iHeartMedia (NASDAQ:IHRT) Upgraded by Wall Street Zen to Hold Rating

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 equities research analysts at Wall Street Zen from a "sell" rating to a "hold" rating in a report issued on Sunday.

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

iHeartMedia Price Performance

IHRT traded down $0.01 during trading on Friday, reaching $2.23. 504,551 shares of the stock were exchanged, compared to its average volume of 1,014,935. The business's 50 day moving average price is $1.91 and its two-hundred day moving average price is $1.66. The company has a market capitalization of $329.19 million, a price-to-earnings ratio of -0.92 and a beta of 1.86. iHeartMedia has a 1 year low of $0.95 and a 1 year high of $2.84.

iHeartMedia (NASDAQ:IHRT - Get Free Report) last posted its earnings results on Monday, August 11th. The company reported ($0.54) EPS for the quarter, missing analysts' consensus estimates of ($0.28) by ($0.26). The firm had revenue of $933.65 million for the quarter, compared to analysts' expectations of $912.35 million. iHeartMedia had a negative return on equity of 2.84% and a negative net margin of 9.68%. On average, analysts anticipate that iHeartMedia will post -0.13 EPS for the current year.

Insider Buying and Selling

In other iHeartMedia news, CEO Robert W. Pittman bought 117,371 shares of the stock in a transaction that occurred on 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 transaction, the chief executive officer directly owned 4,558,760 shares in the company, valued at $9,983,684.40. The trade was a 2.64% increase in their ownership of the stock. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. 8.50% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On iHeartMedia

Hedge funds have recently modified their holdings of the company. Wealth Enhancement Advisory Services LLC acquired a new position in shares of iHeartMedia during the 1st quarter valued at $46,000. Millennium Management LLC increased its position in shares of iHeartMedia by 581.2% during the 4th quarter. Millennium Management LLC now owns 232,150 shares of the company's stock valued at $460,000 after purchasing an additional 198,071 shares during the period. Schonfeld Strategic Advisors LLC increased its position in shares of iHeartMedia by 20.0% during the 4th quarter. Schonfeld Strategic Advisors LLC now owns 3,000,000 shares of the company's stock valued at $5,940,000 after purchasing an additional 500,000 shares during the period. Jacobs Levy Equity Management Inc. acquired a new position in shares of iHeartMedia during the 4th quarter valued at $870,000. Finally, Two Sigma Investments LP increased its position in shares of iHeartMedia by 153.4% during the 4th quarter. Two Sigma Investments LP now owns 661,699 shares of the company's stock valued at $1,310,000 after purchasing an additional 400,618 shares during the period. 93.89% of the stock is currently owned by institutional investors and hedge funds.

About iHeartMedia

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.