B. Riley Research Analysts Increase Earnings Estimates for iHeartMedia, Inc. (NASDAQ:IHRT)

iHeartMedia, Inc. (NASDAQ:IHRTGet Rating) – Equities research analysts at B. Riley upped their FY2023 earnings per share estimates for iHeartMedia in a report issued on Wednesday, September 7th. B. Riley analyst D. Day now forecasts that the company will earn $0.57 per share for the year, up from their prior estimate of $0.54. The consensus estimate for iHeartMedia’s current full-year earnings is $0.70 per share. B. Riley also issued estimates for iHeartMedia’s FY2024 earnings at $1.95 EPS, FY2025 earnings at $2.59 EPS and FY2026 earnings at $3.53 EPS.

Several other equities research analysts also recently issued reports on IHRT. The Goldman Sachs Group downgraded iHeartMedia from a “buy” rating to a “neutral” rating and lowered their price target for the stock from $15.00 to $9.00 in a report on Wednesday, August 10th. Morgan Stanley lowered their price target on iHeartMedia from $11.00 to $10.00 and set an “underweight” rating for the company in a report on Monday, August 8th. Wells Fargo & Company downgraded iHeartMedia from an “overweight” rating to an “equal weight” rating and lowered their price target for the stock from $23.00 to $9.00 in a report on Friday, July 8th. TheStreet downgraded iHeartMedia from a “c-” rating to a “d+” rating in a report on Tuesday, July 26th. Finally, Bank of America downgraded iHeartMedia from a “buy” rating to a “neutral” rating and lowered their price target for the stock from $30.00 to $10.00 in a report on Friday, June 24th. One research analyst has rated the stock with a sell rating, four have assigned a hold rating and one has issued a buy rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of “Hold” and an average price target of $15.50.

iHeartMedia Trading Up 3.9 %

NASDAQ IHRT opened at $10.14 on Friday. iHeartMedia has a 12 month low of $6.43 and a 12 month high of $27.02. The stock has a 50-day simple moving average of $8.47 and a 200 day simple moving average of $12.95. The company has a market capitalization of $1.44 billion, a PE ratio of 18.44, a P/E/G ratio of 1.99 and a beta of 1.63. The company has a current ratio of 1.81, a quick ratio of 1.81 and a debt-to-equity ratio of 6.30.

Institutional Inflows and Outflows

Large investors have recently bought and sold shares of the stock. Lazard Asset Management LLC acquired a new position in iHeartMedia during the second quarter valued at approximately $74,000. Mitsubishi UFJ Trust & Banking Corp bought a new position in shares of iHeartMedia during the second quarter worth approximately $81,000. Jane Street Group LLC increased its stake in shares of 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 period. Counterpoint Mutual Funds LLC increased its stake in shares of iHeartMedia by 242.3% during the first quarter. Counterpoint Mutual Funds LLC now owns 4,590 shares of the company’s stock worth $87,000 after purchasing an additional 3,249 shares during the period. Finally, Sei Investments Co. bought a new position in shares of iHeartMedia during the second quarter worth approximately $108,000. 73.33% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling

In other news, CEO Robert W. Pittman acquired 54,112 shares of the firm’s stock in a transaction that occurred on Wednesday, August 10th. The stock was acquired at an average cost of $9.31 per share, for a total transaction of $503,782.72. Following the completion of the acquisition, the chief executive officer now owns 1,774,633 shares in the company, valued at $16,521,833.23. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. 2.90% of the stock is owned by corporate insiders.

iHeartMedia Company Profile

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iHeartMedia, Inc operates as a media and entertainment company worldwide. 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 live and virtual events; and operates Premiere Networks, a national radio network that produces, distributes, or represents approximately 120 syndicated radio programs and services to approximately 6,400 radio station affiliates.

See Also

Earnings History and Estimates for iHeartMedia (NASDAQ:IHRT)

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