Guggenheim Has Lowered Expectations for iHeartMedia (NASDAQ:IHRT) Stock Price

iHeartMedia (NASDAQ:IHRT) had its price objective cut by Guggenheim from $5.00 to $4.50 in a research report issued on Monday,Benzinga reports. The firm currently has a “buy” rating on the stock. Guggenheim’s target price points to a potential upside of 164.39% from the company’s previous close.

Other equities analysts have also issued research reports about the company. Bank of America raised iHeartMedia from an “underperform” rating to a “neutral” rating and upped their price target for the company from $1.00 to $3.00 in a research note on Tuesday, November 12th. Barrington Research raised shares of iHeartMedia to a “hold” rating in a research report on Tuesday, November 12th.

iHeartMedia Price Performance

Shares of IHRT stock traded down $0.13 during trading on Monday, hitting $1.70. 355,562 shares of the stock traded hands, compared to its average volume of 779,402. iHeartMedia has a 52-week low of $0.81 and a 52-week high of $2.84. The firm has a market capitalization of $250.32 million, a P/E ratio of -0.25 and a beta of 1.78. The firm’s fifty day moving average price is $2.13 and its 200-day moving average price is $2.03.

Insider Activity at iHeartMedia

In other iHeartMedia news, CEO Robert W. Pittman bought 200,000 shares of iHeartMedia stock in a transaction dated Tuesday, March 4th. The stock was acquired at an average cost of $1.60 per share, with a total value of $320,000.00. Following the completion of 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 represents a 4.95 % increase in their ownership of the stock. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Richard J. Bressler purchased 100,000 shares of the firm’s stock in a transaction that occurred on Friday, March 7th. The shares were bought at an average cost of $1.79 per share, with a total value of $179,000.00. Following the completion of the acquisition, the insider now owns 3,617,764 shares of the company’s stock, valued at approximately $6,475,797.56. This trade represents a 2.84 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders own 6.30% of the company’s stock.

Hedge Funds Weigh In On iHeartMedia

Institutional investors and hedge funds have recently made changes to their positions in the stock. GSA Capital Partners LLP grew its stake in iHeartMedia by 19.2% in the 3rd quarter. GSA Capital Partners LLP now owns 485,096 shares of the company’s stock worth $897,000 after acquiring an additional 78,177 shares during the period. Intech Investment Management LLC purchased a new position in shares of iHeartMedia in the 3rd quarter valued at $45,000. The Manufacturers Life Insurance Company acquired a new position in shares of iHeartMedia during the 3rd quarter valued at $78,000. FMR LLC boosted its position in iHeartMedia by 25.2% during the 3rd quarter. FMR LLC now owns 22,879 shares of the company’s stock worth $42,000 after purchasing an additional 4,598 shares during the period. Finally, MetLife Investment Management LLC acquired a new position in shares of iHeartMedia during the third quarter worth about $112,000. 93.89% of the stock is owned by institutional investors and hedge funds.

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.