iHeartMedia (NASDAQ:IHRT) Reaches New 52-Week High – Should You Buy?

iHeartMedia, Inc. (NASDAQ:IHRT)’s stock price reached a new 52-week high on Tuesday . The stock traded as high as $3.90 and last traded at $3.4440, with a volume of 9025779 shares traded. The stock had previously closed at $2.91.

Analysts Set New Price Targets

Several equities analysts have recently weighed in on IHRT shares. Wall Street Zen raised shares of iHeartMedia from a “sell” rating to a “hold” rating in a research note on Sunday, August 17th. Zacks Research raised shares of iHeartMedia from a “strong sell” rating to a “hold” rating in a research note on Friday, August 15th. Finally, Weiss Ratings reaffirmed a “sell (d-)” rating on shares of iHeartMedia in a research note on Wednesday, October 8th. One investment analyst has rated the stock with a Buy rating, four have assigned a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat, the company has a consensus rating of “Hold” and an average price target of $2.92.

iHeartMedia Stock Up 29.1%

The firm has a market capitalization of $564.23 million, a price-to-earnings ratio of -1.53 and a beta of 1.91. The business’s 50-day simple moving average is $2.75 and its two-hundred day simple moving average is $2.02.

iHeartMedia (NASDAQ:IHRT) last announced its quarterly earnings results on Monday, August 11th. The company reported ($0.54) earnings per share 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. Sell-side analysts anticipate that iHeartMedia, Inc. will post -0.13 earnings per share for the current year.

Insider Buying and Selling at iHeartMedia

In other iHeartMedia news, CEO Robert W. Pittman acquired 117,371 shares of the company’s stock in a transaction that occurred on Thursday, August 14th. The stock was purchased at an average price of $2.19 per share, for a total transaction of $257,042.49. Following the completion of the acquisition, the chief executive officer owned 4,558,760 shares of the company’s stock, valued at approximately $9,983,684.40. This trade represents a 2.64% increase in their position. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Company insiders own 8.50% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors have recently made changes to their positions in the business. Wealth Enhancement Advisory Services LLC acquired a new position in shares of iHeartMedia in the first quarter valued at approximately $46,000. Helix Partners Management LP grew its holdings in iHeartMedia by 123.1% during the 1st quarter. Helix Partners Management LP now owns 1,026,163 shares of the company’s stock worth $1,693,000 after acquiring an additional 566,163 shares in the last quarter. Charles Schwab Investment Management Inc. increased its position in shares of iHeartMedia by 22.4% in the 1st quarter. Charles Schwab Investment Management Inc. now owns 2,258,206 shares of the company’s stock valued at $3,726,000 after purchasing an additional 412,769 shares during the last quarter. Jacobs Levy Equity Management Inc. increased its position in shares of iHeartMedia by 139.0% in the 1st quarter. Jacobs Levy Equity Management Inc. now owns 1,049,664 shares of the company’s stock valued at $1,732,000 after purchasing an additional 610,449 shares during the last quarter. Finally, Nuveen LLC purchased a new stake in shares of iHeartMedia in the 1st quarter valued at approximately $310,000. Institutional investors and hedge funds own 93.89% of the company’s stock.

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.