iHeartMedia (NASDAQ:IHRT) Reaches New 12-Month High – Here’s Why

iHeartMedia, Inc. (NASDAQ:IHRT) hit a new 52-week high during trading on Tuesday . The company traded as high as $3.90 and last traded at $3.4440, with a volume of 9025779 shares traded. The stock had previously closed at $2.91.

Wall Street Analyst Weigh In

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. Wall Street Zen upgraded iHeartMedia from a “sell” rating to a “hold” rating in a research report on Sunday, August 17th. Finally, Weiss Ratings restated a “sell (d-)” rating on shares of iHeartMedia in a research report on Wednesday, October 8th. One investment analyst has rated the stock with a Buy rating, four have assigned a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat, the stock currently has an average rating of “Hold” and an average price target of $2.92.

iHeartMedia Price Performance

The stock has a 50-day simple moving average of $2.83 and a 200-day simple moving average of $2.06. The stock has a market cap of $705.67 million, a P/E ratio of -1.93 and a beta of 1.94.

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

Insider Activity at iHeartMedia

In related news, CEO Robert W. Pittman acquired 117,371 shares of the business’s stock in a transaction that occurred on Thursday, August 14th. The shares were bought at an average cost of $2.19 per share, with a total value of $257,042.49. Following the completion of the purchase, the chief executive officer directly owned 4,558,760 shares in the company, valued at $9,983,684.40. The trade was a 2.64% increase in their ownership of the stock. The purchase was disclosed in a document filed with the SEC, which is available at this link. Insiders own 8.50% of the company’s stock.

Hedge Funds Weigh In On iHeartMedia

Institutional investors have recently added to or reduced their stakes in the business. Mirae Asset Global Investments Co. Ltd. acquired a new position in iHeartMedia in the third quarter valued at approximately $25,000. US Bancorp DE lifted its stake in iHeartMedia by 224.0% in the first quarter. US Bancorp DE now owns 16,402 shares of the company’s stock valued at $27,000 after buying an additional 11,339 shares during the period. BNP Paribas Financial Markets lifted its stake in iHeartMedia by 42.8% in the second quarter. BNP Paribas Financial Markets now owns 18,655 shares of the company’s stock valued at $33,000 after buying an additional 5,591 shares during the period. SG Americas Securities LLC acquired a new position in iHeartMedia in the third quarter valued at approximately $55,000. Finally, Connor Clark & Lunn Investment Management Ltd. acquired a new position in iHeartMedia in the first quarter valued at approximately $32,000. 93.89% of the stock is owned by institutional investors and hedge funds.

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.