iHeartMedia (NASDAQ:IHRT) Issues Quarterly Earnings Results

iHeartMedia (NASDAQ:IHRT) announced its quarterly earnings data on Monday. The company reported $0.63 earnings per share for the quarter, beating analysts’ consensus estimates of ($0.01) by $0.64, Zacks reports. The firm had revenue of $997.01 million during the quarter, compared to analyst estimates of $1.07 billion.

iHeartMedia Stock Performance

Shares of iHeartMedia stock traded down $0.27 on Tuesday, hitting $4.30. The company’s stock had a trading volume of 1,756,263 shares, compared to its average volume of 956,104. The company has a market capitalization of $645.61 million, a price-to-earnings ratio of -1.77 and a beta of 1.94. iHeartMedia has a 1 year low of $0.95 and a 1 year high of $4.77. The firm has a fifty day moving average price of $2.98 and a 200-day moving average price of $2.15.

Insider Buying and Selling

In other iHeartMedia news, CEO Robert W. Pittman acquired 117,371 shares of the business’s stock in a transaction dated Thursday, August 14th. The stock was acquired at an average cost of $2.19 per share, for a total transaction of $257,042.49. Following the completion of the transaction, the chief executive officer directly owned 4,558,760 shares of the company’s stock, valued at $9,983,684.40. This represents 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 available through the SEC website. Insiders own 8.50% of the company’s stock.

Institutional Trading of iHeartMedia

Institutional investors have recently made changes to their positions in the company. BNP Paribas Financial Markets increased its position in shares of iHeartMedia by 42.8% during the second quarter. BNP Paribas Financial Markets now owns 18,655 shares of the company’s stock worth $33,000 after purchasing an additional 5,591 shares in the last quarter. Tower Research Capital LLC TRC boosted its stake in iHeartMedia by 341.7% during the 2nd quarter. Tower Research Capital LLC TRC now owns 24,342 shares of the company’s stock worth $43,000 after purchasing an additional 18,831 shares during the last quarter. The Manufacturers Life Insurance Company grew its holdings in shares of iHeartMedia by 15.0% during the second 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 in the last quarter. XTX Topco Ltd purchased a new stake in shares of iHeartMedia during the second quarter worth $81,000. Finally, Strs Ohio acquired a new stake in shares of iHeartMedia in the first quarter valued at about $186,000. 93.89% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of brokerages recently commented on IHRT. Zacks Research upgraded iHeartMedia from a “strong sell” rating to a “hold” rating in a research report on Friday, August 15th. Weiss Ratings restated a “sell (d-)” rating on shares of iHeartMedia in a research note on Wednesday, October 8th. Finally, Wall Street Zen upgraded shares of iHeartMedia from a “sell” rating to a “hold” rating in a research note on Sunday, August 17th. One analyst has rated the stock with a Buy rating, four have given a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat.com, iHeartMedia presently has an average rating of “Hold” and a consensus target price of $2.92.

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.