With recent declines in value from industry peers Audacy Corp. and Beasley Media Group attracting attention, one story that’s perhaps been underreported is that involving the stock performance of iHeartMedia.
Given all of the external noise impacting companies across multiple industries, IHRT has proven to be a strong performer in the broadcast media sector across the third quarter.
At the Closing Bell on Thursday, iHeartMedia shares were priced at $10.44, up 3.2% from Wednesday.
That’s a closing price last seen on June 9, and suggests investors are highly pleased with the efforts led by CEO Bob Pittman and COO/CFO Rich Bressler (pictured) at the nation’s No. 1 audio content creation and distribution company.
On July 14, IHRT was priced some $4 per share lower than where it is today, finishing at $6.43. Since then, a healthy growth trend has transpired, with analysts sticking to a 1-year price target of $13.38 for IHRT.
While iHeartMedia’s radio stations are certainly a big segment for the company, perhaps investors are intrigued by its growing metaverse imprint. On September 14, “iHeartLand” launched on Roblox, “where everyone can be a music tycoon.”
