.01
S&P 500   4,662.85
DOW   35,911.81
QQQ   380.01
S&P 500   4,662.85
DOW   35,911.81
QQQ   380.01

iHeartMedia (NASDAQ:IHRT) Lowered to Hold at Zacks Investment Research

Last updated on Friday, January 14, 2022 | 2022 MarketBeat

iHeartMedia (NASDAQ:IHRT) was downgraded by Zacks Investment Research from a "buy" rating to a "hold" rating in a report released on Friday, 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. "

A number of other research analysts have also recently issued reports on the company. Morgan Stanley lifted their price objective on iHeartMedia from $23.00 to $25.00 and gave the company an "equal weight" rating in a research note on Tuesday, October 5th. B. Riley lowered their price objective on iHeartMedia from $42.00 to $39.00 and set a "buy" rating for the company in a research note on Wednesday, October 20th. Two research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of "Buy" and an average target price of $28.00.

Shares of IHRT traded down $0.07 on Friday, reaching $20.64. The stock had a trading volume of 412,782 shares, compared to its average volume of 498,428. The firm has a market capitalization of $2.93 billion, a price-to-earnings ratio of -11.28, a price-to-earnings-growth ratio of 1.77 and a beta of 1.90. The company has a 50-day simple moving average of $20.74 and a 200-day simple moving average of $23.12. iHeartMedia has a 12-month low of $13.12 and a 12-month high of $28.24.

iHeartMedia (NASDAQ:IHRT) last released its earnings results on Thursday, November 4th. The company reported $0.10 EPS for the quarter, missing the Zacks' consensus estimate of $0.11 by ($0.01). The firm had revenue of $928.05 million during the quarter, compared to the consensus estimate of $908.34 million. As a group, sell-side analysts predict that iHeartMedia will post -0.96 earnings per share for the current fiscal year.

In other news, CEO Robert W. Pittman acquired 24,150 shares of the business's stock in a transaction that occurred on Tuesday, November 9th. The stock was bought at an average price of $20.77 per share, with a total value of $501,595.50. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Richard J. Bressler acquired 22,615 shares of the business's stock in a transaction that occurred on Tuesday, November 16th. The stock was purchased at an average cost of $22.14 per share, with a total value of $500,696.10. The disclosure for this purchase can be found here. 1.80% of the stock is currently owned by company insiders.

Several institutional investors and hedge funds have recently modified their holdings of IHRT. Envestnet Asset Management Inc. bought a new stake in shares of iHeartMedia in the second quarter worth $221,000. Rhumbline Advisers lifted its position in iHeartMedia by 43.5% during the second quarter. Rhumbline Advisers now owns 134,206 shares of the company's stock valued at $3,614,000 after purchasing an additional 40,686 shares in the last quarter. Sei Investments Co. lifted its position in iHeartMedia by 481.0% during the second quarter. Sei Investments Co. now owns 60,421 shares of the company's stock valued at $1,627,000 after purchasing an additional 50,022 shares in the last quarter. Nisa Investment Advisors LLC purchased a new position in iHeartMedia during the second quarter valued at $150,000. Finally, HighTower Advisors LLC purchased a new position in iHeartMedia during the second quarter valued at $278,000. 72.94% of the stock is 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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Analyst Recommendations for iHeartMedia (NASDAQ:IHRT)

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