iHeartMedia (NASDAQ:IHRT) Posts Quarterly Earnings Results, Misses Estimates By $0.36 EPS

iHeartMedia (NASDAQ:IHRT) posted its earnings results on Monday. The company reported ($0.26) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.10 by ($0.36), FiscalAI reports. iHeartMedia had a negative net margin of 10.37% and a negative return on equity of 1.63%. The firm had revenue of $1.12 billion during the quarter, compared to analyst estimates of $1.10 billion.

iHeartMedia Trading Down 5.2%

NASDAQ:IHRT traded down $0.17 during trading hours on Monday, hitting $3.10. The company had a trading volume of 663,819 shares, compared to its average volume of 631,366. iHeartMedia has a 1 year low of $0.95 and a 1 year high of $5.44. The company has a market cap of $465.50 million, a P/E ratio of -1.20, a P/E/G ratio of 0.28 and a beta of 1.70. The company has a 50-day moving average of $3.70 and a 200 day moving average of $3.39.

Institutional Investors Weigh In On iHeartMedia

Hedge funds and other institutional investors have recently bought and sold shares of the company. BNP Paribas Financial Markets boosted its holdings in iHeartMedia by 42.8% in the 2nd quarter. BNP Paribas Financial Markets now owns 18,655 shares of the company’s stock valued at $33,000 after purchasing an additional 5,591 shares during the last quarter. CIBC Bancorp USA Inc. purchased a new position in iHeartMedia in the third quarter worth approximately $36,000. Royal Bank of Canada increased its stake in iHeartMedia by 67.7% during the fourth quarter. Royal Bank of Canada now owns 8,368 shares of the company’s stock worth $36,000 after acquiring an additional 3,378 shares during the last quarter. Tower Research Capital LLC TRC raised its position in iHeartMedia by 341.7% in the second quarter. Tower Research Capital LLC TRC now owns 24,342 shares of the company’s stock valued at $43,000 after purchasing an additional 18,831 shares during the period. Finally, Russell Investments Group Ltd. lifted its position in iHeartMedia by 757.0% in the third quarter. Russell Investments Group Ltd. now owns 15,923 shares of the company’s stock valued at $46,000 after buying an additional 14,065 shares during the last quarter. 93.89% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently commented on the company. Weiss Ratings restated a “sell (d-)” rating on shares of iHeartMedia in a research report on Thursday, January 22nd. The Goldman Sachs Group downgraded iHeartMedia from a “neutral” rating to a “sell” rating and lowered their price target for the stock from $4.00 to $3.50 in a research report on Friday, January 9th. Finally, Bank of America boosted their price objective on iHeartMedia from $3.00 to $5.00 and gave the company a “neutral” rating in a research report on Thursday, November 13th. One equities research analyst has rated the stock with a Buy rating, two have assigned a Hold rating and two have given a Sell rating to the company’s stock. According to data from MarketBeat.com, iHeartMedia has a consensus rating of “Reduce” and an average target price of $4.33.

iHeartMedia Company Profile

iHeartMedia, Inc (NASDAQ: IHRT) is a leading media and entertainment company specializing in radio broadcasting, digital streaming and live events. The company operates more than 860 full-power AM and FM radio stations across the United States, delivering music, news, sports and talk programming to local markets. Through its flagship digital platform, iHeartRadio, the company provides listeners with free and subscription-based access to thousands of live radio stations, curated music playlists and on-demand podcasts.

Originally founded in 1972 as Clear Channel Communications, the business rebranded to iHeartMedia in 2014 to reflect the growing importance of its digital and event-driven offerings.