Aristeia Capital L.L.C. Makes New $2.46 Million Investment in iHeartMedia, Inc. (NASDAQ:IHRT)

Aristeia Capital L.L.C. purchased a new position in iHeartMedia, Inc. (NASDAQ:IHRT - Free Report) during the 2nd quarter, according to its most recent 13F filing with the SEC. The firm purchased 2,257,583 shares of the company's stock, valued at approximately $2,461,000. Aristeia Capital L.L.C. owned about 1.56% of iHeartMedia at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently made changes to their positions in the stock. Optas LLC bought a new stake in shares of iHeartMedia in the 2nd quarter valued at approximately $29,000. PFG Investments LLC raised its stake 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 acquiring an additional 11,500 shares in the last quarter. SG Americas Securities LLC bought a new position in shares of iHeartMedia during the second quarter valued at $69,000. Mitsubishi UFJ Trust & Banking Corp boosted its stake in shares of iHeartMedia by 169.1% in the 1st quarter. Mitsubishi UFJ Trust & Banking Corp now owns 39,790 shares of the company's stock valued at $84,000 after purchasing an additional 25,001 shares in the last quarter. Finally, RPO LLC bought a new stake in shares of iHeartMedia in the 4th quarter worth about $91,000. Institutional investors own 93.89% of the company's stock.

iHeartMedia Price Performance

Shares of iHeartMedia stock traded down $0.01 on Tuesday, hitting $1.54. The company had a trading volume of 535,878 shares, compared to its average volume of 963,018. iHeartMedia, Inc. has a twelve month low of $0.81 and a twelve month high of $3.68. The stock has a 50-day moving average of $1.54 and a 200-day moving average of $1.57. The firm has a market capitalization of $222.99 million, a P/E ratio of -0.26, a P/E/G ratio of 0.38 and a beta of 1.70.

iHeartMedia (NASDAQ:IHRT - Get Free Report) last issued its 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 firm had revenue of $929.09 million for the quarter, compared to analyst estimates of $918.03 million. Equities analysts predict that iHeartMedia, Inc. will post 0.17 EPS for the current year.

Wall Street Analysts Forecast Growth

Separately, Bank of America decreased their price target on iHeartMedia from $1.70 to $1.00 and set an "underperform" rating on the stock in a research report on Monday, June 3rd. Two research analysts have rated the stock with a sell rating, one has assigned a hold rating and two have given a buy rating to the stock. Based on data from MarketBeat, the stock has an average rating of "Hold" and a consensus target price of $3.00.

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.