iHeartMedia (NASDAQ:IHRT - Get Free Report) was upgraded by investment analysts at Bank of America from an "underperform" rating to a "neutral" rating in a note issued to investors on Tuesday, MarketBeat Ratings reports. The firm presently has a $3.00 price target on the stock, up from their previous price target of $1.00. Bank of America's price objective points to a potential upside of 20.48% from the stock's current price.
iHeartMedia Stock Performance
IHRT remained flat at $2.49 during trading on Tuesday. 848,534 shares of the company's stock were exchanged, compared to its average volume of 957,328. The stock has a 50-day simple moving average of $1.83 and a two-hundred day simple moving average of $1.53. iHeartMedia has a twelve month low of $0.81 and a twelve month high of $3.12. The company has a market capitalization of $365.56 million, a P/E ratio of -0.37, a price-to-earnings-growth ratio of 0.55 and a beta of 1.69.
Hedge Funds Weigh In On iHeartMedia
Hedge funds have recently made changes to their positions in the business. Rhumbline Advisers raised its holdings in shares of iHeartMedia by 4.1% in the second quarter. Rhumbline Advisers now owns 184,290 shares of the company's stock valued at $201,000 after purchasing an additional 7,258 shares during the last quarter. PFG Investments LLC grew its stake in shares of iHeartMedia by 53.5% during the 2nd quarter. PFG Investments LLC now owns 33,000 shares of the company's stock worth $36,000 after acquiring an additional 11,500 shares during the period. Intech Investment Management LLC purchased a new stake in shares of iHeartMedia in the 3rd quarter valued at about $45,000. Mitsubishi UFJ Trust & Banking Corp raised its holdings in shares of iHeartMedia by 169.1% during the 1st quarter. Mitsubishi UFJ Trust & Banking Corp now owns 39,790 shares of the company's stock valued at $84,000 after buying an additional 25,001 shares in the last quarter. Finally, Algert Global LLC increased its stake in iHeartMedia by 100.1% in the 2nd quarter. Algert Global LLC now owns 50,506 shares of the company's stock worth $55,000 after purchasing an additional 25,266 shares during the period. Institutional investors and hedge funds own 93.89% of the company's stock.
About iHeartMedia
(
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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.
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