Short Interest in iHeartMedia, Inc. (NASDAQ:IHRT) Decreases By 9.3%

iHeartMedia, Inc. (NASDAQ:IHRT) was the target of a significant decline in short interest in August. As of August 31st, there was short interest totalling 6,860,000 shares, a decline of 9.3% from the August 15th total of 7,560,000 shares. Based on an average trading volume of 1,150,000 shares, the short-interest ratio is presently 6.0 days.

Analysts Set New Price Targets

Separately, Barrington Research reissued a “market perform” rating on shares of iHeartMedia in a report on Wednesday, August 9th. Three equities research analysts have rated the stock with a sell rating, two have issued a hold rating and one has given a buy rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus price target of $7.42.

iHeartMedia Price Performance

Shares of NASDAQ IHRT traded down $0.03 on Tuesday, hitting $3.35. The company’s stock had a trading volume of 396,163 shares, compared to its average volume of 1,043,098. iHeartMedia has a 12-month low of $2.21 and a 12-month high of $10.25. The company has a market capitalization of $484.14 million, a price-to-earnings ratio of -0.38 and a beta of 1.90. The company has a debt-to-equity ratio of 11.43, a current ratio of 1.83 and a quick ratio of 1.83. The stock has a 50 day moving average of $3.83 and a 200-day moving average of $3.71.

iHeartMedia (NASDAQ:IHRT) last posted its quarterly earnings data on Tuesday, August 8th. The company reported ($5.93) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.14) by ($5.79). The firm had revenue of $920.01 million during the quarter, compared to analyst estimates of $905.98 million. iHeartMedia had a negative net margin of 34.77% and a negative return on equity of 296.03%. As a group, research analysts predict that iHeartMedia will post -7.28 EPS for the current year.

Insider Activity

In other news, CEO Robert W. Pittman bought 58,480 shares of the stock in a transaction dated Friday, August 11th. The shares were acquired at an average price of $3.44 per share, with a total value of $201,171.20. Following the completion of the acquisition, the chief executive officer now directly owns 3,066,359 shares in the company, valued at $10,548,274.96. The acquisition was disclosed in a filing with the SEC, which can be accessed through the SEC website. Insiders own 4.20% of the company’s stock.

Hedge Funds Weigh In On iHeartMedia

Institutional investors have recently modified their holdings of the company. Dark Forest Capital Management LP acquired a new position in iHeartMedia during the fourth quarter worth approximately $29,000. Bank of Montreal Can acquired a new position in iHeartMedia during the second quarter worth approximately $38,000. Great West Life Assurance Co. Can increased its position in iHeartMedia by 19.7% during the first quarter. Great West Life Assurance Co. Can now owns 10,175 shares of the company’s stock worth $204,000 after purchasing an additional 1,676 shares during the last quarter. Jane Street Group LLC increased its position in iHeartMedia by 556.1% during the second quarter. Jane Street Group LLC now owns 10,497 shares of the company’s stock worth $83,000 after purchasing an additional 8,897 shares during the last quarter. Finally, Mariner LLC acquired a new position in iHeartMedia during the fourth quarter worth approximately $70,000. Institutional investors and hedge funds own 63.38% of the company’s stock.

About iHeartMedia

iHeartMedia, Inc operates as a media and entertainment company worldwide. The company operates through three segments: Multiplatform Group, Digital Audio Group, and Audio & Media Services Group. The Multiplatform Group segment offers broadcast radio stations, sponsorship, 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.