iHeartMedia, Inc. (NASDAQ:IHRT) Shares Purchased by JPMorgan Chase & Co.

JPMorgan Chase & Co. grew its holdings in iHeartMedia, Inc. (NASDAQ:IHRT - Free Report) by 21.2% in the fourth quarter, according to its most recent disclosure with the SEC. The fund owned 2,499,409 shares of the company's stock after buying an additional 436,656 shares during the period. JPMorgan Chase & Co. owned 1.70% of iHeartMedia worth $4,949,000 at the end of the most recent reporting period.

A number of other hedge funds also recently added to or reduced their stakes in IHRT. Barclays PLC grew its holdings in shares of iHeartMedia by 513.4% in the 3rd quarter. Barclays PLC now owns 362,060 shares of the company's stock worth $670,000 after acquiring an additional 303,034 shares during the period. Prudential Financial Inc. purchased a new position in iHeartMedia in the 4th quarter valued at about $578,000. Geode Capital Management LLC boosted its position in iHeartMedia by 5.8% during the third quarter. Geode Capital Management LLC now owns 2,515,516 shares of the company's stock worth $4,655,000 after acquiring an additional 137,896 shares during the last quarter. EntryPoint Capital LLC acquired a new stake in shares of iHeartMedia during the fourth quarter worth $199,000. Finally, Sei Investments Co. purchased a new stake in iHeartMedia in the 4th quarter valued at about $178,000. 93.89% of the stock is owned by institutional investors and hedge funds.

Insiders Place Their Bets

In related news, insider Richard J. Bressler purchased 100,000 shares of the business's stock in a transaction that occurred on Friday, March 7th. The shares were acquired at an average price of $1.79 per share, with a total value of $179,000.00. Following the acquisition, the insider now owns 3,617,764 shares in the company, valued at approximately $6,475,797.56. This trade represents a 2.84 % increase in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CEO Robert W. Pittman purchased 200,000 shares of iHeartMedia stock in a transaction dated Tuesday, March 4th. The shares were purchased at an average cost of $1.60 per share, with a total value of $320,000.00. Following the acquisition, the chief executive officer now owns 4,241,389 shares of the company's stock, valued at approximately $6,786,222.40. This trade 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.

Wall Street Analyst Weigh In

Separately, Guggenheim cut their price target on shares of iHeartMedia from $5.00 to $4.50 and set a "buy" rating on the stock in a report on Monday, March 10th.

iHeartMedia Price Performance

IHRT traded up $0.02 during trading hours on Monday, reaching $1.00. 477,967 shares of the stock traded hands, compared to its average volume of 935,088. iHeartMedia, Inc. has a fifty-two week low of $0.81 and a fifty-two week high of $2.84. The firm's fifty day simple moving average is $1.62 and its two-hundred day simple moving average is $1.97. The company has a market cap of $147.18 million, a price-to-earnings ratio of -0.15 and a beta of 1.48.

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.