Is Your iHeartMedia (IHRT) Shares Still Worth Keeping?

Palm Harbour Capital, an asset management firm, published its fourth-quarter 2021 investor letter – a copy of which can be downloaded here. During the fourth quarter, the fund gained 2.26% gross of fees. The fund ended the quarter with year-to-date performance of 36.5% (+37.65% on a NAV basis). Inception to quarter-end return was 39.3% or 12.9% compounded annual return. Similarly, the fund’s last reported NAV at quarter-end was 13.75 (30/12/2021 +2.23%% from the closest reported NAV at the third-quarter end of 13.45). Spare some time to check the fund’s top 5 holdings to have a clue about their top bets for 2022.

Palm Harbour Capital, in its Q4 2021 investor letter, mentioned iHeartMedia, Inc. (NASDAQ:IHRT) and discussed its stance on the firm. Founded in 22007, iHeartMedia, Inc. (NASDAQ:IHRT) is a San Antonio, Texas-based media company with a $2.5 billion market capitalization and is currently spearheaded by its CEO, Robert Pittman. iHeartMedia, Inc. (NASDAQ:IHRT) delivered a -6.89% return since the beginning of the year, while its 12-month returns are up by 9.84%. The stock closed at $19.59 per share on March 17, 2022.

Here is what Palm Harbour Capital has to say about iHeartMedia, Inc. (NASDAQ:IHRT) in its Q4 2021 investor letter:

“The fourth detractor was iHeartMedia, the American Radio and Podcasting company. The company reported 25% year on year revenue increase exceeding prior guidance of 20%. The Podcasting revenue increased from $22.6 million to $64.2 million year over year (+183.7%). Adjusted EBITDA reached $230 million up 42% year over year with margins increasing by 400 basis points. Management positively guided for year-end with expectations to reach 2019 performance. Subsequently the CEO and CFO both purchased shares. Lastly, the FTC gave permission for Global Media & Entertainment Investments, the largest radio owner in Europe, to increase their stake in the company up to 14.99% from 8.7%. “

Photo by Artis Kančs on Unsplash

Our calculations show that iHeartMedia, Inc. (NASDAQ:IHRT) failed to obtain a mark on our list of the 30 Most Popular Stocks Among Hedge Funds. iHeartMedia, Inc. (NASDAQ:IHRT) was in 28 hedge fund portfolios at the end of the fourth quarter of 2021. (NASDAQ:IHRT) delivered a 0.36% return in the past 3 months.

In January 2022, we published an article that includes iHeartMedia, Inc. (NASDAQ:IHRT) in the 5 Stocks That Credit Markets Expert Steve Ketchum Likes. You can find other letters from hedge funds and prominent investors on our hedge fund investor letters 2021 Q4 page.

Disclosure: None. This article is originally published at Insider Monkey.