Melqart Asset Management UK Ltd Invests $2.20 Million in iHeartMedia, Inc. $IHRT

Melqart Asset Management UK Ltd acquired a new position in shares of iHeartMedia, Inc. (NASDAQ:IHRT) in the 4th quarter, according to the company in its most recent filing with the SEC. The fund acquired 528,569 shares of the company’s stock, valued at approximately $2,199,000. Melqart Asset Management UK Ltd owned approximately 0.35% of iHeartMedia as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently bought and sold shares of the company. BNP Paribas Financial Markets boosted its stake in iHeartMedia by 42.8% in the second quarter. BNP Paribas Financial Markets now owns 18,655 shares of the company’s stock valued at $33,000 after acquiring an additional 5,591 shares in the last quarter. CIBC Bancorp USA Inc. acquired a new position in shares of iHeartMedia during the third quarter worth $36,000. Royal Bank of Canada lifted its holdings in shares of iHeartMedia by 67.7% during the 4th quarter. Royal Bank of Canada now owns 8,368 shares of the company’s stock valued at $36,000 after purchasing an additional 3,378 shares during the last quarter. Tower Research Capital LLC TRC lifted its holdings in shares of iHeartMedia by 341.7% during the 2nd quarter. Tower Research Capital LLC TRC now owns 24,342 shares of the company’s stock valued at $43,000 after purchasing an additional 18,831 shares during the last quarter. Finally, Russell Investments Group Ltd. boosted its position in shares of iHeartMedia by 757.0% in the 3rd quarter. Russell Investments Group Ltd. now owns 15,923 shares of the company’s stock worth $46,000 after purchasing an additional 14,065 shares in the last quarter. Hedge funds and other institutional investors own 93.89% of the company’s stock.

iHeartMedia Price Performance

IHRT stock opened at $3.99 on Wednesday. The firm has a 50 day moving average of $4.49 and a 200 day moving average of $3.89. The stock has a market capitalization of $603.09 million, a PE ratio of -2.17 and a beta of 2.21. iHeartMedia, Inc. has a 52 week low of $1.54 and a 52 week high of $6.56.

iHeartMedia (NASDAQ:IHRT) last issued its quarterly earnings results on Monday, May 11th. The company reported ($0.61) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.49) by ($0.12). The company had revenue of $884.20 million for the quarter, compared to analyst estimates of $871.50 million. iHeartMedia had a negative net margin of 7.28% and a negative return on equity of 1.63%. On average, equities research analysts expect that iHeartMedia, Inc. will post -0.06 earnings per share for the current year.

Analyst Ratings Changes

Separately, Weiss Ratings restated a “sell (d-)” rating on shares of iHeartMedia in a research note on Tuesday, April 21st. Two analysts have rated the stock with a Hold rating and two have given a Sell rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of “Reduce” and an average target price of $4.25.

iHeartMedia Company Profile

iHeartMedia, Inc (NASDAQ: IHRT) is a leading media and entertainment company specializing in radio broadcasting, digital streaming and live events. The company operates more than 860 full-power AM and FM radio stations across the United States, delivering music, news, sports and talk programming to local markets. Through its flagship digital platform, iHeartRadio, the company provides listeners with free and subscription-based access to thousands of live radio stations, curated music playlists and on-demand podcasts.

Originally founded in 1972 as Clear Channel Communications, the business rebranded to iHeartMedia in 2014 to reflect the growing importance of its digital and event-driven offerings.