1. iHeartMedia, Inc. (NASDAQ:IHRT)
Sound Point Capital’s Stake Value: $1,104,000
Percentage of Sound Point Capital’s 13F Portfolio: 3.9%
Number of Hedge Fund Holders: 28
iHeartMedia, Inc. (NASDAQ:IHRT) is a media and entertainment company that offers a variety of services. Super League Gaming and iHeartMedia, Inc. (NASDAQ:IHRT) joined together on March 30 to offer Super League’s ad inventory and influencer network to businesses eager to break into the metaverse.
Overall, 28 hedge funds monitored by Insider Monkey were bullish on iHeartMedia, Inc. (NASDAQ:IHRT) in the fourth quarter. The stakes of these funds are valued at $410.48 million. Silver Point Capital owns the leading position in iHeartMedia, Inc. (NASDAQ:IHRT), with 5.73 million shares worth approximately $120.51 million.
iHeartMedia, Inc. (NASDAQ:IHRT) has featured on Sound Point Capital’s portfolio since the third quarter of 2019. Steve Ketchum’s Sound Point Capital had 52,448 shares of iHeartMedia, Inc. (NASDAQ:IHRT) in its portfolio, valued at $1.10 million as of the fourth quarter of 2021.
Palm Harbour Capital, in its fourth-quarter 2021 investor letter, mentioned iHeartMedia, Inc. (NASDAQ:IHRT). Here is what the fund has to say:
“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%. “
Bonus: Maxar Technologies Inc. (NYSE:MAXR)
Sound Point Capital’s Stake Value: $2,170,000
Percentage of Sound Point Capital’s 13F Portfolio: 7.68%
Number of Hedge Fund Holders: 16
Maxar Technologies Inc. (NYSE:MAXR) is a space technology company that provides unrivaled end-to-end capabilities in satellites, robots, Earth imaging, geospatial data, analytics, and insights. RBC Capital analyst Ken Herbert commenced coverage of Maxar Technologies Inc. (NYSE:MAXR) on January 20, assigning the stock an Outperform rating with a price target of $42.
Sound Point Capital held 73,500 shares in Maxar Technologies Inc. (NYSE:MAXR) worth over $2.17 million, representing 7.68% of its investment portfolio. The hedge fund cut its holdings in Maxar Technologies Inc. (NYSE:MAXR) by 4% in the fourth quarter.
According to the Q4 database of Insider Monkey, 16 hedge funds held long positions in Maxar Technologies Inc. (NYSE:MAXR), up from 13 funds in the prior quarter. Simcoe Capital Management owns a significant stake in Maxar Technologies Inc. (NYSE:MAXR), with shares worth $74.84 million.
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