iHeartMedia, Inc. (NASDAQ:IHRT) Short Interest Update

iHeartMedia, Inc. (NASDAQ:IHRT) was the target of a significant decrease in short interest in the month of September. As of September 15th, there was short interest totalling 5,730,000 shares, a decrease of 7.9% from the August 31st total of 6,220,000 shares. Based on an average trading volume of 685,000 shares, the days-to-cover ratio is presently 8.4 days. Approximately 4.9% of the shares of the company are sold short.

Analyst Ratings Changes

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

Institutional Inflows and Outflows

Several large investors have recently made changes to their positions in the company. Aristeia Capital L.L.C. acquired a new position in shares of iHeartMedia in the 2nd quarter valued at about $2,461,000. Douglas Lane & Associates LLC increased its position in shares of iHeartMedia by 4.4% in the first quarter. Douglas Lane & Associates LLC now owns 8,098,512 shares of the company’s stock worth $16,926,000 after acquiring an additional 342,901 shares in the last quarter. Acadian Asset Management LLC lifted its holdings in shares of iHeartMedia by 287.5% during the 2nd quarter. Acadian Asset Management LLC now owns 784,374 shares of the company’s stock valued at $854,000 after acquiring an additional 581,980 shares in the last quarter. Vanguard Group Inc. boosted its position in iHeartMedia by 3.2% during the 1st quarter. Vanguard Group Inc. now owns 6,580,896 shares of the company’s stock worth $13,754,000 after purchasing an additional 203,917 shares during the period. Finally, Mitsubishi UFJ Trust & Banking Corp boosted its position in 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 purchasing an additional 25,001 shares during the period. 93.89% of the stock is owned by hedge funds and other institutional investors.

iHeartMedia Price Performance

Shares of IHRT stock traded up $0.01 during midday trading on Tuesday, hitting $1.86. The company had a trading volume of 830,514 shares, compared to its average volume of 965,777. iHeartMedia has a 52-week low of $0.81 and a 52-week high of $3.21. The company’s 50 day simple moving average is $1.57 and its 200 day simple moving average is $1.55. The stock has a market cap of $268.60 million, a price-to-earnings ratio of -0.33, a PEG ratio of 0.33 and a beta of 1.70.

iHeartMedia (NASDAQ:IHRT) last released its quarterly earnings results on Thursday, August 8th. The company reported ($0.23) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.31) by $0.08. The company had revenue of $929.09 million during the quarter, compared to analyst estimates of $918.03 million. Analysts anticipate that iHeartMedia will post 0.17 EPS for the current year.

About iHeartMedia

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.