Sona Asset Management US LLC Increases Stock Holdings in iHeartMedia, Inc. $IHRT

Sona Asset Management US LLC increased its position in iHeartMedia, Inc. (NASDAQ:IHRT) by 15.5% in the 1st quarter, according to its most recent filing with the SEC. The fund owned 1,874,668 shares of the company’s stock after purchasing an additional 251,097 shares during the period. Sona Asset Management US LLC’s holdings in iHeartMedia were worth $5,474,000 at the end of the most recent quarter.

A number of other large investors have also recently bought and sold shares of the business. AQR Capital Management LLC grew its stake in shares of iHeartMedia by 99.8% during the 1st quarter. AQR Capital Management LLC now owns 2,214,301 shares of the company’s stock worth $3,654,000 after purchasing an additional 1,105,976 shares during the period. Goldman Sachs Group Inc. lifted its position in shares of iHeartMedia by 22.8% in the first quarter. Goldman Sachs Group Inc. now owns 2,872,316 shares of the company’s stock valued at $4,739,000 after acquiring an additional 532,414 shares in the last quarter. Strs Ohio acquired a new stake in shares of iHeartMedia during the 1st quarter worth about $186,000. Geode Capital Management LLC boosted its position in iHeartMedia by 7.1% during the second quarter. Geode Capital Management LLC now owns 2,822,306 shares of the company’s stock worth $4,968,000 after acquiring an additional 186,402 shares during the last quarter. Finally, Rhumbline Advisers grew its position in shares of iHeartMedia by 7.1% in the second quarter. Rhumbline Advisers now owns 168,006 shares of the company’s stock valued at $296,000 after purchasing an additional 11,101 shares during the period. Institutional investors and hedge funds own 93.89% of the company’s stock.

Analyst Ratings Changes

Several brokerages recently weighed in on IHRT. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of iHeartMedia in a research report on Friday, July 17th. Bank of America lowered their price target on shares of iHeartMedia from $6.00 to $5.00 and set a “neutral” rating for the company in a report on Tuesday, July 7th. Two equities research analysts have rated the stock with a Hold rating and two have assigned a Sell rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of “Reduce” and an average target price of $4.25.

iHeartMedia Price Performance

Shares of IHRT stock opened at $3.54 on Monday. The firm has a market capitalization of $535.07 million, a price-to-earnings ratio of -1.92 and a beta of 2.19. iHeartMedia, Inc. has a 12-month low of $1.54 and a 12-month high of $6.56. The business has a 50 day simple moving average of $4.14 and a 200 day simple moving average of $3.85.

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 the consensus estimate of ($0.49) by ($0.12). The firm had revenue of $884.20 million during the quarter, compared to the consensus estimate of $871.50 million. On average, equities analysts anticipate that iHeartMedia, Inc. will post -0.06 EPS for the current fiscal year.

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.