Whitebox Advisors LLC Boosts Stake in iHeartMedia, Inc. $IHRT

Whitebox Advisors LLC boosted its position in iHeartMedia, Inc. (NASDAQ:IHRT) by 220.0% in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 400,000 shares of the company’s stock after purchasing an additional 275,000 shares during the period. Whitebox Advisors LLC owned approximately 0.27% of iHeartMedia worth $1,168,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other large investors have also modified their holdings of IHRT. Purpose Unlimited Inc. purchased a new stake in shares of iHeartMedia in the fourth quarter worth approximately $5,283,000. GSA Capital Partners LLP boosted its holdings in iHeartMedia by 513.5% during the 4th quarter. GSA Capital Partners LLP now owns 229,839 shares of the company’s stock valued at $956,000 after acquiring an additional 192,378 shares during the period. Melqart Asset Management UK Ltd bought a new position in iHeartMedia in the 4th quarter valued at $2,199,000. Sona Asset Management US LLC increased its stake in iHeartMedia by 15.5% in the first quarter. Sona Asset Management US LLC now owns 1,874,668 shares of the company’s stock worth $5,474,000 after purchasing an additional 251,097 shares during the period. Finally, Wealth Enhancement Advisory Services LLC increased its stake in iHeartMedia by 20.0% in the fourth quarter. Wealth Enhancement Advisory Services LLC now owns 24,687 shares of the company’s stock worth $102,000 after purchasing an additional 4,118 shares during the period. Hedge funds and other institutional investors own 93.89% of the company’s stock.

Analysts Set New Price Targets

A number of analysts have recently issued reports on the stock. Bank of America lowered their target price on shares of iHeartMedia from $6.00 to $5.00 and set a “neutral” rating for the company in a research note on Tuesday, July 7th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of iHeartMedia in a research note on Friday, July 17th. Two analysts have rated the stock with a Hold rating and two have issued a Sell rating to the stock. According to MarketBeat, iHeartMedia currently has a consensus rating of “Reduce” and a consensus price target of $4.25.

iHeartMedia Price Performance

Shares of NASDAQ:IHRT opened at $3.54 on Monday. iHeartMedia, Inc. has a 52-week low of $1.54 and a 52-week high of $6.56. The stock has a market cap of $535.07 million, a P/E ratio of -1.92 and a beta of 2.19. The business’s 50 day moving average is $4.14 and its 200 day moving average is $3.85.

iHeartMedia (NASDAQ:IHRT) last issued its earnings results on Monday, May 11th. The company reported ($0.61) earnings per share for the quarter, missing analysts’ consensus estimates 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. On average, sell-side analysts anticipate that iHeartMedia, Inc. will post -0.06 EPS for the current fiscal year.

iHeartMedia 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.