AlphaCrest Capital Management LLC Buys Shares of 81,669 iHeartMedia, Inc. (NASDAQ:IHRT)

Posted by on Mar 9th, 2023

AlphaCrest Capital Management LLC purchased a new position in iHeartMedia, Inc. (NASDAQ:IHRT – Get Rating) in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor purchased 81,669 shares of the company’s stock, valued at approximately $599,000. AlphaCrest Capital Management LLC owned approximately 0.06% of iHeartMedia as of its most recent filing with the Securities & Exchange Commission.

A number of other large investors also recently modified their holdings of the business. Y Intercept Hong Kong Ltd bought a new position in iHeartMedia in the 2nd quarter valued at about $440,000. Nisa Investment Advisors LLC boosted its holdings in shares of iHeartMedia by 58.8% in the third quarter. Nisa Investment Advisors LLC now owns 7,164 shares of the company’s stock valued at $59,000 after acquiring an additional 2,654 shares in the last quarter. Bank of Montreal Can acquired a new position in shares of iHeartMedia during the second quarter valued at approximately $3,472,000. Whitebox Advisors LLC bought a new stake in iHeartMedia during the third quarter worth approximately $186,000. Finally, Fox Run Management L.L.C. acquired a new stake in iHeartMedia in the third quarter worth approximately $74,000. 72.30% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of analysts have recently commented on IHRT shares. Barrington Research downgraded iHeartMedia from an “outperform” rating to a “market perform” rating in a research note on Wednesday, March 1st. JPMorgan Chase & Co. cut shares of iHeartMedia from a “neutral” rating to an “underweight” rating and dropped their price target for the stock from $10.00 to $5.00 in a research report on Wednesday, March 1st. B. Riley reduced their price objective on shares of iHeartMedia from $22.00 to $16.00 in a research report on Wednesday, March 1st. Finally, Wells Fargo & Company dropped their target price on shares of iHeartMedia from $10.00 to $8.00 and set an “equal weight” rating on the stock in a report on Wednesday, March 1st. Two research analysts have rated the stock with a sell rating, four have given a hold rating and one has given a buy rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus price target of $9.86.

Insider Buying and Selling

In other news, insider Richard J. Bressler bought 94,518 shares of the business’s stock in a transaction on Friday, March 3rd. The shares were bought at an average cost of $5.53 per share, with a total value of $522,684.54. Following the purchase, the insider now directly owns 1,606,178 shares in the company, valued at $8,882,164.34. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. In other iHeartMedia news, insider Richard J. Bressler bought 94,518 shares of the stock in a transaction on Friday, March 3rd. The shares were bought at an average price of $5.53 per share, with a total value of $522,684.54. Following the purchase, the insider now directly owns 1,606,178 shares in the company, valued at approximately $8,882,164.34. The acquisition was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CFO Michael B. Mcguinness bought 17,500 shares of the company’s stock in a transaction dated Tuesday, March 7th. The stock was acquired at an average price of $5.45 per share, for a total transaction of $95,375.00. Following the acquisition, the chief financial officer now directly owns 138,535 shares in the company, valued at $755,015.75. The disclosure for this purchase can be found here. Company insiders own 2.90% of the company’s stock.

iHeartMedia Stock Performance

iHeartMedia stock opened at $5.64 on Thursday. iHeartMedia, Inc. has a fifty-two week low of $4.38 and a fifty-two week high of $20.48. The firm’s 50 day simple moving average is $7.10 and its 200-day simple moving average is $7.81. The company has a debt-to-equity ratio of 7.91, a current ratio of 1.77 and a quick ratio of 1.77. The company has a market cap of $807.87 million, a P/E ratio of -3.17 and a beta of 1.74.

iHeartMedia Profile

(Get Rating)

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.

Featured Stories

Want to see what other hedge funds are holding IHRT? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for iHeartMedia, Inc. (NASDAQ:IHRT – Get Rating).

Institutional Ownership by Quarter for iHeartMedia (NASDAQ:IHRT)

Receive News & Ratings for iHeartMedia Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for iHeartMedia and related companies with MarketBeat.com's FREE daily email newsletter.