Sona Asset Management US LLC Increases Stake in iHeartMedia, Inc. $IHRT

Sona Asset Management US LLC lifted its holdings in iHeartMedia, Inc. (NASDAQ:IHRT) by 15.5% in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 1,874,668 shares of the company’s stock after purchasing an additional 251,097 shares during the quarter. Sona Asset Management US LLC owned 1.24% of iHeartMedia worth $5,474,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds have also recently made changes to their positions in IHRT. Royal Bank of Canada grew its position 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 valued at $36,000 after acquiring an additional 3,378 shares during the period. Wealth Enhancement Advisory Services LLC boosted its holdings in shares of iHeartMedia by 20.0% during the 4th quarter. Wealth Enhancement Advisory Services LLC now owns 24,687 shares of the company’s stock valued at $102,000 after purchasing an additional 4,118 shares during the last quarter. BNP Paribas Financial Markets raised its holdings in shares of iHeartMedia by 42.8% during the 2nd quarter. BNP Paribas Financial Markets now owns 18,655 shares of the company’s stock worth $33,000 after acquiring an additional 5,591 shares in the last quarter. The Manufacturers Life Insurance Company lifted its position in iHeartMedia by 15.0% during the second quarter. The Manufacturers Life Insurance Company now owns 43,613 shares of the company’s stock valued at $77,000 after purchasing an additional 5,684 shares during the last quarter. Finally, Cerity Partners LLC grew its position in iHeartMedia by 26.5% in the fourth quarter. Cerity Partners LLC now owns 29,527 shares of the company’s stock worth $123,000 after acquiring an additional 6,186 shares in the last quarter. 93.89% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of research firms recently weighed in on IHRT. Bank of America reduced their price objective on shares of iHeartMedia from $6.00 to $5.00 and set a “neutral” rating on the stock in a research report on Tuesday, July 7th. Weiss Ratings restated a “sell (d-)” rating on shares of iHeartMedia in a report on Friday, July 17th. Two analysts have rated the stock with a Hold rating and two have given a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock has an average rating of “Reduce” and an average target price of $4.25.

iHeartMedia Stock Performance

IHRT opened at $3.54 on Monday. The stock has a market capitalization of $535.07 million, a price-to-earnings ratio of -1.92 and a beta of 2.19. iHeartMedia, Inc. has a fifty-two week low of $1.54 and a fifty-two week high of $6.56. The company has a fifty day moving average of $4.14 and a two-hundred day moving average of $3.85.

iHeartMedia (NASDAQ:IHRT) last posted its quarterly earnings data 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 for the quarter, compared to analyst estimates of $871.50 million. On average, equities research analysts forecast that iHeartMedia, Inc. will post -0.06 earnings per share for the current year.

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.