iHeartMedia, Inc. (NASDAQ:IHRT) Sees Significant Increase in Short Interest

iHeartMedia, Inc. (NASDAQ:IHRT) saw a large growth in short interest in the month of January. As of January 31st, there was short interest totalling 6,450,000 shares, a growth of 5.0% from the January 15th total of 6,140,000 shares. Based on an average daily volume of 968,200 shares, the days-to-cover ratio is currently 6.7 days. Currently, 5.5% of the shares of the stock are short sold.

Analyst Ratings Changes

Several research firms have commented on IHRT. Guggenheim increased their price objective on shares of iHeartMedia from $3.00 to $5.00 and gave the company a “buy” rating in a report on Tuesday, November 19th. Barrington Research raised shares of iHeartMedia to a “hold” rating in a research note on Tuesday, November 12th. Finally, Bank of America raised shares of iHeartMedia from an “underperform” rating to a “neutral” rating and raised their price objective for the stock from $1.00 to $3.00 in a research note on Tuesday, November 12th.

iHeartMedia Stock Performance

Shares of iHeartMedia stock opened at $2.22 on Tuesday. The firm’s 50 day simple moving average is $2.17 and its two-hundred day simple moving average is $1.97. iHeartMedia has a 12-month low of $0.81 and a 12-month high of $3.04.

Institutional Investors Weigh In On iHeartMedia

Hedge funds have recently added to or reduced their stakes in the business. Two Sigma Advisers LP grew its stake in shares of iHeartMedia by 43.1% during the 4th quarter. Two Sigma Advisers LP now owns 274,600 shares of the company’s stock worth $544,000 after purchasing an additional 82,700 shares during the period. Two Sigma Investments LP raised its position in shares of iHeartMedia by 153.4% during the 4th quarter. Two Sigma Investments LP now owns 661,699 shares of the company’s stock worth $1,310,000 after purchasing an additional 400,618 shares during the last quarter. State of Wyoming purchased a new position in iHeartMedia in the 4th quarter valued at about $49,000. ProShare Advisors LLC boosted its holdings in iHeartMedia by 51.5% in the 4th quarter. ProShare Advisors LLC now owns 29,588 shares of the company’s stock worth $59,000 after buying an additional 10,061 shares during the last quarter. Finally, Nuveen Asset Management LLC increased its stake in iHeartMedia by 33.3% during the 4th quarter. Nuveen Asset Management LLC now owns 204,458 shares of the company’s stock worth $405,000 after buying an additional 51,085 shares in the last quarter. 93.89% of the stock is owned by hedge funds and other institutional investors.

iHeartMedia Company Profile

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.