iHeartMedia (NASDAQ:IHRT) Upgraded to Neutral at Bank of America

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

iHeartMedia Stock Performance

Shares of NASDAQ:IHRT opened at $2.39 on Tuesday. The firm’s 50 day simple moving average is $1.83 and its 200-day simple moving average is $1.53. iHeartMedia has a one year low of $0.81 and a one year high of $3.12. The firm has a market cap of $350.88 million, a PE ratio of -0.35, a price-to-earnings-growth ratio of 0.56 and a beta of 1.69.

Institutional Investors Weigh In On iHeartMedia

A number of institutional investors and hedge funds have recently bought and sold shares of IHRT. Rhumbline Advisers increased its stake in shares of iHeartMedia by 4.1% during the second quarter. Rhumbline Advisers now owns 184,290 shares of the company’s stock valued at $201,000 after buying an additional 7,258 shares during the period. PFG Investments LLC raised its holdings 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 purchasing an additional 11,500 shares in the last quarter. Intech Investment Management LLC bought a new position in shares of iHeartMedia during the third quarter valued at approximately $45,000. Mitsubishi UFJ Trust & Banking Corp increased its holdings in 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 buying an additional 25,001 shares during the period. Finally, Algert Global LLC increased its holdings in iHeartMedia by 100.1% during the second quarter. Algert Global LLC now owns 50,506 shares of the company’s stock valued at $55,000 after buying an additional 25,266 shares during the period. 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.