iHeartMedia (NASDAQ:IHRT) Shares Up 9.6% – What’s Next?

iHeartMedia, Inc. (NASDAQ:IHRT) shares were up 9.6% during trading on Monday . The stock traded as high as $5.12 and last traded at $5.24. Approximately 369,625 shares were traded during trading, a decline of 60% from the average daily volume of 921,436 shares. The stock had previously closed at $4.78.

Analyst Upgrades and Downgrades

Separately, Weiss Ratings reaffirmed a “sell (d-)” rating on shares of iHeartMedia in a research note on Tuesday, April 21st. Two analysts have rated the stock with a Hold rating and two have issued a Sell rating to the company. Based on data from MarketBeat.com, iHeartMedia has an average rating of “Reduce” and an average target price of $4.25.

iHeartMedia Stock Performance

The stock has a market cap of $794.63 million, a price-to-earnings ratio of -2.87 and a beta of 2.33. The stock’s 50-day simple moving average is $3.84 and its two-hundred day simple moving average is $3.82.

iHeartMedia (NASDAQ:IHRT) last issued its quarterly earnings results on Monday, May 11th. The company reported ($0.61) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.49) by ($0.12). The business had revenue of $884.20 million during the quarter, compared to analyst estimates of $871.50 million. iHeartMedia had a negative net margin of 7.28% and a negative return on equity of 1.63%. As a group, research analysts predict that iHeartMedia, Inc. will post -0.06 earnings per share for the current year.

Insider Transactions at iHeartMedia

In other iHeartMedia news, CEO Robert W. Pittman purchased 16,349 shares of the company’s stock in a transaction on Monday, March 9th. The shares were bought at an average cost of $2.97 per share, with a total value of $48,556.53. Following the transaction, the chief executive officer directly owned 6,231,286 shares in the company, valued at approximately $18,506,919.42. This represents a 0.26% increase in their position. The purchase was disclosed in a legal filing with the SEC, which is accessible through the SEC website. 10.20% of the stock is owned by company insiders.

Institutional Trading of iHeartMedia

A number of hedge funds have recently bought and sold shares of the stock. Royal Bank of Canada increased its holdings in shares of iHeartMedia by 67.7% during the 4th quarter. Royal Bank of Canada now owns 8,368 shares of the company’s stock worth $36,000 after purchasing an additional 3,378 shares during the period. Mirae Asset Global Investments Co. Ltd. acquired a new position in iHeartMedia in the 3rd quarter valued at approximately $25,000. Xponance LLC bought a new stake in shares of iHeartMedia in the 4th quarter worth approximately $46,000. Captrust Financial Advisors acquired a new stake in shares of iHeartMedia during the 4th quarter worth approximately $47,000. Finally, Y Intercept Hong Kong Ltd bought a new stake in shares of iHeartMedia during the first quarter valued at approximately $36,000. 93.89% of the stock is owned by institutional investors.

iHeartMedia Company Profile

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.