iHeartMedia (NASDAQ:IHRT) Shares Up 12.5% – Here’s Why

iHeartMedia, Inc. (NASDAQ:IHRT) shot up 12.5% during trading on Tuesday . The stock traded as high as $4.96 and last traded at $4.96. 972,180 shares changed hands during mid-day trading, an increase of 3% from the average session volume of 943,685 shares. The stock had previously closed at $4.41.

Wall Street Analysts Forecast Growth

Separately, Weiss Ratings reaffirmed a “sell (d-)” rating on shares of iHeartMedia in a research note on Tuesday, April 21st. Two analysts have rated the stock with a Hold rating and two have given a Sell rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of “Reduce” and a consensus target price of $4.25.

iHeartMedia Stock Performance

The stock’s 50-day simple moving average is $4.17 and its 200-day simple moving average is $3.89. The firm has a market capitalization of $733.08 million, a PE ratio of -2.64 and a beta of 2.33.

iHeartMedia (NASDAQ:IHRT) last posted its earnings results on Monday, May 11th. The company reported ($0.61) EPS for the quarter, missing the consensus estimate of ($0.49) by ($0.12). iHeartMedia had a negative return on equity of 1.63% and a negative net margin of 7.28%.The company had revenue of $884.20 million during the quarter, compared to analysts’ expectations of $871.50 million. As a group, analysts predict that iHeartMedia, Inc. will post -0.06 earnings per share for the current fiscal year.

Insider Activity at iHeartMedia

In related news, CEO Robert W. Pittman bought 16,349 shares of the company’s stock in a transaction dated Monday, March 9th. The stock was purchased at an average cost of $2.97 per share, with a total value of $48,556.53. Following the transaction, the chief executive officer owned 6,231,286 shares in the company, valued at approximately $18,506,919.42. This trade represents a 0.26% increase in their position. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Corporate insiders own 10.20% of the company’s stock.

Institutional Investors Weigh In On iHeartMedia

Institutional investors and hedge funds have recently modified their holdings of the stock. Mirae Asset Global Investments Co. Ltd. purchased a new stake in shares of iHeartMedia in the 3rd quarter worth about $25,000. BNP Paribas Financial Markets lifted its position in shares of iHeartMedia by 42.8% in the 2nd 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. Y Intercept Hong Kong Ltd purchased a new stake in shares of iHeartMedia in the 1st quarter worth about $36,000. Royal Bank of Canada grew its position in shares of iHeartMedia by 67.7% in the 4th quarter. Royal Bank of Canada now owns 8,368 shares of the company’s stock worth $36,000 after buying an additional 3,378 shares during the period. Finally, CIBC Bancorp USA Inc. purchased a new stake in shares of iHeartMedia in the 3rd quarter worth about $36,000. 93.89% of the stock is owned by hedge funds and other institutional investors.

iHeartMedia Company Profile

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.