iHeartMedia (NASDAQ:IHRT) Given New $5.00 Price Target at Guggenheim

iHeartMedia (NASDAQ:IHRT) had its price target hoisted by analysts at Guggenheim from $3.00 to $5.00 in a report issued on Tuesday,Benzinga reports. The brokerage presently has a “buy” rating on the stock. Guggenheim’s price objective would suggest a potential upside of 125.23% from the company’s previous close.

A number of other research analysts also recently weighed in on the company. Bank of America raised iHeartMedia from an “underperform” rating to a “neutral” rating and upped their price target for the stock from $1.00 to $3.00 in a research note on Tuesday, November 12th. Barrington Research raised iHeartMedia to a “hold” rating in a research note on Tuesday, November 12th.

iHeartMedia Price Performance

Shares of iHeartMedia stock opened at $2.22 on Tuesday. The stock’s 50-day moving average is $1.92 and its 200 day moving average is $1.54. iHeartMedia has a one year low of $0.81 and a one year high of $3.12. The firm has a market cap of $326.50 million, a price-to-earnings ratio of -0.33 and a beta of 1.69.

Insider Transactions at iHeartMedia

In other news, Director James A. Rasulo sold 40,223 shares of the company’s stock in a transaction that occurred on Wednesday, November 13th. The stock was 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 directly owns 339,322 shares of the company’s stock, valued at $814,372.80. This represents a 10.60 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Company insiders own 6.30% of the company’s stock.

Hedge Funds Weigh In On iHeartMedia

Large investors have recently made changes to their positions in the stock. FMR LLC raised its position in shares of iHeartMedia by 25.2% in the third quarter. FMR LLC now owns 22,879 shares of the company’s stock worth $42,000 after buying an additional 4,598 shares in the last quarter. Rhumbline Advisers grew its stake in shares of iHeartMedia by 4.1% in the second quarter. Rhumbline Advisers now owns 184,290 shares of the company’s stock worth $201,000 after purchasing an additional 7,258 shares during the last quarter. PFG Investments LLC grew its stake in shares of iHeartMedia by 53.5% in the second quarter. PFG Investments LLC now owns 33,000 shares of the company’s stock worth $36,000 after purchasing an additional 11,500 shares during the last quarter. Intech Investment Management LLC bought a new stake in shares of iHeartMedia in the third quarter worth about $45,000. Finally, Mitsubishi UFJ Trust & Banking Corp boosted its position in iHeartMedia by 169.1% during the 1st quarter. Mitsubishi UFJ Trust & Banking Corp now owns 39,790 shares of the company’s stock valued at $84,000 after acquiring an additional 25,001 shares in the last quarter. 93.89% of the stock is owned by institutional investors.

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.