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

iHeartMedia (NASDAQ:IHRT - Get Free Report) had its price objective reduced by Guggenheim from $5.00 to $4.50 in a note issued to investors on Monday,Benzinga reports. The brokerage presently has a "buy" rating on the stock. Guggenheim's price target would suggest a potential upside of 190.32% from the company's previous close.

Several other analysts also recently commented on IHRT. Barrington Research raised shares of iHeartMedia to a "hold" rating in a report on Tuesday, November 12th. Bank of America upgraded iHeartMedia from an "underperform" rating to a "neutral" rating and increased their target price for the stock from $1.00 to $3.00 in a research note on Tuesday, November 12th.

iHeartMedia Price Performance

IHRT stock remained flat at $1.55 during trading hours on Monday. 916,732 shares of the company's stock were exchanged, compared to its average volume of 798,090. The company's fifty day moving average is $2.11 and its 200-day moving average is $2.02. iHeartMedia has a 12-month low of $0.81 and a 12-month high of $2.84. The company has a market capitalization of $228.13 million, a PE ratio of -0.23 and a beta of 1.78.

Insider Activity

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

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Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently modified their holdings of the company. Mackenzie Financial Corp grew its stake in iHeartMedia by 446.0% during the fourth quarter. Mackenzie Financial Corp now owns 148,637 shares of the company's stock worth $294,000 after purchasing an additional 121,414 shares during the period. Public Employees Retirement System of Ohio grew its stake in iHeartMedia by 385.8% in the fourth quarter. Public Employees Retirement System of Ohio now owns 98,930 shares of the company's stock valued at $196,000 after acquiring an additional 78,566 shares during the period. Two Sigma Advisers LP increased its holdings in shares of iHeartMedia by 43.1% during the fourth quarter. Two Sigma Advisers LP now owns 274,600 shares of the company's stock valued at $544,000 after acquiring an additional 82,700 shares in the last quarter. Two Sigma Investments LP lifted its stake in shares of iHeartMedia by 153.4% in the fourth quarter. Two Sigma Investments LP now owns 661,699 shares of the company's stock valued at $1,310,000 after buying an additional 400,618 shares in the last quarter. Finally, State of Wyoming acquired a new position in shares of iHeartMedia during the fourth quarter valued at about $49,000. Institutional investors and hedge funds 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.