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

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

Other hedge funds and other institutional investors have also bought and sold shares of the company. Global Media & Entertainment Investments Ltd bought a new position in shares of iHeartMedia in the third quarter worth $52,061,800,000. Foursixthree Capital LP raised its stake in shares of iHeartMedia by 24.6% during the 3rd quarter. Foursixthree Capital LP now owns 2,357,590 shares of the company’s stock valued at $6,766,000 after purchasing an additional 465,820 shares during the period. GSA Capital Partners LLP raised its stake in shares of iHeartMedia by 513.5% during the 4th quarter. GSA Capital Partners LLP now owns 229,839 shares of the company’s stock valued at $956,000 after purchasing an additional 192,378 shares during the period. Melqart Asset Management UK Ltd purchased a new stake in iHeartMedia during the 4th quarter worth about $2,199,000. Finally, Millennium Management LLC bought a new position in iHeartMedia in the 3rd quarter worth about $2,204,000. Institutional investors own 93.89% of the company’s stock.

Analyst Upgrades and Downgrades

Separately, Weiss Ratings reaffirmed a “sell (d-)” rating on shares of iHeartMedia in a 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, iHeartMedia presently has an average rating of “Reduce” and a consensus price target of $4.25.

iHeartMedia Price Performance

Shares of IHRT opened at $3.59 on Friday. iHeartMedia, Inc. has a 1-year low of $1.54 and a 1-year high of $6.56. The company has a market capitalization of $542.63 million, a P/E ratio of -1.95 and a beta of 2.21. The firm’s 50 day simple moving average is $4.51 and its 200 day simple moving average is $3.89.

iHeartMedia (NASDAQ:IHRT) last released its quarterly earnings results on Monday, May 11th. The company reported ($0.61) EPS for the quarter, missing analysts’ consensus estimates of ($0.49) by ($0.12). The company had revenue of $884.20 million during the quarter, compared to analysts’ expectations of $871.50 million. iHeartMedia had a negative return on equity of 1.63% and a negative net margin of 7.28%. On average, equities analysts anticipate that iHeartMedia, Inc. will post -0.06 earnings per share for the current 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.