iHeartMedia (NASDAQ:IHRT) Issues Quarterly Earnings Results

iHeartMedia (NASDAQ:IHRT) released its earnings results on Monday. The company reported ($0.63) EPS for the quarter, missing the consensus estimate of ($0.47) by ($0.16), Zacks reports.

iHeartMedia Stock Performance

Shares of NASDAQ:IHRT traded up $0.03 during midday trading on Monday, reaching $1.29. 1,025,585 shares of the company’s stock traded hands, compared to its average volume of 921,571. The company has a market cap of $189.86 million, a price-to-earnings ratio of -0.19 and a beta of 1.72. iHeartMedia has a one year low of $0.81 and a one year high of $2.84. The stock has a 50 day moving average of $1.34 and a 200 day moving average of $1.88.

Insider Activity

In other news, insider Richard J. Bressler bought 100,000 shares of the stock in a transaction on Friday, March 7th. The shares were bought at an average price of $1.79 per share, with a total value of $179,000.00. Following the completion of the acquisition, the insider now owns 3,617,764 shares in the company, valued at $6,475,797.56. The trade was a 2.84% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CEO Robert W. Pittman acquired 200,000 shares of the firm’s stock in a transaction dated Tuesday, March 4th. The stock was bought at an average cost of $1.60 per share, for a total transaction of $320,000.00. Following the purchase, the chief executive officer now directly owns 4,241,389 shares of the company’s stock, valued at approximately $6,786,222.40. This trade represents a 4.95% increase in their ownership of the stock. The disclosure for this purchase can be found here. Corporate insiders own 8.50% of the company’s stock.

Wall Street Analysts Forecast Growth

Separately, Guggenheim dropped their target price on iHeartMedia from $5.00 to $4.50 and set a “buy” rating on the stock in a report on Monday, March 10th.

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.