iHeartMedia (NASDAQ:IHRT) Hits New 52-Week High – Should You Buy?

iHeartMedia, Inc. (NASDAQ:IHRT) shares reached a new 52-week high during mid-day trading on Thursday . The stock traded as high as $5.44 and last traded at $5.3550, with a volume of 1044398 shares changing hands. The stock had previously closed at $4.72.

Analyst Upgrades and Downgrades

IHRT has been the topic of a number of research reports. Bank of America upped their price objective on iHeartMedia from $3.00 to $5.00 and gave the company a “neutral” rating in a report on Thursday, November 13th. The Goldman Sachs Group boosted their target price on shares of iHeartMedia from $1.25 to $4.00 and gave the company a “neutral” rating in a research report on Wednesday, November 12th. Zacks Research upgraded shares of iHeartMedia from a “strong sell” rating to a “hold” rating in a research note on Friday, August 15th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of iHeartMedia in a research report on Wednesday, October 8th. Finally, Wall Street Zen raised shares of iHeartMedia from a “sell” rating to a “hold” rating in a report on Sunday, August 17th. One investment analyst has rated the stock with a Buy rating, three have assigned a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat, the stock has an average rating of “Hold” and a consensus price target of $4.50.

iHeartMedia Stock Performance

The firm’s fifty day simple moving average is $3.64 and its 200 day simple moving average is $2.61. The stock has a market capitalization of $711.75 million, a P/E ratio of -1.83 and a beta of 1.69.

iHeartMedia (NASDAQ:IHRT) last issued its quarterly earnings results on Monday, November 10th. The company reported $0.63 earnings per share for the quarter, topping analysts’ consensus estimates of ($0.01) by $0.64. The company had revenue of $997.01 million during the quarter, compared to the consensus estimate of $1.07 billion. iHeartMedia had a negative net margin of 10.37% and a negative return on equity of 1.63%. Analysts anticipate that iHeartMedia, Inc. will post -0.13 earnings per share for the current fiscal year.

Hedge Funds Weigh In On iHeartMedia

Institutional investors have recently modified their holdings of the business. Mirae Asset Global Investments Co. Ltd. acquired a new stake in iHeartMedia in the third quarter valued at about $25,000. US Bancorp DE lifted its holdings in shares of iHeartMedia by 224.0% in the first quarter. US Bancorp DE now owns 16,402 shares of the company’s stock worth $27,000 after acquiring an additional 11,339 shares during the last quarter. Connor Clark & Lunn Investment Management Ltd. acquired a new stake in shares of iHeartMedia in the 1st quarter valued at approximately $32,000. BNP Paribas Financial Markets grew its holdings in shares of iHeartMedia by 42.8% during 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. Finally, CIBC Bancorp USA Inc. acquired a new position in iHeartMedia during the 3rd quarter worth approximately $36,000. Institutional investors and hedge funds own 93.89% of the company’s stock.

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.