iHeartMedia, Inc. (NASDAQ:IHRT) Given Average Recommendation of “Reduce” by Brokerages

iHeartMedia, Inc. (NASDAQ:IHRT) has received a consensus rating of “Reduce” from the four brokerages that are presently covering the stock, Marketbeat Ratings reports. Two equities research analysts have rated the stock with a sell recommendation and two have issued a hold recommendation on the company. The average 12-month price target among analysts that have covered the stock in the last year is $4.25.

Several research firms recently issued reports on IHRT. The Goldman Sachs Group lowered shares of iHeartMedia from a “neutral” rating to a “sell” rating and dropped their target price for the company from $4.00 to $3.50 in a report on Friday, January 9th. Bank of America increased their price target on iHeartMedia from $3.00 to $5.00 and gave the stock a “neutral” rating in a report on Thursday, November 13th. Finally, Weiss Ratings reissued a “sell (d-)” rating on shares of iHeartMedia in a research report on Thursday, January 22nd.

iHeartMedia Stock Performance

NASDAQ:IHRT opened at $2.95 on Friday. The company has a market capitalization of $442.97 million, a PE ratio of -0.96, a P/E/G ratio of 29.63 and a beta of 1.70. The company has a 50 day simple moving average of $3.49 and a two-hundred day simple moving average of $3.43. iHeartMedia has a fifty-two week low of $0.95 and a fifty-two week high of $5.44.

iHeartMedia (NASDAQ:IHRT) last issued its quarterly earnings results on Monday, March 2nd. The company reported $0.04 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.10 by ($0.06). iHeartMedia had a negative return on equity of 1.63% and a negative net margin of 12.24%.The firm had revenue of $1.12 billion during the quarter, compared to analyst estimates of $1.10 billion. Research analysts predict that iHeartMedia will post -0.13 EPS for the current year.

Insider Buying and Selling

In other iHeartMedia news, CEO Robert W. Pittman bought 16,349 shares of the stock in a transaction on Monday, March 9th. The stock was acquired at an average cost of $2.97 per share, for a total transaction of $48,556.53. Following the completion of the acquisition, the chief executive officer owned 6,231,286 shares in the company, valued at $18,506,919.42. This trade represents a 0.26% increase in their position. The acquisition was disclosed in a document filed with the SEC, which is available at this link. 8.50% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On iHeartMedia

Several hedge funds and other institutional investors have recently modified their holdings of the company. Global Media & Entertainment Investments Ltd bought a new position in shares of iHeartMedia in the 3rd quarter worth $52,061,800,000. Sona Asset Management US LLC increased its stake in iHeartMedia by 2,693.8% during the 4th quarter. Sona Asset Management US LLC now owns 1,623,571 shares of the company’s stock valued at $6,754,000 after purchasing an additional 1,565,457 shares in the last quarter. AQR Capital Management LLC raised its holdings in iHeartMedia by 99.8% during the first quarter. AQR Capital Management LLC now owns 2,214,301 shares of the company’s stock worth $3,654,000 after buying an additional 1,105,976 shares during the last quarter. Millennium Management LLC acquired a new position in iHeartMedia during the third quarter worth $2,204,000. Finally, Charles Schwab Investment Management Inc. lifted its stake in shares of iHeartMedia by 12.4% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 6,713,611 shares of the company’s stock valued at $27,929,000 after buying an additional 741,736 shares in the last quarter. Institutional investors own 93.89% of the company’s stock.

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.