Aristeia Capital L.L.C. Purchases New Stake in iHeartMedia, Inc. (NASDAQ:IHRT)

Aristeia Capital L.L.C. acquired a new position in shares of iHeartMedia, Inc. (NASDAQ:IHRT) in the 2nd quarter, Holdings Channel.com reports. The firm acquired 2,257,583 shares of the company’s stock, valued at approximately $2,461,000.

A number of other large investors also recently added to or reduced their stakes in IHRT. Optas LLC acquired a new position in shares of iHeartMedia in the 2nd quarter valued at $29,000. PFG Investments LLC boosted its holdings in iHeartMedia by 53.5% during the second quarter. PFG Investments LLC now owns 33,000 shares of the company’s stock worth $36,000 after buying an additional 11,500 shares during the last quarter. SG Americas Securities LLC acquired a new position in shares of iHeartMedia during the 2nd quarter worth about $69,000. Mitsubishi UFJ Trust & Banking Corp grew its position in shares of iHeartMedia by 169.1% during the 1st quarter. Mitsubishi UFJ Trust & Banking Corp now owns 39,790 shares of the company’s stock worth $84,000 after buying an additional 25,001 shares during the period. Finally, RPO LLC bought a new stake in shares of iHeartMedia in the 4th quarter valued at about $91,000. 93.89% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Separately, Bank of America reduced their price objective on shares of iHeartMedia from $1.70 to $1.00 and set an “underperform” rating on the stock in a research note on Monday, June 3rd. Two research analysts have rated the stock with a sell rating, one has given a hold rating and two have given a buy rating to the stock. According to MarketBeat, iHeartMedia currently has an average rating of “Hold” and an average target price of $3.00.

iHeartMedia Trading Down 4.9 %

IHRT stock opened at $1.55 on Tuesday. iHeartMedia, Inc. has a 1-year low of $0.81 and a 1-year high of $3.68. The firm has a market cap of $224.44 million, a PE ratio of -0.26, a P/E/G ratio of 0.38 and a beta of 1.70. The business’s 50-day moving average price is $1.54 and its two-hundred day moving average price is $1.57.

iHeartMedia (NASDAQ:IHRT) last announced its quarterly earnings results on Thursday, August 8th. The company reported ($0.23) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.31) by $0.08. The company had revenue of $929.09 million during the quarter, compared to the consensus estimate of $918.03 million. On average, analysts forecast that iHeartMedia, Inc. will post 0.17 earnings per share for the current year.

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.