iHeartMedia, Inc. (NASDAQ:IHRT – Free Report) – Equities researchers at Barrington Research dropped their FY2023 earnings per share (EPS) estimates for shares of iHeartMedia in a research report issued to clients and investors on Monday, November 13th. Barrington Research analyst J. Goss now forecasts that the company will post earnings of ($7.52) per share for the year, down from their previous forecast of ($7.26). Barrington Research has a “Market Perform” rating on the stock. The consensus estimate for iHeartMedia’s current full-year earnings is ($7.39) per share. Barrington Research also issued estimates for iHeartMedia’s Q4 2023 earnings at ($0.03) EPS, Q1 2024 earnings at ($0.55) EPS, Q4 2024 earnings at $0.39 EPS, FY2024 earnings at $0.04 EPS and FY2025 earnings at ($0.11) EPS.
Several other equities analysts have also recently weighed in on the company. Morgan Stanley dropped their price objective on iHeartMedia from $5.00 to $3.00 and set an “underweight” rating for the company in a report on Friday, November 10th. The Goldman Sachs Group dropped their price objective on iHeartMedia from $3.00 to $2.00 and set a “neutral” rating for the company in a report on Wednesday. Bank of America lowered their price target on iHeartMedia from $3.50 to $2.90 and set an “underperform” rating for the company in a report on Wednesday, October 4th. Finally, B. Riley lowered their price target on iHeartMedia from $12.00 to $7.00 and set a “buy” rating for the company in a report on Thursday, October 19th. Three equities research analysts have rated the stock with a sell rating, three have issued a hold rating and one has assigned a buy rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of “Hold” and an average price target of $4.07.
iHeartMedia Price Performance
Shares of NASDAQ IHRT opened at $2.48 on Thursday. The stock has a market capitalization of $358.41 million, a PE ratio of -0.36 and a beta of 1.95. The company has a debt-to-equity ratio of 11.43, a current ratio of 1.82 and a quick ratio of 1.82. The business has a fifty day moving average price of $2.77 and a two-hundred day moving average price of $3.26. iHeartMedia has a fifty-two week low of $1.77 and a fifty-two week high of $9.01.
Hedge Funds Weigh In On iHeartMedia
A number of institutional investors have recently modified their holdings of IHRT. Douglas Lane & Associates LLC increased its holdings in iHeartMedia by 45.5% in the 3rd quarter. Douglas Lane & Associates LLC now owns 8,273,158 shares of the company’s stock worth $26,143,000 after purchasing an additional 2,586,256 shares in the last quarter. Apollo Management Holdings L.P. acquired a new position in iHeartMedia in the 1st quarter worth about $7,571,000. Federated Hermes Inc. increased its holdings in iHeartMedia by 147.7% in the 1st quarter. Federated Hermes Inc. now owns 1,714,861 shares of the company’s stock worth $6,665,000 after purchasing an additional 1,022,472 shares in the last quarter. Vanguard Group Inc. increased its holdings in iHeartMedia by 10.1% in the 1st quarter. Vanguard Group Inc. now owns 10,432,614 shares of the company’s stock worth $197,489,000 after purchasing an additional 956,001 shares in the last quarter. Finally, Norges Bank acquired a new position in iHeartMedia in the 4th quarter worth about $4,172,000. Institutional investors and hedge funds own 63.38% of the company’s stock.
iHeartMedia, Inc operates as a media and entertainment company worldwide. The company 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 syndicated radio programs and services to radio station affiliates.
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