1,270,000 Shares in iHeartMedia, Inc. $IHRT Purchased by Purpose Unlimited Inc.

Purpose Unlimited Inc. purchased a new stake in shares of iHeartMedia, Inc. (NASDAQ:IHRT) in the fourth quarter, according to the company in its most recent filing with the SEC. The fund purchased 1,270,000 shares of the company’s stock, valued at approximately $5,283,000. Purpose Unlimited Inc. owned about 0.85% of iHeartMedia as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in IHRT. Global Media & Entertainment Investments Ltd purchased a new stake in iHeartMedia in the 3rd quarter valued at about $52,061,800,000. Sona Asset Management US LLC lifted its position in shares of iHeartMedia by 2,693.8% during the 4th quarter. Sona Asset Management US LLC now owns 1,623,571 shares of the company’s stock worth $6,754,000 after buying an additional 1,565,457 shares in the last quarter. AQR Capital Management LLC boosted its stake in shares of iHeartMedia by 99.8% in the 1st quarter. AQR Capital Management LLC now owns 2,214,301 shares of the company’s stock worth $3,654,000 after buying an additional 1,105,976 shares during the last quarter. Millennium Management LLC purchased a new position in shares of iHeartMedia in the 3rd quarter worth approximately $2,204,000. Finally, Charles Schwab Investment Management Inc. grew its holdings in shares of iHeartMedia by 12.4% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 6,713,611 shares of the company’s stock valued at $27,929,000 after acquiring an additional 741,736 shares in the last quarter. 93.89% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

Separately, Weiss Ratings reaffirmed a “sell (d-)” rating on shares of iHeartMedia in a research report on Tuesday, April 21st. Two investment analysts have rated the stock with a Hold rating and two have assigned a Sell rating to the stock. According to data from MarketBeat.com, iHeartMedia presently has a consensus rating of “Reduce” and a consensus price target of $4.25.

iHeartMedia Stock Performance

iHeartMedia stock opened at $3.59 on Friday. The business’s 50 day simple moving average is $4.51 and its 200 day simple moving average is $3.89. iHeartMedia, Inc. has a 12 month low of $1.54 and a 12 month high of $6.56. The company has a market cap of $542.63 million, a price-to-earnings ratio of -1.95 and a beta of 2.21.

iHeartMedia (NASDAQ:IHRT) last issued its earnings results on Monday, May 11th. The company reported ($0.61) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.49) by ($0.12). iHeartMedia had a negative net margin of 7.28% and a negative return on equity of 1.63%. The firm had revenue of $884.20 million during the quarter, compared to the consensus estimate of $871.50 million. As a group, equities research analysts forecast that iHeartMedia, Inc. will post -0.06 earnings per share for the current fiscal year.

About iHeartMedia

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.