The Goldman Sachs Group Cuts iHeartMedia (NASDAQ:IHRT) Price Target to $1.00

iHeartMedia (NASDAQ:IHRT) had its target price lowered by The Goldman Sachs Group from $2.00 to $1.00 in a report issued on Monday, Benzinga reports. The firm currently has a neutral rating on the stock.

Separately, Guggenheim decreased their price target on iHeartMedia from $6.00 to $5.00 and set a buy rating for the company in a report on Monday, March 4th. Two analysts have rated the stock with a sell rating, two have issued a hold rating and two have assigned a buy rating to the company’s stock. According to data from MarketBeat, the stock currently has an average rating of Hold and an average price target of $3.78.

iHeartMedia Stock Performance

Shares of NASDAQ:IHRT opened at $1.24 on Monday. iHeartMedia has a one year low of $1.13 and a one year high of $4.74. The stock has a market capitalization of $179.49 million, a price-to-earnings ratio of -0.21 and a beta of 1.84. The company has a 50-day simple moving average of $2.02 and a 200-day simple moving average of $2.32.

iHeartMedia (NASDAQ:IHRT) last issued its quarterly earnings results on Thursday, May 9th. The company reported ($0.12) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.55) by $0.43. iHeartMedia had a negative return on equity of 1,197.12% and a negative net margin of 24.04%. The firm had revenue of $799.04 million for the quarter, compared to analysts’ expectations of $806.62 million. During the same quarter in the previous year, the firm posted ($1.50) EPS. As a group, research analysts forecast that iHeartMedia will post 0.17 EPS for the current fiscal year.

Hedge Funds Weigh In On iHeartMedia

A number of large investors have recently modified their holdings of IHRT. TCG Advisory Services LLC acquired a new stake in shares of iHeartMedia in the fourth quarter valued at about $27,000. Vanguard Personalized Indexing Management LLC purchased a new position in iHeartMedia in the third quarter valued at about $42,000. PFG Investments LLC purchased a new position in iHeartMedia in the first quarter valued at about $45,000. Principal Financial Group Inc. lifted its position in shares of iHeartMedia by 39.4% during the 3rd quarter. Principal Financial Group Inc. now owns 15,207 shares of the company’s stock valued at $48,000 after acquiring an additional 4,301 shares during the period. Finally, Zurcher Kantonalbank Zurich Cantonalbank boosted its stake in shares of iHeartMedia by 37.7% during the 4th quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 28,765 shares of the company’s stock worth $77,000 after acquiring an additional 7,882 shares in the last quarter. 93.89% of the stock is owned by hedge funds and other institutional investors.

About iHeartMedia

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.