Guggenheim Issues Pessimistic Forecast for iHeartMedia (NASDAQ:IHRT) Stock Price

iHeartMedia (NASDAQ:IHRT) had its price target reduced by Guggenheim from $5.00 to $4.50 in a research report report published on Monday,Benzinga reports. They currently have a buy rating on the stock.

IHRT has been the topic of a number of other reports. Bank of America upgraded shares of iHeartMedia from an “underperform” rating to a “neutral” rating and increased their target price for the stock from $1.00 to $3.00 in a report on Tuesday, November 12th. Barrington Research upgraded iHeartMedia to a “hold” rating in a research note on Tuesday, November 12th.

iHeartMedia Stock Performance

Shares of IHRT opened at $1.55 on Monday. The company’s 50-day simple moving average is $2.11 and its 200-day simple moving average is $2.02. iHeartMedia has a 1 year low of $0.81 and a 1 year high of $2.84. The stock has a market capitalization of $228.13 million, a PE ratio of -0.23 and a beta of 1.78.

Insider Buying and Selling

In other iHeartMedia news, CEO Robert W. Pittman purchased 200,000 shares of the business’s stock in a transaction on Tuesday, March 4th. The shares were bought at an average cost of $1.60 per share, for a total transaction of $320,000.00. Following the completion of the purchase, the chief executive officer now directly owns 4,241,389 shares in the company, valued at approximately $6,786,222.40. This represents a 4.95 % increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, insider Richard J. Bressler acquired 100,000 shares of the stock in a transaction dated Friday, March 7th. The shares were acquired at an average cost of $1.79 per share, with a total value of $179,000.00. Following the completion of the transaction, the insider now owns 3,617,764 shares in the company, valued at approximately $6,475,797.56. This represents a 2.84 % increase in their position. The disclosure for this purchase can be found here. Insiders own 6.30% of the company’s stock.

Institutional Investors Weigh In On iHeartMedia

Several institutional investors have recently added to or reduced their stakes in the business. Barclays PLC increased its stake in iHeartMedia by 513.4% in the third quarter. Barclays PLC now owns 362,060 shares of the company’s stock valued at $670,000 after purchasing an additional 303,034 shares during the last quarter. JPMorgan Chase & Co. boosted its holdings in shares of iHeartMedia by 3.6% in the 3rd quarter. JPMorgan Chase & Co. now owns 2,062,753 shares of the company’s stock valued at $3,816,000 after buying an additional 71,921 shares in the last quarter. GSA Capital Partners LLP grew its position in shares of iHeartMedia by 19.2% in the 3rd quarter. GSA Capital Partners LLP now owns 485,096 shares of the company’s stock valued at $897,000 after buying an additional 78,177 shares during the last quarter. SG Americas Securities LLC raised its stake in iHeartMedia by 26.6% during the 4th quarter. SG Americas Securities LLC now owns 45,648 shares of the company’s stock worth $90,000 after acquiring an additional 9,592 shares in the last quarter. Finally, Geode Capital Management LLC lifted its position in iHeartMedia by 5.8% in the third quarter. Geode Capital Management LLC now owns 2,515,516 shares of the company’s stock valued at $4,655,000 after acquiring an additional 137,896 shares during the last quarter. Hedge funds and other 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.