iHeartMedia (NASDAQ:IHRT) Upgraded by Bank of America to “Neutral” Rating

Bank of America upgraded shares of iHeartMedia (NASDAQ:IHRT) from an underperform rating to a neutral rating in a research report released on Tuesday morning, Marketbeat.com reports. The firm currently has $3.00 target price on the stock, up from their previous target price of $1.00.

iHeartMedia Price Performance

Shares of NASDAQ IHRT traded down $0.03 during trading on Tuesday, reaching $2.28. 134,087 shares of the stock traded hands, compared to its average volume of 954,492. iHeartMedia has a 52-week low of $0.81 and a 52-week high of $3.12. The company has a 50-day moving average of $1.89 and a 200-day moving average of $1.55. The stock has a market capitalization of $334.72 million, a P/E ratio of -0.34, a price-to-earnings-growth ratio of 0.45 and a beta of 1.69.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in IHRT. Optas LLC purchased a new position in shares of iHeartMedia during the 2nd quarter valued at $29,000. PFG Investments LLC lifted its position in shares of iHeartMedia by 53.5% during the 2nd quarter. PFG Investments LLC now owns 33,000 shares of the company’s stock valued at $36,000 after buying an additional 11,500 shares during the last quarter. FMR LLC lifted its position in shares of iHeartMedia by 25.2% during the 3rd quarter. FMR LLC now owns 22,879 shares of the company’s stock valued at $42,000 after buying an additional 4,598 shares during the last quarter. Intech Investment Management LLC purchased a new position in shares of iHeartMedia during the 3rd quarter valued at $45,000. Finally, Algert Global LLC lifted its position in shares of iHeartMedia by 100.1% during the 2nd quarter. Algert Global LLC now owns 50,506 shares of the company’s stock valued at $55,000 after buying an additional 25,266 shares during the last quarter. Hedge funds and other institutional investors own 93.89% of the company’s stock.

About iHeartMedia

iHeartMedia, Inc operates as an audio media company in the United States and internationally. It operates through three segments: Multiplatform Group, Digital Audio Group, and Audio & Media Services Group. The Multiplatform Group segment offers broadcast radio stations, sponsorship and events, and live and virtual events; and operates Premiere Networks, a national radio network that produces, distributes, or represents syndicated radio programs and services to radio station affiliates.