iHeartMedia (NASDAQ:IHRT) Stock Price Expected to Rise, Guggenheim Analyst Says

iHeartMedia (NASDAQ:IHRT) had its price objective increased by investment analysts at Guggenheim from $3.00 to $5.00 in a research report issued to clients and investors on Tuesday,Benzinga reports. The firm currently has a “buy” rating on the stock. Guggenheim’s price objective points to a potential upside of 125.23% from the company’s current price.

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

iHeartMedia Trading Up 0.5 %

Shares of IHRT opened at $2.22 on Tuesday. The firm has a market cap of $326.50 million, a PE ratio of -0.33 and a beta of 1.69. The firm has a fifty day simple moving average of $1.92 and a two-hundred day simple moving average of $1.54. iHeartMedia has a 1-year low of $0.81 and a 1-year high of $3.12.

Insider Buying and Selling

In other iHeartMedia news, Director James A. Rasulo sold 40,223 shares of the company’s stock in a transaction dated Wednesday, November 13th. The shares were sold at an average price of $2.40, for a total value 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 ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. 6.30% of the stock is currently owned by corporate insiders.

Institutional Trading of iHeartMedia

A number of institutional investors and hedge funds have recently modified their holdings of IHRT. Aristeia Capital L.L.C. purchased a new stake in iHeartMedia during the 2nd quarter valued at about $2,461,000. AQR Capital Management LLC raised its holdings in shares of iHeartMedia by 132.4% in the 2nd quarter. AQR Capital Management LLC now owns 3,909,729 shares of the company’s stock valued at $4,262,000 after purchasing an additional 2,227,676 shares in the last quarter. Acadian Asset Management LLC grew its position in shares of iHeartMedia by 287.5% in the 2nd quarter. Acadian Asset Management LLC now owns 784,374 shares of the company’s stock valued at $854,000 after buying an additional 581,980 shares during the last quarter. Vanguard Group Inc. grew its position in shares of iHeartMedia by 3.2% in the 1st quarter. Vanguard Group Inc. now owns 6,580,896 shares of the company’s stock valued at $13,754,000 after buying an additional 203,917 shares during the last quarter. Finally, Mitsubishi UFJ Trust & Banking Corp grew its position in shares of 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 buying an additional 25,001 shares during the last quarter. Hedge funds and other institutional investors own 93.89% of the company’s stock.

iHeartMedia Company Profile

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.