Guggenheim Increases iHeartMedia (NASDAQ:IHRT) Price Target to $5.00

iHeartMedia (NASDAQ:IHRT - Get Free Report) had its target price increased by research analysts at Guggenheim from $3.00 to $5.00 in a research note issued to investors on Tuesday,Benzinga reports. The firm currently has a "buy" rating on the stock. Guggenheim's price target points to a potential upside of 112.77% from the company's previous close.

A number of other research analysts have also recently weighed in on IHRT. Bank of America upgraded iHeartMedia from an "underperform" rating to a "neutral" rating and lifted their target price for the company from $1.00 to $3.00 in a report on Tuesday, November 12th. Barrington Research upgraded iHeartMedia to a "hold" rating in a report on Tuesday, November 12th.

iHeartMedia Price Performance

IHRT stock traded up $0.13 on Tuesday, hitting $2.35. 1,049,599 shares of the company were exchanged, compared to its average volume of 955,501. The stock has a market capitalization of $345.62 million, a price-to-earnings ratio of -0.35 and a beta of 1.69. iHeartMedia has a twelve month low of $0.81 and a twelve month high of $3.12. The business's fifty day moving average is $1.92 and its two-hundred day moving average is $1.54.

Insiders Place Their Bets

In other 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 transaction, the director now directly owns 339,322 shares of the company's stock, valued at approximately $814,372.80. The trade was a 10.60 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. 6.30% of the stock is owned by company insiders.

Hedge Funds Weigh In On iHeartMedia

A number of institutional investors have recently added to or reduced their stakes in IHRT. Aristeia Capital L.L.C. purchased a new stake in shares of iHeartMedia during the second quarter worth about $2,461,000. AQR Capital Management LLC boosted its stake in shares of iHeartMedia by 132.4% during the 2nd quarter. AQR Capital Management LLC now owns 3,909,729 shares of the company's stock valued at $4,262,000 after buying an additional 2,227,676 shares during the last quarter. Acadian Asset Management LLC grew its position in shares of iHeartMedia by 287.5% during the second 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 in the last quarter. Vanguard Group Inc. increased its stake in shares of iHeartMedia by 3.2% in the first quarter. Vanguard Group Inc. now owns 6,580,896 shares of the company's stock worth $13,754,000 after buying an additional 203,917 shares during the last quarter. Finally, Mitsubishi UFJ Trust & Banking Corp raised its holdings in iHeartMedia by 169.1% in the first quarter. Mitsubishi UFJ Trust & Banking Corp now owns 39,790 shares of the company's stock valued at $84,000 after acquiring an additional 25,001 shares in the last quarter. Institutional investors and hedge funds own 93.89% of the company's stock.

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.