Guggenheim Cuts iHeartMedia (NASDAQ:IHRT) Price Target to $4.50

iHeartMedia (NASDAQ:IHRT) had its price target lowered by Guggenheim from $5.00 to $4.50 in a report published on Monday,Benzinga reports. The firm currently has a buy rating on the stock.

Several other equities research analysts also recently weighed in on the company. Barrington Research raised iHeartMedia to a “hold” rating in a research report on Tuesday, November 12th. Bank of America raised iHeartMedia from an “underperform” rating to a “neutral” rating and raised their target price for the stock from $1.00 to $3.00 in a report on Tuesday, November 12th.

iHeartMedia Price Performance

IHRT stock opened at $1.55 on Monday. The company has a market capitalization of $228.13 million, a P/E ratio of -0.23 and a beta of 1.78. iHeartMedia has a 12 month low of $0.81 and a 12 month high of $2.84. The firm’s fifty day simple moving average is $2.11 and its 200-day simple moving average is $2.02.

Insider Buying and Selling

In other iHeartMedia news, CEO Robert W. Pittman acquired 200,000 shares of the business’s stock in a transaction dated Tuesday, March 4th. The stock was acquired at an average cost of $1.60 per share, for a total transaction of $320,000.00. Following the completion of the transaction, the chief executive officer now directly owns 4,241,389 shares of the company’s stock, valued at $6,786,222.40. This represents a 4.95 % increase in their ownership of the stock. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Richard J. Bressler bought 100,000 shares of the firm’s stock in a transaction dated Friday, March 7th. The shares were acquired at an average price of $1.79 per share, for a total transaction of $179,000.00. Following the transaction, the insider now directly owns 3,617,764 shares in the company, valued at approximately $6,475,797.56. This represents a 2.84 % increase in their ownership of the stock. The disclosure for this purchase can be found here. 6.30% of the stock is currently owned by insiders.

Hedge Funds Weigh In On iHeartMedia

A number of large investors have recently added to or reduced their stakes in IHRT. FMR LLC grew its position in shares of iHeartMedia by 25.2% in the third quarter. FMR LLC now owns 22,879 shares of the company’s stock valued at $42,000 after purchasing an additional 4,598 shares during the period. Mariner LLC lifted its stake in iHeartMedia by 4.5% in the 4th quarter. Mariner LLC now owns 122,374 shares of the company’s stock valued at $242,000 after buying an additional 5,269 shares in the last quarter. SG Americas Securities LLC boosted its holdings in iHeartMedia by 26.6% in the 4th quarter. SG Americas Securities LLC now owns 45,648 shares of the company’s stock worth $90,000 after buying an additional 9,592 shares during the last quarter. ProShare Advisors LLC increased its stake in iHeartMedia by 51.5% during 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 in the last quarter. Finally, Virtu Financial LLC raised its holdings in shares of iHeartMedia by 93.3% during the fourth quarter. Virtu Financial LLC now owns 30,010 shares of the company’s stock valued at $59,000 after acquiring an additional 14,485 shares during the last quarter. 93.89% of the stock is currently owned by institutional investors and hedge funds.

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.