Insider Buying: iHeartMedia, Inc. (NASDAQ:IHRT) CEO Acquires 200,000 Shares of Stock

iHeartMedia, Inc. (NASDAQ:IHRT) CEO Robert W. Pittman bought 200,000 shares of the firm’s stock in a transaction dated Thursday, May 15th. The stock was bought at an average cost of $1.22 per share, with a total value of $244,000.00. Following the transaction, the chief executive officer now directly owns 4,441,389 shares of the company’s stock, valued at approximately $5,418,494.58. This trade represents a 4.72% 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.

iHeartMedia Price Performance

IHRT traded up $0.03 during trading hours on Monday, hitting $1.27. 252,375 shares of the stock were exchanged, compared to its average volume of 786,917. iHeartMedia, Inc. has a 12 month low of $0.81 and a 12 month high of $2.84. The stock has a 50-day simple moving average of $1.29 and a 200-day simple moving average of $1.86. The stock has a market cap of $187.51 million, a price-to-earnings ratio of -0.19 and a beta of 1.72.

iHeartMedia (NASDAQ:IHRT) last announced its quarterly earnings results on Monday, May 12th. The company reported ($0.63) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.47) by ($0.16). The firm had revenue of $807.10 million for the quarter, compared to the consensus estimate of $790.17 million. Sell-side analysts expect that iHeartMedia, Inc. will post -0.13 EPS for the current year.

Wall Street Analysts Forecast Growth

A number of research firms have weighed in on IHRT. Guggenheim decreased their price target on iHeartMedia from $5.00 to $4.50 and set a “buy” rating for the company in a report on Monday, March 10th. The Goldman Sachs Group upped their target price on iHeartMedia from $1.00 to $1.25 and gave the company a “neutral” rating in a research report on Wednesday, May 14th.

Hedge Funds Weigh In On iHeartMedia

Several large investors have recently made changes to their positions in the business. US Bancorp DE lifted its holdings in shares of iHeartMedia by 224.0% in the first quarter. US Bancorp DE now owns 16,402 shares of the company’s stock valued at $27,000 after purchasing an additional 11,339 shares in the last quarter. Connor Clark & Lunn Investment Management Ltd. bought a new stake in shares of iHeartMedia during the 1st quarter worth $32,000. BNP Paribas Financial Markets acquired a new position in iHeartMedia during the 4th quarter worth $33,000. Wealth Enhancement Advisory Services LLC acquired a new stake in iHeartMedia in the 1st quarter valued at approximately $46,000. Finally, State of Wyoming bought a new position in iHeartMedia during the fourth quarter worth $49,000. Institutional investors own 93.89% of the company’s stock.

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.