Brokerages Set iHeartMedia, Inc. (NASDAQ:IHRT) PT at $3.00

Shares of iHeartMedia, Inc. (NASDAQ:IHRT) have been given a consensus rating of “Hold” by the six research firms that are covering the firm, MarketBeat reports. Two research analysts have rated the stock with a sell rating, two have issued a hold rating and two have given a buy rating to the company. The average 1 year price objective among brokers that have issued ratings on the stock in the last year is $3.00.

IHRT has been the subject of a number of research analyst reports. Bank of America reduced their price objective on iHeartMedia from $1.70 to $1.00 and set an “underperform” rating for the company in a report on Monday, June 3rd. The Goldman Sachs Group cut their target price on iHeartMedia from $2.00 to $1.00 and set a “neutral” rating for the company in a research note on Monday, May 13th. Finally, Guggenheim lowered their price target on shares of iHeartMedia from $5.00 to $3.00 and set a “buy” rating for the company in a report on Thursday, May 16th.

iHeartMedia Price Performance

IHRT stock opened at $1.42 on Thursday. The business has a fifty day moving average price of $1.23 and a 200 day moving average price of $1.81. The stock has a market capitalization of $205.61 million, a price-to-earnings ratio of -0.24, a P/E/G ratio of 0.22 and a beta of 1.71. iHeartMedia has a fifty-two week low of $0.81 and a fifty-two week high of $4.59.

iHeartMedia (NASDAQ:IHRT) last posted its earnings results on Thursday, May 9th. The company reported ($0.12) earnings per share for the quarter, topping the consensus estimate of ($0.55) by $0.43. The business had revenue of $799.04 million for the quarter, compared to the consensus estimate of $806.62 million. During the same quarter in the prior year, the firm posted ($1.50) earnings per share. On average, equities analysts expect that iHeartMedia will post 0.29 earnings per share for the current fiscal year.

Institutional Investors Weigh In On iHeartMedia

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. TCG Advisory Services LLC purchased a new position in shares of iHeartMedia during the 4th quarter valued at $27,000. Optas LLC purchased a new position in shares of iHeartMedia during the 2nd quarter valued at $29,000. PFG Investments LLC purchased a new position in shares of iHeartMedia during the 1st quarter valued at $45,000. SG Americas Securities LLC purchased a new position in shares of iHeartMedia during the 2nd quarter valued at $69,000. Finally, Zurcher Kantonalbank Zurich Cantonalbank lifted its position in shares of iHeartMedia by 37.7% during the 4th quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 28,765 shares of the company’s stock valued at $77,000 after buying an additional 7,882 shares during the last quarter. Hedge funds and other institutional investors own 93.89% of the company’s stock.

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.