Insider Buying: iHeartMedia, Inc. (NASDAQ:IHRT) CEO Buys 200,000 Shares of Stock

iHeartMedia, Inc. (NASDAQ:IHRT) CEO Robert W. Pittman purchased 200,000 shares of the company’s stock in a transaction that occurred on Tuesday, March 4th. The shares were purchased at an average cost of $1.60 per share, for a total transaction of $320,000.00. Following the completion of the transaction, the chief executive officer now owns 4,241,389 shares in the company, valued at approximately $6,786,222.40. This represents a 4.95 % increase in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink.

iHeartMedia Price Performance

Shares of iHeartMedia stock opened at $1.51 on Thursday. The company has a market capitalization of $222.08 million, a P/E ratio of -0.22 and a beta of 1.78. iHeartMedia, Inc. has a 1 year low of $0.81 and a 1 year high of $2.84. The business has a 50-day moving average of $2.14 and a two-hundred day moving average of $2.02.

Hedge Funds Weigh In On iHeartMedia

Hedge funds have recently added to or reduced their stakes in the stock. FMR LLC lifted its holdings 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 buying an additional 4,598 shares during the period. Mariner LLC lifted its stake in iHeartMedia by 4.5% in the fourth quarter. Mariner LLC now owns 122,374 shares of the company’s stock valued at $242,000 after purchasing an additional 5,269 shares during the last quarter. SG Americas Securities LLC lifted its position in shares of iHeartMedia by 26.6% during the fourth 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. ProShare Advisors LLC increased its holdings in shares of iHeartMedia by 51.5% in the fourth quarter. ProShare Advisors LLC now owns 29,588 shares of the company’s stock worth $59,000 after purchasing an additional 10,061 shares during the period. Finally, Virtu Financial LLC increased its stake in iHeartMedia by 93.3% in the fourth quarter. Virtu Financial LLC now owns 30,010 shares of the company’s stock valued at $59,000 after acquiring an additional 14,485 shares during the last quarter. Institutional investors own 93.89% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of brokerages recently commented on IHRT. Guggenheim upped their price objective on iHeartMedia from $3.00 to $5.00 and gave the stock a “buy” rating in a research note on Tuesday, November 19th. Barrington Research raised iHeartMedia to a “hold” rating in a report on Tuesday, November 12th. Finally, Bank of America raised iHeartMedia from an “underperform” rating to a “neutral” rating and increased their price objective for the stock from $1.00 to $3.00 in a research note on Tuesday, November 12th.

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.