iHeartMedia (NASDAQ:IHRT) Shares Up 9.9% – Here’s Why

iHeartMedia, Inc. (NASDAQ:IHRT)’s stock price traded up 9.9% on Thursday . The company traded as high as $5.56 and last traded at $5.6070. 179,162 shares traded hands during mid-day trading, a decline of 78% from the average session volume of 828,693 shares. The stock had previously closed at $5.10.

Wall Street Analyst Weigh In

Several analysts have issued reports on the stock. Weiss Ratings restated a “sell (d-)” rating on shares of iHeartMedia in a research report on Tuesday, April 21st. The Goldman Sachs Group lowered shares of iHeartMedia from a “neutral” rating to a “sell” rating and cut their price target for the company from $4.00 to $3.50 in a research report on Friday, January 9th. Two analysts have rated the stock with a Hold rating and two have assigned a Sell rating to the stock. According to data from MarketBeat.com, iHeartMedia currently has a consensus rating of “Reduce” and an average price target of $4.25.

iHeartMedia Stock Up 10.9%

The stock’s fifty day moving average price is $3.40 and its two-hundred day moving average price is $3.64. The company has a market capitalization of $852.03 million, a PE ratio of -1.85, a price-to-earnings-growth ratio of 50.34 and a beta of 1.64.

iHeartMedia (NASDAQ:IHRT) last posted its earnings results on Monday, March 2nd. The company reported $0.04 earnings per share 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 for the quarter, compared to analysts’ expectations of $1.10 billion.

Insider Buying and Selling at iHeartMedia

In other news, CEO Robert W. Pittman bought 32,468 shares of iHeartMedia stock in a transaction on Thursday, March 5th. The shares were purchased at an average price of $3.25 per share, for a total transaction of $105,521.00. Following the acquisition, the chief executive officer owned 6,214,937 shares of the company’s stock, valued at approximately $20,198,545.25. The trade was a 0.53% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through this link. Company insiders own 8.50% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently made changes to their positions in the company. Y Intercept Hong Kong Ltd purchased a new position in shares of iHeartMedia during the 1st quarter worth approximately $36,000. Krilogy Financial LLC purchased a new position in shares of iHeartMedia during the 1st quarter worth approximately $157,000. Diversified Trust Co purchased a new position in shares of iHeartMedia during the 1st quarter worth approximately $44,000. Purpose Unlimited Inc. purchased a new position in shares of iHeartMedia during the 4th quarter worth approximately $5,283,000. Finally, Virtu Financial LLC bought a new position in shares of iHeartMedia during the fourth quarter valued at approximately $78,000. Hedge funds and other 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.