iHeartMedia (NASDAQ:IHRT) Stock Price Up 9.6% – Should You Buy?

iHeartMedia, Inc. (NASDAQ:IHRT)’s stock price traded up 9.6% during mid-day trading on Monday . The company traded as high as $5.12 and last traded at $5.24. 369,625 shares changed hands during trading, a decline of 60% from the average session volume of 921,436 shares. The stock had previously closed at $4.78.

Wall Street Analysts Forecast Growth

Separately, Weiss Ratings reissued a “sell (d-)” rating on shares of iHeartMedia in a research report on Tuesday, April 21st. Two equities research analysts have rated the stock with a Hold rating and two have issued a Sell rating to the company. According to MarketBeat.com, iHeartMedia has an average rating of “Reduce” and an average target price of $4.25.

iHeartMedia Trading Up 2.4%

The company has a market capitalization of $724.73 million, a price-to-earnings ratio of -2.60 and a beta of 2.33. The firm’s 50-day moving average price is $3.91 and its 200 day moving average price is $3.85.

iHeartMedia (NASDAQ:IHRT) last announced its quarterly earnings results 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 company had revenue of $884.20 million for the quarter, compared to the consensus estimate of $871.50 million. iHeartMedia had a negative net margin of 7.28% and a negative return on equity of 1.63%. As a group, equities research analysts anticipate that iHeartMedia, Inc. will post -0.06 earnings per share for the current fiscal year.

Insider Buying and Selling at iHeartMedia

In other iHeartMedia news, CEO Robert W. Pittman purchased 16,349 shares of the company’s stock in a transaction dated Monday, March 9th. The stock was purchased at an average price of $2.97 per share, with a total value of $48,556.53. Following the completion of the purchase, the chief executive officer owned 6,231,286 shares of the company’s stock, valued at approximately $18,506,919.42. The trade was a 0.26% increase in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this link. Company insiders own 10.20% of the company’s stock.

Institutional Investors Weigh In On iHeartMedia

A number of institutional investors have recently modified their holdings of IHRT. Royal Bank of Canada lifted its holdings in iHeartMedia by 67.7% in the fourth quarter. Royal Bank of Canada now owns 8,368 shares of the company’s stock valued at $36,000 after buying an additional 3,378 shares during the period. Wealth Enhancement Advisory Services LLC lifted its stake in shares of iHeartMedia by 20.0% in 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 period. Rhumbline Advisers boosted its position in shares of iHeartMedia by 2.7% during the 3rd quarter. Rhumbline Advisers now owns 172,609 shares of the company’s stock valued at $495,000 after purchasing an additional 4,603 shares in the last quarter. BNP Paribas Financial Markets grew its stake in iHeartMedia by 42.8% during the second quarter. BNP Paribas Financial Markets now owns 18,655 shares of the company’s stock worth $33,000 after purchasing an additional 5,591 shares during the period. Finally, The Manufacturers Life Insurance Company increased its holdings in iHeartMedia by 15.0% in the second quarter. The Manufacturers Life Insurance Company now owns 43,613 shares of the company’s stock worth $77,000 after purchasing an additional 5,684 shares in the last quarter. 93.89% of the stock is owned by institutional investors.

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.