iHeartMedia (NASDAQ:IHRT) Upgraded at Bank of America

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

iHeartMedia Stock Performance

Shares of NASDAQ IHRT traded down $0.03 during midday trading on Tuesday, hitting $2.28. 134,087 shares of the stock traded hands, compared to its average volume of 954,492. The company has a market cap of $334.72 million, a PE ratio of -0.34, a P/E/G ratio of 0.45 and a beta of 1.69. iHeartMedia has a one year low of $0.81 and a one year high of $3.12. The business has a 50 day moving average price of $1.89 and a two-hundred day moving average price of $1.55.

Institutional Investors Weigh In On iHeartMedia

Institutional investors have recently bought and sold shares of the stock. FMR LLC grew its holdings in iHeartMedia by 25.2% during the third quarter. FMR LLC now owns 22,879 shares of the company’s stock worth $42,000 after buying an additional 4,598 shares in the last quarter. Intech Investment Management LLC bought a new position in iHeartMedia in the 3rd quarter valued at $45,000. Optas LLC bought a new position in iHeartMedia in the 2nd quarter valued at $29,000. PFG Investments LLC grew its stake in iHeartMedia by 53.5% in the 2nd quarter. PFG Investments LLC now owns 33,000 shares of the company’s stock valued at $36,000 after purchasing an additional 11,500 shares during the period. Finally, Mitsubishi UFJ Trust & Banking Corp grew its stake in iHeartMedia by 169.1% in the 1st quarter. Mitsubishi UFJ Trust & Banking Corp now owns 39,790 shares of the company’s stock valued at $84,000 after purchasing an additional 25,001 shares during the period. 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.