iHeartMedia, Inc. (NASDAQ:IHRT – Get Rating) – Equities researchers at B. Riley increased their FY2023 earnings estimates for shares of iHeartMedia in a research report issued on Wednesday, September 7th. B. Riley analyst D. Day now forecasts that the company will post earnings of $0.57 per share for the year, up from their previous estimate of $0.54. The consensus estimate for iHeartMedia's current full-year earnings is $0.70 per share. B. Riley also issued estimates for iHeartMedia's FY2024 earnings at $1.95 EPS, FY2025 earnings at $2.59 EPS and FY2026 earnings at $3.53 EPS.
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Several other research analysts also recently commented on IHRT. TheStreet downgraded shares of iHeartMedia from a "c-" rating to a "d+" rating in a report on Tuesday, July 26th. Wells Fargo & Company downgraded shares of iHeartMedia from an "overweight" rating to an "equal weight" rating and dropped their price objective for the stock from $23.00 to $9.00 in a report on Friday, July 8th. Bank of America cut shares of iHeartMedia from a "buy" rating to a "neutral" rating and lowered their target price for the company from $30.00 to $10.00 in a research note on Friday, June 24th. Morgan Stanley lowered their target price on shares of iHeartMedia from $11.00 to $10.00 and set an "underweight" rating on the stock in a research note on Monday, August 8th. Finally, The Goldman Sachs Group cut shares of iHeartMedia from a "buy" rating to a "neutral" rating and lowered their target price for the company from $15.00 to $9.00 in a research note on Wednesday, August 10th. One analyst has rated the stock with a sell rating, four have given a hold rating and one has given a buy rating to the stock. According to MarketBeat, the stock currently has a consensus rating of "Hold" and an average price target of $15.50.
iHeartMedia Stock Performance
Shares of IHRT opened at $10.54 on Friday. The company has a market capitalization of $1.50 billion, a PE ratio of 19.16, a price-to-earnings-growth ratio of 1.99 and a beta of 1.63. iHeartMedia has a one year low of $6.43 and a one year high of $27.02. The company has a debt-to-equity ratio of 6.30, a current ratio of 1.81 and a quick ratio of 1.81. The company's fifty day moving average price is $8.47 and its 200 day moving average price is $12.95.
Institutional Trading of iHeartMedia
A number of hedge funds have recently modified their holdings of IHRT. Northern Trust Corp increased its position in iHeartMedia by 0.6% during the fourth quarter. Northern Trust Corp now owns 1,138,846 shares of the company's stock worth $23,961,000 after acquiring an additional 7,028 shares during the period. ProShare Advisors LLC increased its holdings in iHeartMedia by 70.2% in the 4th quarter. ProShare Advisors LLC now owns 24,502 shares of the company's stock valued at $516,000 after buying an additional 10,102 shares during the period. First Trust Advisors LP bought a new position in iHeartMedia in the 4th quarter valued at about $3,201,000. Bank of America Corp DE increased its holdings in iHeartMedia by 52.1% in the 4th quarter. Bank of America Corp DE now owns 308,249 shares of the company's stock valued at $6,485,000 after buying an additional 105,524 shares during the period. Finally, Dimensional Fund Advisors LP increased its holdings in iHeartMedia by 33.2% in the 4th quarter. Dimensional Fund Advisors LP now owns 945,314 shares of the company's stock valued at $19,890,000 after buying an additional 235,366 shares during the period. Institutional investors and hedge funds own 73.33% of the company's stock.
Insider Buying and Selling
In other news, CEO Robert W. Pittman purchased 54,112 shares of the business's stock in a transaction on Wednesday, August 10th. The stock was purchased at an average price of $9.31 per share, for a total transaction of $503,782.72. Following the completion of the purchase, the chief executive officer now directly owns 1,774,633 shares in the company, valued at approximately $16,521,833.23. The purchase was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 2.90% of the stock is currently owned by corporate insiders.
About iHeartMedia
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iHeartMedia, Inc operates as a media and entertainment company worldwide. 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 live and virtual events; and operates Premiere Networks, a national radio network that produces, distributes, or represents approximately 120 syndicated radio programs and services to approximately 6,400 radio station affiliates.
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