iHeartMedia (NASDAQ:IHRT) Releases Earnings Results, Misses Estimates By $0.36 EPS

iHeartMedia (NASDAQ:IHRT) released its quarterly earnings results on Monday. The company reported ($0.26) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.10 by ($0.36), FiscalAI reports. The firm had revenue of $1.12 billion during the quarter, compared to analysts’ expectations of $1.10 billion. iHeartMedia had a negative return on equity of 1.63% and a negative net margin of 10.37%.

iHeartMedia Trading Down 5.2%

Shares of IHRT stock traded down $0.17 on Monday, reaching $3.10. The company’s stock had a trading volume of 640,752 shares, compared to its average volume of 631,186. The company has a market capitalization of $465.50 million, a price-to-earnings ratio of -1.20, a price-to-earnings-growth ratio of 0.28 and a beta of 1.70. The stock’s fifty day simple moving average is $3.70 and its 200-day simple moving average is $3.39. iHeartMedia has a 1 year low of $0.95 and a 1 year high of $5.44.

Analysts Set New Price Targets

Several equities research analysts have recently commented on the stock. Bank of America upped their price target on shares of iHeartMedia from $3.00 to $5.00 and gave the company a “neutral” rating in a research report on Thursday, November 13th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of iHeartMedia in a report on Thursday, January 22nd. Finally, The Goldman Sachs Group cut shares of iHeartMedia from a “neutral” rating to a “sell” rating and dropped their price target for the stock from $4.00 to $3.50 in a research note on Friday, January 9th. One equities research analyst has rated the stock with a Buy rating, two have assigned a Hold rating and two have given a Sell rating to the company. According to MarketBeat.com, iHeartMedia has a consensus rating of “Reduce” and a consensus target price of $4.33.

Institutional Investors Weigh In On iHeartMedia

Large investors have recently added to or reduced their stakes in the stock. Royal Bank of Canada raised its stake in shares of iHeartMedia by 67.7% during the fourth quarter. Royal Bank of Canada now owns 8,368 shares of the company’s stock valued at $36,000 after acquiring an additional 3,378 shares in the last quarter. Xponance LLC bought a new stake in iHeartMedia during the 4th quarter valued at $46,000. Captrust Financial Advisors purchased a new stake in shares of iHeartMedia in the 4th quarter worth $47,000. Mercer Global Advisors Inc. ADV bought a new position in shares of iHeartMedia during the 4th quarter worth $52,000. Finally, CIBC Bancorp USA Inc. purchased a new position in shares of iHeartMedia during the third quarter valued at $36,000. 93.89% of the stock is owned by institutional investors.

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.