iHeartMedia (NASDAQ:IHRT) Issues Quarterly Earnings Results, Misses Expectations By $0.16 EPS

iHeartMedia (NASDAQ:IHRT) announced its earnings results on Monday. The company reported ($0.63) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.47) by ($0.16), Zacks reports. The business had revenue of $807.10 million during the quarter, compared to analysts’ expectations of $790.17 million.

iHeartMedia Stock Performance

iHeartMedia stock opened at $1.29 on Tuesday. iHeartMedia has a 52 week low of $0.81 and a 52 week high of $2.84. The firm has a market capitalization of $189.86 million, a PE ratio of -0.19 and a beta of 1.72. The business’s 50-day simple moving average is $1.33 and its 200-day simple moving average is $1.88.

Insider Buying and Selling

In other iHeartMedia news, insider Richard J. Bressler purchased 100,000 shares of the company’s stock in a transaction on Friday, March 7th. The shares were bought at an average cost of $1.79 per share, with a total value of $179,000.00. Following the transaction, the insider now directly owns 3,617,764 shares in the company, valued at approximately $6,475,797.56. This represents a 2.84% increase in their position. The purchase was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, CEO Robert W. Pittman purchased 200,000 shares of the business’s stock in a transaction dated Tuesday, March 4th. The shares were acquired at an average price of $1.60 per share, with a total value of $320,000.00. Following the completion of the acquisition, the chief executive officer now owns 4,241,389 shares of the company’s stock, valued at approximately $6,786,222.40. The trade was a 4.95% increase in their ownership of the stock. The disclosure for this purchase can be found here. 8.50% of the stock is owned by insiders.

Wall Street Analyst Weigh In

Separately, Guggenheim reduced their price objective on shares of iHeartMedia from $5.00 to $4.50 and set a “buy” rating for the company in a research note on Monday, March 10th.

iHeartMedia Company Profile

iHeartMedia, Inc operates as an audio media company in the United States and internationally. It operates through three segments: Multiplatform Group, Digital Audio Group, and Audio & Media Services Group. The Multiplatform Group segment offers broadcast radio stations, sponsorship and events, 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.