Analysts Set iHeartMedia, Inc. (NASDAQ:IHRT) Target Price at $2.92

Shares of iHeartMedia, Inc. (NASDAQ:IHRT) have been given a consensus rating of “Hold” by the six brokerages that are currently covering the company, MarketBeat.com reports. One research analyst has rated the stock with a sell rating, four have given a hold rating and one has given a buy rating to the company. The average 1-year price target among analysts that have issued a report on the stock in the last year is $2.9167.

A number of brokerages have commented on IHRT. Wall Street Zen upgraded iHeartMedia from a “sell” rating to a “hold” rating in a research report on Sunday, August 17th. Weiss Ratings reiterated a “sell (d-)” rating on shares of iHeartMedia in a research report on Wednesday, October 8th. Finally, Zacks Research upgraded shares of iHeartMedia from a “strong sell” rating to a “hold” rating in a research report on Friday, August 15th.

Insider Activity at iHeartMedia

In other iHeartMedia news, CEO Robert W. Pittman purchased 117,371 shares of the stock in a transaction dated Thursday, August 14th. The stock was bought at an average price 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. This represents a 2.64% increase in their ownership of the stock. The purchase was disclosed in a filing with the SEC, which is available at the SEC website. 8.50% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On iHeartMedia

Several institutional investors have recently modified their holdings of the business. BNP Paribas Financial Markets grew its position in shares of iHeartMedia by 42.8% during the 2nd quarter. BNP Paribas Financial Markets now owns 18,655 shares of the company’s stock worth $33,000 after buying an additional 5,591 shares during the period. The Manufacturers Life Insurance Company grew its position in shares of iHeartMedia by 15.0% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 43,613 shares of the company’s stock worth $77,000 after buying an additional 5,684 shares during the period. Intech Investment Management LLC grew its position in shares of iHeartMedia by 11.4% during the 2nd quarter. Intech Investment Management LLC now owns 76,686 shares of the company’s stock worth $135,000 after buying an additional 7,857 shares during the period. Mirae Asset Global Investments Co. Ltd. acquired a new stake in shares of iHeartMedia during the 3rd quarter worth approximately $25,000. Finally, AEGON USA Investment Management LLC grew its position in shares of iHeartMedia by 9.9% during the 2nd quarter. AEGON USA Investment Management LLC now owns 117,010 shares of the company’s stock worth $206,000 after buying an additional 10,563 shares during the period. Institutional investors and hedge funds own 93.89% of the company’s stock.

iHeartMedia Trading Up 37.1%

Shares of NASDAQ IHRT opened at $3.99 on Friday. The company has a market cap of $599.07 million, a PE ratio of -1.64 and a beta of 1.91. The company has a 50-day moving average of $2.78 and a two-hundred day moving average of $2.05. iHeartMedia has a 1-year low of $0.95 and a 1-year high of $4.12.

iHeartMedia (NASDAQ:IHRT) last announced its quarterly earnings data on Monday, August 11th. The company reported ($0.54) EPS for the quarter, missing analysts’ consensus estimates of ($0.28) by ($0.26). The business had revenue of $933.65 million during the quarter, compared to analysts’ expectations of $912.35 million. As a group, equities research analysts forecast that iHeartMedia will post -0.13 earnings per share for the current year.

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.