iHeartMedia (NASDAQ:IHRT) Rating Increased to Hold at Wall Street Zen

Key Points

• Wall Street Zen has upgraded iHeartMedia from a "sell" rating to a "hold" rating, reflecting a more cautious outlook on the stock.
• The Goldman Sachs Group raised its price objective for iHeartMedia from $1.00 to $1.25, maintaining a "neutral" rating on the stock.
• iHeartMedia reported quarterly earnings that missed analyst expectations and has an average target price of $2.92 among investment analysts.

iHeartMedia (NASDAQ:IHRT - Get Free Report) was upgraded by analysts at Wall Street Zen from a "sell" rating to a "hold" rating in a report issued on Sunday.

Separately, The Goldman Sachs Group boosted their target price on shares of iHeartMedia from $1.00 to $1.25 and gave the stock a "neutral" rating in a research note on Wednesday, May 14th. One research analyst has rated the stock with a Buy rating and four have issued a Hold rating to the company's stock. Based on data from MarketBeat.com, the company has a consensus rating of "Hold" and a consensus price target of $2.92.

iHeartMedia Stock Performance

NASDAQ IHRT traded down $0.04 on Friday, reaching $2.20. 1,071,051 shares of the company's stock traded hands, compared to its average volume of 786,109. The firm has a market cap of $324.76 million, a price-to-earnings ratio of -0.91 and a beta of 1.86. The stock has a 50 day moving average price of $1.88 and a 200-day moving average price of $1.65. iHeartMedia has a fifty-two week low of $0.95 and a fifty-two week high of $2.84.

iHeartMedia (NASDAQ:IHRT - Get Free Report) last posted 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 business had revenue of $933.65 million for the quarter, compared to analyst estimates of $912.35 million. iHeartMedia had a negative net margin of 9.68% and a negative return on equity of 2.84%. As a group, equities research analysts anticipate that iHeartMedia will post -0.13 EPS for the current fiscal year.

Insider Activity at iHeartMedia

In related news, CEO Robert W. Pittman acquired 117,371 shares of the firm's stock in a transaction dated Thursday, August 14th. The shares were purchased at an average cost of $2.19 per share, for a total transaction 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. The trade was a 2.64% increase in their position. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Corporate insiders own 6.30% of the company's stock.

Hedge Funds Weigh In On iHeartMedia

Several large investors have recently made changes to their positions in the stock. Deutsche Bank AG lifted its holdings in shares of iHeartMedia by 25.9% in the 4th quarter. Deutsche Bank AG now owns 3,830,745 shares of the company's stock worth $7,585,000 after acquiring an additional 789,170 shares during the last quarter. Acadian Asset Management LLC lifted its holdings in iHeartMedia by 2.7% during the 2nd quarter. Acadian Asset Management LLC now owns 3,307,000 shares of the company's stock worth $5,815,000 after buying an additional 85,957 shares in the last quarter. Schonfeld Strategic Advisors LLC lifted its holdings in iHeartMedia by 20.0% during the 4th quarter. Schonfeld Strategic Advisors LLC now owns 3,000,000 shares of the company's stock worth $5,940,000 after buying an additional 500,000 shares in the last quarter. Goldman Sachs Group Inc. lifted its holdings in iHeartMedia by 22.8% during the 1st quarter. Goldman Sachs Group Inc. now owns 2,872,316 shares of the company's stock worth $4,739,000 after buying an additional 532,414 shares in the last quarter. Finally, Geode Capital Management LLC lifted its holdings in iHeartMedia by 7.1% during the 2nd quarter. Geode Capital Management LLC now owns 2,822,306 shares of the company's stock worth $4,968,000 after buying an additional 186,402 shares in the last quarter. 93.89% of the stock is currently owned by institutional investors and hedge funds.

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.