Bank of America Upgrades iHeartMedia (NASDAQ:IHRT) to Neutral

Bank of America upgraded shares of iHeartMedia (NASDAQ:IHRT) from an underperform rating to a neutral rating in a report published on Tuesday morning, MarketBeat.com reports. The brokerage currently has $3.00 target price on the stock, up from their previous target price of $1.00.

iHeartMedia Stock Down 4.3 %

NASDAQ:IHRT opened at $2.21 on Tuesday. The firm has a 50-day moving average price of $1.89 and a 200 day moving average price of $1.55. The firm has a market capitalization of $324.44 million, a PE ratio of -0.33, a price-to-earnings-growth ratio of 0.45 and a beta of 1.69. iHeartMedia has a 12-month low of $0.81 and a 12-month high of $3.12.

Insider Buying and Selling

In other iHeartMedia news, Director James A. Rasulo sold 40,223 shares of the stock in a transaction dated Wednesday, November 13th. The stock was sold at an average price of $2.40, for a total transaction of $96,535.20. Following the completion of the transaction, the director now owns 339,322 shares in the company, valued at approximately $814,372.80. This represents a 10.60 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. 6.30% of the stock is owned by insiders.

Institutional Trading of iHeartMedia

A number of hedge funds and other institutional investors have recently modified their holdings of the stock. Optas LLC bought a new position in shares of iHeartMedia during the second quarter worth approximately $29,000. PFG Investments LLC raised its position in shares of 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 buying an additional 11,500 shares in the last quarter. FMR LLC raised its position in iHeartMedia by 25.2% during the third quarter. FMR LLC now owns 22,879 shares of the company’s stock valued at $42,000 after purchasing an additional 4,598 shares in the last quarter. Intech Investment Management LLC acquired a new position in shares of iHeartMedia during the 3rd quarter worth $45,000. Finally, Algert Global LLC lifted its holdings in shares of iHeartMedia by 100.1% in the second quarter. Algert Global LLC now owns 50,506 shares of the company’s stock worth $55,000 after acquiring an additional 25,266 shares during the last quarter. Institutional investors and hedge funds 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.