Bank of America Upgrades iHeartMedia (NASDAQ:IHRT) to “Neutral”

Bank of America upgraded shares of iHeartMedia (NASDAQ:IHRT) from an underperform rating to a neutral rating in a research report released on Tuesday, MarketBeat Ratings reports. They currently have $3.00 price target on the stock, up from their previous price target of $1.00.

iHeartMedia Stock Down 4.3 %

IHRT stock opened at $2.21 on Tuesday. The firm has a market cap of $324.44 million, a price-to-earnings ratio of -0.33, a PEG ratio of 0.45 and a beta of 1.69. The company’s fifty day simple moving average is $1.89 and its 200 day simple moving average is $1.55. iHeartMedia has a 12-month low of $0.81 and a 12-month high of $3.12.

Insider Buying and Selling at iHeartMedia

In other iHeartMedia news, Director James A. Rasulo sold 40,223 shares of the business’s stock in a transaction on Wednesday, November 13th. The shares were sold at an average price of $2.40, for a total transaction of $96,535.20. Following the completion of the sale, the director now owns 339,322 shares in the company, valued at approximately $814,372.80. The trade was a 10.60 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Insiders own 6.30% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds have recently modified their holdings of IHRT. Aristeia Capital L.L.C. bought a new stake in shares of iHeartMedia in the 2nd quarter worth $2,461,000. AQR Capital Management LLC grew its stake in iHeartMedia by 132.4% in the 2nd quarter. AQR Capital Management LLC now owns 3,909,729 shares of the company’s stock valued at $4,262,000 after purchasing an additional 2,227,676 shares during the period. Acadian Asset Management LLC boosted its holdings in shares of iHeartMedia by 287.5% in the 2nd quarter. Acadian Asset Management LLC now owns 784,374 shares of the company’s stock worth $854,000 after buying an additional 581,980 shares during the last quarter. Barclays PLC boosted its stake in iHeartMedia by 513.4% in the third quarter. Barclays PLC now owns 362,060 shares of the company’s stock valued at $670,000 after acquiring an additional 303,034 shares during the last quarter. Finally, Vanguard Group Inc. grew its position in shares of iHeartMedia by 3.2% during the 1st quarter. Vanguard Group Inc. now owns 6,580,896 shares of the company’s stock valued at $13,754,000 after acquiring an additional 203,917 shares during the period. 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.