iHeartMedia Inc (NASDAQ: IHRT): Why Investors Shouldn’t Ditch IHRT Stock In 2024

In the last trading session, 1.27 million iHeartMedia Inc (NASDAQ:IHRT) shares changed hands as the company’s beta touched 1.85. With the company’s per share price at $2.79 changed hands at $0.33 or 13.41% during last session, the market valuation stood at $403.60M. IHRT’s last price was a discount, traded about -186.38% off its 52-week high of $7.99. The share price had its 52-week low at $1.77, which suggests the last value was 36.56% up since then. When we look at iHeartMedia Inc’s average trading volume, we note the 10-day average is 0.74 million shares, with the 3-month average coming to 1.27.

iHeartMedia Inc (NASDAQ:IHRT) trade information

Instantly IHRT was in green as seen at the end of in last trading. With action -4.12%, the performance over the past five days has been red. The jump to weekly highs of 2.82 added 13.41% to the stock’s daily price. The company’s shares are showing year-to-date upside of 4.49%, with the 5-day performance at -4.12% in the red. However, in the 30-day time frame, iHeartMedia Inc (NASDAQ:IHRT) is 29.17% up. Looking at the short shares, we see there were 6.55 million shares sold at short interest cover period of 6.53 days.

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iHeartMedia Inc (IHRT) estimates and forecasts

Data shows that the iHeartMedia Inc share is performing relatively much not better than most of its peers within the same industry. As can be gleaned from the statistics, the company’s share value shot -18.66% over the past 6 months, a -318.99% in annual growth rate that is considerably lower than the industry average of -8.70%.

Looking at the company’s year-on-year earnings, data shows that the past 5-year has an earnings growth rate of 17.53%. The 2024 estimates are for iHeartMedia Inc earnings to decrease by -320.06%, but the outlook for the next 5-year period is at 7.00% per year.

iHeartMedia Inc (NASDAQ:IHRT)’s Major holders

If we look at who the major shareholders are, we find that insiders hold 4.29% of iHeartMedia Inc shares while 91.14% of the shares are in the hands of institutional holders. The share float percentage for the stock currently stands at 95.23%. There are 91.14% institutions holding the iHeartMedia Inc stock share, with Allianz Asset Management GmbH the top institutional holder. As of Jun 29, 2023, the company held 39.83% of the shares, roughly 22.66 million IHRT shares worth $82.47 million.

Global Media & Entertainment Investments Ltd holds the second largest percentage of outstanding shares, with 31.89% or 18.14 million shares worth $66.03 million as of Jun 29, 2023.

Among Mutual Funds, the top two as of Jun 29, 2023 were PIMCO Income Fd and Vanguard Total Stock Market Index Fund. With 9.03 million shares estimated at $32.86 million under it, the former controlled 15.87% of total outstanding shares. On the other hand, Vanguard Total Stock Market Index Fund held about 5.77% of the shares, roughly 3.28 million shares worth around $11.94 million.

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