iHeartMedia (NASDAQ:IHRT) Stock Rating Lowered by Zacks Investment Research

Zacks Investment Research downgraded shares of iHeartMedia (NASDAQ:IHRT) from a buy rating to a hold rating in a report published on Friday, Zacks.com reports.

According to Zacks, “iHeartMedia Inc. is a media and entertainment company. It specializes in radio, digital, outdoor, mobile, live events, social and on-demand entertainment and information services for advertisers. iHeartMedia Inc. is based in New York. “

IHRT has been the subject of a number of other reports. B. Riley decreased their price objective on iHeartMedia from $42.00 to $39.00 and set a buy rating for the company in a research report on Wednesday, October 20th. Morgan Stanley raised their price objective on iHeartMedia from $23.00 to $25.00 and gave the stock an equal weight rating in a research report on Tuesday, October 5th. Two investment analysts have rated the stock with a hold rating and seven have issued a buy rating to the company’s stock. According to MarketBeat, the company currently has a consensus rating of Buy and an average price target of $28.00.

Shares of IHRT opened at $20.64 on Friday. The business’s 50-day moving average price is $20.74 and its 200 day moving average price is $23.12. The stock has a market capitalization of $2.93 billion, a P/E ratio of -11.28, a P/E/G ratio of 1.80 and a beta of 1.90. iHeartMedia has a 1-year low of $13.12 and a 1-year high of $28.24.

iHeartMedia (NASDAQ:IHRT) last issued its quarterly earnings results on Thursday, November 4th. The company reported $0.10 earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.11 by ($0.01). The company had revenue of $928.05 million during the quarter, compared to analysts’ expectations of $908.34 million. Equities analysts anticipate that iHeartMedia will post -0.96 EPS for the current year.

In other iHeartMedia news, CEO Robert W. Pittman purchased 24,150 shares of the company’s stock in a transaction on Tuesday, November 9th. The shares were bought at an average cost of $20.77 per share, with a total value of $501,595.50. The purchase was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, insider Richard J. Bressler acquired 22,615 shares of the stock in a transaction dated Tuesday, November 16th. The shares were purchased at an average price of $22.14 per share, for a total transaction of $500,696.10. The disclosure for this purchase can be found here. 1.80% of the stock is owned by insiders.

Institutional investors have recently bought and sold shares of the business. Pinz Capital Management LP acquired a new position in iHeartMedia in the second quarter worth $35,000. Pinebridge Investments L.P. acquired a new position in iHeartMedia in the third quarter worth $53,000. C M Bidwell & Associates Ltd. acquired a new position in iHeartMedia in the second quarter worth $65,000. O Shaughnessy Asset Management LLC boosted its stake in iHeartMedia by 11,084.6% in the third quarter. O Shaughnessy Asset Management LLC now owns 2,908 shares of the company’s stock worth $73,000 after purchasing an additional 2,882 shares in the last quarter. Finally, Point72 Hong Kong Ltd acquired a new position in iHeartMedia in the third quarter worth $96,000. 72.94% of the stock is currently owned by institutional investors.

iHeartMedia Company Profile

iHeartMedia, Inc operates as a media and entertainment company worldwide. It operates through two segments, Audio, and Audio & Media Services. The Audio segment offers broadcast radio, digital, mobile, podcasts, social, program syndication, traffic, weather, news and sports data distribution, and on-demand entertainment, as well as live events, including mobile platforms and products; and operates Premiere Networks, a national radio network that produces, distributes, or represents approximately 120 syndicated radio programs and services to approximately 6,500 radio station affiliates.

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