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 Ratings reports. The brokerage currently has $3.00 price objective on the stock, up from their prior price objective of $1.00.

iHeartMedia Stock Down 4.0 %

Shares of iHeartMedia stock opened at $2.39 on Tuesday. iHeartMedia has a 52-week low of $0.81 and a 52-week high of $3.12. The firm’s 50 day moving average price is $1.83 and its 200-day moving average price is $1.53. The company has a market cap of $350.88 million, a P/E ratio of -0.35, a PEG ratio of 0.56 and a beta of 1.69.

Hedge Funds Weigh In On iHeartMedia

Large investors have recently made changes to their positions in the business. Susquehanna Fundamental Investments LLC purchased a new position in iHeartMedia during the 1st quarter worth $181,000. Mitsubishi UFJ Trust & Banking Corp increased its holdings in shares of iHeartMedia by 169.1% during the first 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. Vanguard Group Inc. raised 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 purchasing an additional 203,917 shares during the last quarter. SG Americas Securities LLC acquired a new stake in iHeartMedia in the 2nd quarter worth approximately $69,000. Finally, AEGON USA Investment Management LLC grew its position in iHeartMedia by 128.3% during the 2nd quarter. AEGON USA Investment Management LLC now owns 208,713 shares of the company’s stock worth $227,000 after purchasing an additional 117,273 shares during the last quarter. 93.89% of the stock is owned by institutional investors and hedge funds.

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.